PMP Questions ID 1720 during the procurement process a contractual relationship is established between a buyer and a s

During the procurement process, a contractual relationship is established between a buyer and a seller. During the contract lifecycle, what is the correct sequence in which the following terminology is applied to a seller: Vendor, selected source, and bidder?

Select one

The seller is viewed first as a bidder, then as a vendor, then as a selected source.

The seller is viewed first as a bidder, then as a selected source and then as a vendor.

The seller is viewed first as a selected source, then as a bidder and then as a vendor.

The seller is viewed first as a vendor, then as a bidder and then as a selected source.

PMP Question No 1716 - Procurement

Many organizations consider contract administration to be an administrative function separate from the project organization. Who carries out the function of contract administration in such organizations?

Select one

The Project Manager

The Procurement Advisor

The Procurement Administrator

The Contract Advisor

Answer

PMP Question No 1692 - Procurement

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

The professional estimator has inflated the estimate of costs.

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

Prospective sellers are trying to underbid and win the project.

The procurement statement of work was deficient and ambiguous.

Answer

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