As part of the records management system, you are trying to make sure all records from the procurement are documented and indexed. Ĩ Question 7 You have just completed a project that involved a supplier that met all of you project requirements. An advantage of a fixed price contract for the buyer is: A. The project manager is concerned that the risk for the buyer be as small as possible. The sponsor points out that the performing organization spent a lot of money hiring a design team to come up with the design. ħ Question 6 At a shipping company that needs its software tracking system upgraded, the sponsor and the project manager are discussing what type of contract the project manager plans to use on the project. The fee is only received by the seller when the project is completed. There can only be a maximum 10 percent increase if there is an unexpected cost overrun. The team is making sure the seller does not cut scope. The project manager explains to the sponsor that extra profits should not be a worry on this project because: A. Each month he requires the project manager to submit CPI calculations and an analysis of the cost to complete.
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The sponsor is worried about the seller deriving extra profit on the cost plus fixed fee (CPFF) contract. Ħ Question 5 A company has assigned a project manager to manage an integration project due to his experience managing suppliers. Answer sellers questions about the procurement documents. Which of the following is the best thing for a project manager to do in the Conduct Procurements process? A. ĥ Question 4 Your company is engaged in a project that requires the selection of a software development company to program a key component of your product. Negotiating a fixed price contract that includes the work. Completing the original work and rejecting the additional work. Completing the original work on a cost reimbursable basis and then negotiating a fixed price for the additional work. All of the following are the seller s options except: A. A seller is working on a cost reimbursable (CR) contract when the buyer decides he would like to expand the scope of services and change to a fixed price (FP) contract. Ĥ Question 3 In a project that involves 4 vendors and one integrator. The procurement statement of work should be as detailed as necessary for the type of project. The procurement statement of work should be detailed to allow for clarification later. The procurement statement of work should be general to allow for clarification later. The procurement statement of work should be general to allow the seller to make their own decisions. How would you advice the project manager? A. The project is important for the project manager s company, but a seller will do the work.
Another stakeholder only wants to describe the functional requirements. One stakeholder wants to add many items to the procurement statement of work. Introduction & PM Framework ģ Question 2 At a company that provides solutions to gas and electric utilities, a new project manager is about to begin creating the procurement statement of work. Change the contract to require more frequent audits. Void the contract and start legal action to recover overpayments. Halt payments until the problem is corrected. If the contract does not specify corrective action, the buyer should: A. A routine audit of a costreimbursable (CR) contract determines that overcharges are being made. 1 Module 10 Procurement Management PMP Exam Questions PMP, PMBOK and the Registered Education Provider logo are registered marks of the Project Management Institute, IncĢ Question 1 A company needs some work done by an outside supplier due to the nature of the work.