Procurement Management UNIT 12
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Questions and Answers

What type of contract involves a fixed price for the entire project?

  • Cost-Reimbursable Contract
  • Time & Materials Contract
  • FFP (Firm Fixed Price) Contract (correct)
  • Breach of Contract
  • What is the process of ensuring that the procurement is done according to the plan?

  • Plan Procurement Management
  • Contract Negotiating
  • Conduct Procurements
  • Control Procurements (correct)
  • What type of contract is often used for projects with uncertain scopes or requirements?

  • Breaching Contract
  • Time & Materials Contract (correct)
  • FFP (Firm Fixed Price) Contract
  • Cost-Reimbursable Contract
  • What is the process of identifying and selecting the best supplier for the project?

    <p>Conduct Procurements</p> Signup and view all the answers

    What is the term for a situation in which a contract is unable to be performed due to circumstances beyond the control of the parties?

    <p>Force Majeure</p> Signup and view all the answers

    What is the primary goal of the Plan Procurement Management process?

    <p>To establish the procurement strategy and plan</p> Signup and view all the answers

    What is the primary purpose of the Conduct Procurements process?

    <p>To plan and conduct procurement activities</p> Signup and view all the answers

    Which type of contract is often used for projects with well-defined scopes and requirements?

    <p>FFP (Firm Fixed Price) Contract</p> Signup and view all the answers

    What is the primary focus of the Control Procurements process?

    <p>Monitoring and controlling procurement activities</p> Signup and view all the answers

    What is the purpose of organizing for contract management?

    <p>To ensure compliance with contractual requirements</p> Signup and view all the answers

    What is the key difference between FFP contracts and Cost-Reimbursable contracts?

    <p>FFP contracts have a fixed price for the entire project, while Cost-Reimbursable contracts do not have a fixed price</p> Signup and view all the answers

    What is the primary purpose of the Contract Planning process?

    <p>To develop the procurement plan and prepare the contract</p> Signup and view all the answers

    What is the primary focus of the Conduct Procurements process?

    <p>To select the best supplier for the project</p> Signup and view all the answers

    What is the purpose of the Breach of Contract clause?

    <p>To allow the buyer to terminate the contract if the supplier fails to perform</p> Signup and view all the answers

    What is the primary goal of organizing for contract management?

    <p>To ensure that the contract is properly administered and monitored</p> Signup and view all the answers

    The primary goal of the Plan Procurement Management process is to select the best supplier for the project.

    <p>False</p> Signup and view all the answers

    The Control Procurements process is primarily focused on negotiating contracts.

    <p>False</p> Signup and view all the answers

    The Contract Planning process is used to identify and select the best supplier for the project.

    <p>False</p> Signup and view all the answers

    FFP contracts are often used for projects with uncertain scopes or requirements.

    <p>False</p> Signup and view all the answers

    The Breach of Contract clause is used to address unforeseen circumstances that prevent the contract from being performed.

    <p>False</p> Signup and view all the answers

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