New PMP Question & Answers with explanation
If you had an experience with a particularly well or poorly performing vendor, what is the correct way to document this experience for future projects?
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What is the BEST tool/technique that provides expected cost of a procurement by a third party and helps identify significant variations from cost estimates prepared in-house?
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Which of the following techniques can help clarify the structure, requirements, and other terms of the purchases so that mutual agreement between a buyer and a seller can be reached prior to signing the contract?
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You are a project manager for your company. Part of the project requires producing 10,000 widgets, which your company will outsource. The company has agreed to pay all related costs and 5 percent of the estimated project costs. What type of contract has been negotiated?
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A project is contracted on a Cost-Plus-Incentive-Fee (CPIF) basis. The contract states that if the final costs are less than expected costs, the sharing formula for cost savings is 80:20. The targeted cost is US$500,000 with a 10 percent fee. If the project comes in at US$450,000, what would be the total cost of the contract?
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