PMP: Procurement Management : Close Procurements Input
| Close Procurements Input |
| Project management plan |
| Procurement documents |
Close Procurements Input
List of Close Procurements Input
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Project management plan
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Procurement documents
| Question: From a buyer's standpoint, which of the following is true? |
| A. Procurement planning should include consideration of potential subcontracts |
| B. Procurement planning does not include consideration of potential subcontracts since this is the duty of the contractor. |
| C. Subcontractors are first considered during the Solicitation Process |
| D. none of the above |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A cost-plus-incentive-fee (CPIF. contract has an estimated cost of $150,000 with a predetermined fee of $15,000 and a share ratio of 80/20. The actual costs of the project is $130,000. How much profit does the seller make? |
| A. $31,000 |
| B. $19,000 |
| C. $15,000 |
| D. none of the above |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Which of the following is NOT a method of government procurement? |
| A. Assistance |
| B. Sealed Bidding |
| C. competitive proposals |
| D. acquisition |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A project team is meeting to determine what the evaluation criteria will be for the project procurement. What step of the procurement process are they in? |
| A. Solicitation planning |
| B. Solicitation |
| C. Source selection |
| D. Contract administration |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A guarantee imposed by law in a sale even though the seller may not make any explicit promises is |
| A. Solicitation |
| B. Guarantee |
| C. Implied warranty |
| D. Buyer's warranty |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A cost-plus-incentive-fee (CPIF. contract has an estimated cost of $150,000 with a predetermined fee of $15,000 and a share ratio of 80/20. The actual costs of the project is $130,000. How much profit does the seller make? |
| A. $31,000 |
| B. $19,000 |
| C. $15,000 |
| D. none of the above |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A cost-plus-percentage-cost (CPPC) contract has an estimated cost of $120,000 with an agreed profit of 10% of the costs. The actual cost of the project is $130,000. What is the total reimbursement to the seller? |
| A. $143,000 |
| B. $142,000 |
| C. $140,000 |
| D. $132,000 |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A fixed-price-plus-incentive-fee (FPI) contract has a target cost of $130,000, a target profit of $15,000, a target price of $145,000, a ceiling price of $160,000, and a share ratio of 80/20. The actual cost of the project was $150,000. How much profit does the seller make? |
| A. $10,000 |
| B. $15,000 |
| C. $0 |
| D. $5,000 |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Bidders' conferences can have a negative effect on the project if the project manager does not remember to make sure: |
| A. all questions are put in writing and sent to all sellers. |
| B. all sellers get answers to their questions only. |
| C. to hold separate meetings with each bidder to ensure you receive proprietary data. |
| D. there is room in the meeting for all sellers. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: What is the BEST way to describe how the contract's terms and conditions are created? |
| A. They are based on a risk analysis. |
| B. They are created by the contracting officer assigned to the project. |
| C. They use only the company's existing standard terms and conditions. |
| D. They are based on the needs of the seller |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: In what ways are Contract Close-out and Administrative Closure similar? |
| A. Both processes involve product verification as well as the updating and archiving of the project records. |
| B. Both processes are part of the overall Project Procurement Management process. |
| C. Audits are not part of either process. |
| D. The updating and archiving of the project records is the only similarity between the two processes. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Contract closure and administrative closure both involve |
| A. product verification. |
| B. kick-off meetings. |
| C. creation of the scope verification plan. |
| D. quality assurance activities. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Your seller on the project has not performed and you are terminating the contract. Which of the following is the BEST thing to do? |
| A. Follow the contract closure procedures |
| B. Meet with the seller, explain the problem, and obtain the seller's agreement on termination |
| C. Review change request |
| D. Report the seller to the state agency in charge of inspection |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A project plan is: |
| A. A formal, approved document used to guide both project execution and project control. |
| B. A document issued by senior management that provides the project manager with the authority to apply organizational resources to project activities. |
| C. A narrative description of products or services to be supplied. |
| D. A document describing the organizational breakdown structure of the company. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: A project team is meeting to determine what the evaluation criteria will be for the project procurement. What step of the procurement process are they in? |
| A. Solicitation planning |
| B. Solicitation |
| C. Source selection |
| D. Contract administration |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Bidders' conferences can have a negative effect on the project if the project manager does not remember to make sure: |
| A. all questions are put in writing and sent to all sellers. |
| B. all sellers get answers to their questions only. |
| C. to hold separate meetings with each bidder to ensure you receive proprietary data. |
| D. there is room in the meeting for all sellers. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Contract closure and administrative closure both involve |
| A. product verification. |
| B. kick-off meetings. |
| C. creation of the scope verification plan. |
| D. quality assurance activities. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: From a buyer's standpoint, which of the following is true? |
| A. Procurement planning should include consideration of potential subcontracts |
| B. Procurement planning does not include consideration of potential subcontracts since this is the duty of the contractor. |
| C. Subcontractors are first considered during the Solicitation Process |
| D. none of the above |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: In what ways are Contract Close-out and Administrative Closure similar? |
| A. Both processes involve product verification as well as the updating and archiving of the project records. |
| B. Both processes are part of the overall Project Procurement Management process. |
| C. Audits are not part of either process. |
| D. The updating and archiving of the project records is the only similarity between the two processes. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Meeting with prospective sellers prior to preparation of a proposals is |
| A. Negotiations |
| B. Solicitation |
| C. Bidders' conference |
| D. Illegal |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: The outputs of Contract Administration are correspondence, contract changes, and payment requests. |
| A. True |
| B. False |
| C. |
| D. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Which is a process used in Procurement Management to document product requirements and identify potential sources? |
| A. Solicitation planning |
| B. Procurement planning |
| C. Source selection |
| D. Contract administration |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: What is the BEST way to describe how the contract's terms and conditions are created? |
| A. They are based on a risk analysis. |
| B. They are created by the contracting officer assigned to the project. |
| C. They use only the company's existing standard terms and conditions. |
| D. They are based on the needs of the seller |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Which of the following is NOT a method of government procurement? |
| A. Assistance |
| B. Sealed Bidding |
| C. competitive proposals |
| D. acquisition |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: You find out that a fellow PMP lied about his years of experience on his application for PMP certification. You decide to overlook it because he is a friend of yours. You are in violation of the responsibility to: |
| A. Report possible violations of the code of conduct to PMI. |
| B. Cooperate with PMI concerning ethics violations. |
| C. Comply with ethical standards governing professional practice. |
| D. Support and disseminate the PMP Code of Professional Conduct to other PMPs. |
|
Answer: 1
|
Answer explanation:
Procurement Management
|
| Question: Your seller on the project has not performed and you are terminating the contract. Which of the following is the BEST thing to do? |
| A. Follow the contract closure procedures |
| B. Meet with the seller, explain the problem, and obtain the seller's agreement on termination |
| C. Review change request |
| D. Report the seller to the state agency in charge of inspection |
|
Answer: 1
|
Answer explanation:
Procurement Management
|