PMP Questions ID 1601 what similarity exists between a cost reimbursable contract and a timeand materials contract

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New PMP Question & Answers with explanation

What similarity exists between a cost-reimbursable contract and a timeand-materials contract?

Select one

They are open-ended.

The closure date is part of the contract.

They can never grow in value.

They have fixed bonus rates.

PMP Question No 1593 - Procurement

What type of method uses a weighting ranking system for quantifying qualitative data to minimize the effect of personal bias during the process of selecting a seller?

Select one

Independent estimates

Source Selection Criteria

Vendor audits

Sourcing workshops

Answer

PMP Question No 1498 - Procurement

You are the project manager for a Fortune 100 IT company, and you are currently engaged in an important project. You want to choose the best contractor for a specialized task. What should you do to evaluate potential contractors?

Select one

Create a lessons-learned document

Conduct a performance review

Evaluate proposals

Perform a Make-or-Buy analysis

Answer

PMP Question No 1488 - Procurement

What do the buyer and seller have in common with regard to Control Procurements?

Select one

Both parties have specific resources that can be idle.

Both parties have a contract change management plan.

Both parties ensure that they meet their contractual obligations and that their own legal rights are protected.

Each party has its own project plan and legal team.

Answer

PMP Question No 1477 - Procurement

The costs on a project are typically classified as direct and indirect costs. The cost of electric utilities for the office is:

Select one

An indirect cost

Appraisal cost

A specific cost

A direct cost

Answer