PMP Questions ID 1616 a project is contracted on a cost plus fixed fee cpff basis the targeted cost is us 200 000 wi

A project is contracted on a Cost-Plus-Fixed-Fee (CPFF) basis. The targeted cost is US$200,000 with a fee of US$30,000. If the project comes in at US$170,000, what would be the total cost of the contract?

Select one

US$ 195,500

US$ 200,000

US$170,000

US$230,000

PMP Question No 1608 - Procurement

In the procurement process, the seller may be viewed initially as a bidder, then as the selected source, and then as the contracted supplier. The seller will typically manage the work as a project. In such an instance, which of the following is not true?

Select one

The buyer becomes the customer and is then a key project stakeholder for the seller.

Terms and conditions of the contract become key inputs to many of the seller’s management processes (ex: major deliverables, key milestones, cost objectives).

There need not be a contractual relationship between the buyer and the seller.

The seller’s project management team is concerned with all the processes of project management and not just procurement management.

Answer

PMP Question No 1601 - Procurement

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

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They are open-ended.

The closure date is part of the contract.

They have fixed bonus rates.

They can never grow in value.

Answer

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