Procurement Management Unit 12: Planning and Contracts
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Questions and Answers

What is the primary goal of Plan Procurement Management?

  • To conduct procurement activities
  • To negotiate contracts with vendors
  • To manage and control contracts
  • To identify and document procurement needs (correct)

    • What type of contract is based on a fixed price for the entire project?

  • Firm Fixed Price (FFP) Contract (correct)
  • Unit Price Contract
  • Time & Materials Contract
  • Cost-Reimbursable Contract

    • Which process involves soliciting bids and selecting a vendor?

  • Contract Administration
  • Control Procurements
  • Conduct Procurements (correct)
  • Plan Procurement Management

    • What is the purpose of Contract Planning?

    <p>To develop a procurement plan and schedule</p> Signup and view all the answers

    What is a potential risk of Cost-Reimbursable Contracts?

    <p>Cost overruns</p> Signup and view all the answers

    What is the primary goal of Control Procurements?

    <p>To manage and control contracts</p> Signup and view all the answers

    What is a potential consequence of a breach of contract?

    <p>All of the above</p> Signup and view all the answers

    What is the purpose of Organizing for Contract Management?

    <p>To assign roles and responsibilities for contract management</p> Signup and view all the answers

    What is the primary purpose of Plan Procurement Management?

    <p>To determine the procurement requirements and develop the procurement strategy</p> Signup and view all the answers

    What type of contract is based on a fixed hourly rate for a specific period?

    <p>Time &amp; Materials Contract</p> Signup and view all the answers

    What is the primary goal of Conduct Procurements?

    <p>To select a vendor and award a contract</p> Signup and view all the answers

    What is a potential risk of FFP (Firm Fixed Price) Contracts?

    <p>Buyer assumes all the risks</p> Signup and view all the answers

    What is the purpose of Contract Negotiating?

    <p>To agree on the terms and conditions of a contract</p> Signup and view all the answers

    What is a type of contract that involves paying a fixed amount for a specific deliverable?

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

    What is a potential consequence of a breach of contract?

    <p>Litigation and damages</p> Signup and view all the answers

    What is the primary goal of Control Procurements?

    <p>To monitor and control the procurement process</p> Signup and view all the answers

    What is the purpose of identifying different contract types in procurement management?

    <p>To determine the type of contract that best suits the project requirements</p> Signup and view all the answers

    What is the primary goal of conducting procurements?

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

    What is the primary purpose of controlling procurements?

    <p>To monitor and control procurement processes</p> Signup and view all the answers

    What is the main difference between a Time & Materials Contract and a Cost-Reimbursable Contract?

    <p>The payment structure</p> Signup and view all the answers

    What is a potential consequence of Force Majeure in procurement management?

    <p>Suspension of contract</p> Signup and view all the answers

    What is the primary purpose of planning procurements?

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

    What is a potential risk associated with FFP (Firm Fixed Price) Contracts?

    <p>Higher costs due to underestimated project scope</p> Signup and view all the answers

    What is the purpose of Contract Planning in procurement management?

    <p>To develop a contract management plan</p> Signup and view all the answers

    A Cost-Reimbursable Contract is a type of contract that involves paying a fixed amount for a specific deliverable.

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

    The primary goal of Conduct Procurements is to finalize the contract with the selected vendor.

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

    Force Majeure is a type of contract that involves paying a fixed hourly rate for a specific period.

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

    The primary goal of Control Procurements is to plan and conduct procurements.

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

    A Time & Materials Contract is a type of contract that involves paying a fixed price for the entire project.

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

    Organizing for Contract Management is a part of Plan Procurement Management.

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

    Breach of contract is a type of contract that involves paying a fixed amount for a specific deliverable.

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

    Contract Negotiating is a part of Conduct Procurements.

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

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