Procurement Management Unit 12: Planning and Contracts
32 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 (A)</p> Signup and view all the answers

What is a potential risk of Cost-Reimbursable Contracts?

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

What is the primary goal of Control Procurements?

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

What is a potential consequence of a breach of contract?

<p>All of the above (D)</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 (A)</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 (B)</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 (D)</p> Signup and view all the answers

What is the primary goal of Conduct Procurements?

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

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

<p>Buyer assumes all the risks (B)</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 (A)</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 (C)</p> Signup and view all the answers

What is a potential consequence of a breach of contract?

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

What is the primary goal of Control Procurements?

<p>To monitor and control the procurement process (A)</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 (D)</p> Signup and view all the answers

What is the primary goal of conducting procurements?

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

What is the primary purpose of controlling procurements?

<p>To monitor and control procurement processes (D)</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 (C)</p> Signup and view all the answers

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

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

What is the primary purpose of planning procurements?

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

What is the purpose of Contract Planning in procurement management?

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

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

<p>False (B)</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 (B)</p> Signup and view all the answers

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

<p>False (B)</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 (B)</p> Signup and view all the answers

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

<p>True (A)</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 (B)</p> Signup and view all the answers

Contract Negotiating is a part of Conduct Procurements.

<p>True (A)</p> Signup and view all the answers

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser