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Procurement Management Process Overview

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Questions and Answers

What is the purpose of the procurement management plan?

To determine whether to build or buy a solution (correct)

To document the project scope and requirements

To manage the project team and stakeholders

To outline the project schedule and budget

Which type of contract is where the client pays a fixed price regardless of the effort or time required?

Fixed-price contract (correct)

Rental or leasing contract

Time and materials contract

Cost-reimbursable contract

How does a cost-reimbursable contract affect the profit of the contractor as the effort increases?

The contractor's profit stays the same as the effort increases (correct)

The contractor's profit increases as the effort increases

The contractor's profit is unaffected by the effort

The contractor's profit decreases as the effort increases

What is the main purpose of a make-or-buy analysis in procurement planning?

To evaluate the cost of building versus buying a solution Signup and view all the answers

Which type of contract is where the client pays for the time spent and the materials used?

Time and materials contract Signup and view all the answers

What is the first step in procurement management?

Planning what needs to be contracted Signup and view all the answers

At what stage should you determine the types of contracts suitable for your project?

During the project planning phase Signup and view all the answers

What is the purpose of the procurement management plan?

To detail how the procurement process will be managed Signup and view all the answers

At what stage do you send out contract requirements to potential sellers?

After the procurement management plan is created Signup and view all the answers

What is the final step in procurement management?

Closing out the contract and completing paperwork Signup and view all the answers

Procurement Management Process Overview

Choose a study mode

Podcast

Questions and Answers

What is the purpose of the procurement management plan?

Which type of contract is where the client pays a fixed price regardless of the effort or time required?

How does a cost-reimbursable contract affect the profit of the contractor as the effort increases?

What is the main purpose of a make-or-buy analysis in procurement planning?

Which type of contract is where the client pays for the time spent and the materials used?

What is the first step in procurement management?

At what stage should you determine the types of contracts suitable for your project?

What is the purpose of the procurement management plan?

At what stage do you send out contract requirements to potential sellers?

What is the final step in procurement management?

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