PMP Questions ID 1904 you are building a mansion that will have copper roofs the duration of the project will be appro

You are building a mansion that will have copper roofs. The duration of the project will be approximately three years. You have built into the contract that, as the price of copper increases, your price increases as a percentage of the cost of the copper. However, all other costs are fixed. This is an example of what type of contract?

Select one

Unit Price

Fixed Price Incentive Fee

Time and Materials

Fixed Price with Economic Price Adjustment

PMP Question No 1903 - Procurement

Different types of contracts are appropriate for different types of purchases. Which of these is not one of the three broad categories of contracts?

Select one

Cost-reimbursable

Time and Material

Fixed-price or lump sum

Fixed assessment

Answer

PMP Question No 1902 - Procurement

Apart from the difference in the overall governance approach used for the projects performed under the predictive and adaptive lifecycles, the project manager should also be familiar with:

Select one

The difference in the cost/benefit analysis techniques in both approaches.

The tools and techniques used in both approaches.

The difference in the quality standards in both approaches.

The risk management processes used in both approaches.

Answer

PMP Question No 1901 - Procurement

What is the purpose of a bidder conference?

Select one

Awarding a contract to the most suitable vendor

Pre-qualifying the potential sellers

Ensuring all vendors have a clear understanding of the procurement

Developing a comprehensive seller's list

Answer

PMP Question No 1900 - Procurement

Which of the following is accurate regarding agreements in Project Procurement Management?

Select one

Agreements can never be terminated.

Terms and conditions never include the seller’s proposal.

Agreements are informal documents.

Agreements are legal documents between a buyer and a seller.

Answer