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Procurement Management UNIT 12

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AdventurousWildflowerMeadow
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20 Questions

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

FFP (Firm Fixed Price) Contract

What is the process of ensuring that the procurement is done according to the plan?

Control Procurements

What type of contract is often used for projects with uncertain scopes or requirements?

Time & Materials Contract

What is the process of identifying and selecting the best supplier for the project?

Conduct Procurements

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?

Force Majeure

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

To establish the procurement strategy and plan

What is the primary purpose of the Conduct Procurements process?

To plan and conduct procurement activities

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

FFP (Firm Fixed Price) Contract

What is the primary focus of the Control Procurements process?

Monitoring and controlling procurement activities

What is the purpose of organizing for contract management?

To ensure compliance with contractual requirements

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

FFP contracts have a fixed price for the entire project, while Cost-Reimbursable contracts do not have a fixed price

What is the primary purpose of the Contract Planning process?

To develop the procurement plan and prepare the contract

What is the primary focus of the Conduct Procurements process?

To select the best supplier for the project

What is the purpose of the Breach of Contract clause?

To allow the buyer to terminate the contract if the supplier fails to perform

What is the primary goal of organizing for contract management?

To ensure that the contract is properly administered and monitored

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

False

The Control Procurements process is primarily focused on negotiating contracts.

False

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

False

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

False

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

False

Test your knowledge of procurement management including planning, contracts, and risk management. Covers firm fixed price, cost-reimbursable, and time & materials contracts.

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