PMP Questions procurement knowledge page 5

41.

While applying the logical relationships to the project activities, a project manager must be careful not to:

Select one

Have closed loops relationships between activities

Have FF relationships for the critical activities

Have FS relationships for the non-critical activities

Select the relationship with the highest impact

42.

Vendor selection, vendor management, and documentation of lessons learned are tasks that fall under this process:

Select one

Scope management

Procurement management

Deliverable management

Conduct Procurements

43.

The Conduct Procurements process receives bids or proposals and applies criteria to select one or more sellers who are both qualified and acceptable as a seller. Which of the following techniques is not a valid technique for this process?

Select one

Proposal Evaluation Techniques

Advertising

Bidder Conference

Make-or-buy analysis

44.

You are the project manager for a Fortune 100 IT company, and you are currently engaged in an important project. You want to choose the best contractor for a specialized task. What should you do to evaluate potential contractors?

Select one

Create a lessons-learned document

Conduct a performance review

Evaluate proposals

Perform a Make-or-Buy analysis

45.

In the procurement process, the seller may be viewed initially as a bidder, then as the selected source, and then as the contracted supplier. The seller will typically manage the work as a project. In such an instance, which of the following is not true?

Select one

The buyer becomes the customer and is then a key project stakeholder for the seller.

Terms and conditions of the contract become key inputs to many of the seller’s management processes (ex: major deliverables, key milestones, cost objectives).

There need not be a contractual relationship between the buyer and the seller.

The seller’s project management team is concerned with all the processes of project management and not just procurement management.

Select one

Advertising

Selected Sellers

Bidder conferences

Expert Judgment

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

48.

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.

49.

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

50.

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

Fixed Price with Economic Price Adjustment

Fixed Price Incentive Fee

Unit Price

Time and Materials

89 New PMP Procurement Questions & Answers with explanation