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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