PMP Questions ID 1692 as part of the procurement process the procuring organization elected to have an estimate of cos

As part of the procurement process, the procuring organization elected to have an estimate of costs prepared by an outside professional estimator. The estimator came up with an estimate of $500,000. However, the cost estimates prepared by prospective sellers were in the range of $200,000. How can this be best interpreted?

Select one

Prospective sellers are trying to underbid and win the project.

The professional estimator has inflated the estimate of costs.

The prospective sellers do not have the required skills to do the project.

The procurement statement of work was deficient and ambiguous.

PMP Question No 1672 - Procurement

Which of the following is an output of the Conduct Procurements process?

Select one

Advertising

Selected Sellers

Bidder conferences

Expert Judgment

Answer

PMP Question No 1664 - Procurement

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?

Select one

Call the vendor and talk to them about the experience

Tell all your friends about it

Create a seller performance evaluation

Vow to only work with that vendor from now on

Answer

PMP Question No 1652 - Procurement

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?

Select one

Bidder conferences

Buyer-conducted performance review

Screening system

Independent estimates

Answer

PMP Question No 1642 - Procurement

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?

Select one

Independent estimates

Advertising

Bidder conferences

Procurement negotiations

Answer