New PMP Question & Answers with explanation
A program management office (PMO) chose you to write a purchase order because of your expertise in business writing. You learned the PMO has already selected a seller for a software product and would like to award the procurement contract to the selected seller as a purchase order, which you must prepare. In this scenario, the PMO is administering:
Select one
Many organizations favor fixed-price contracts because the buyer's risk is minimized by such contracts. However, to minimize the seller's risk, which of the following is crucial for a fixed price contract?
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Rosanne is an experienced project manager working on a pharmaceutical project. This project involves two large vendors supplying chemical products with specific compositions for preparing drugs. While reviewing documents to see how a seller is performing, she notices the seller did not meet some of the contractual terms. Since it is a first-time violation, she would like to initiate a corrective action to bring the seller’s performance in line with the statement of work. Which of the following are not outputs of Rosanne’s effort?
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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?
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Different types of contracts are appropriate for different types of purchases. Which of these is not one of the three broad categories of contracts?
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