Project Procurement Management

Which of the following is the process of obtaining seller responses, selecting a seller and awarding a contract?

• Plan procurement management

• Conduct Procurements

• Control Procurements

• Close Procurements

All of the following are procurement documents, except

• Request for Information

• Request for Proposal

• Request for Quotation

• Request for Tender

Your team decided to outsource a complex sub-part to an outside vendor. Owing to the complexity of nature of the item and the importance of the unit for the entire project, you decided to call your perspective sellers in a conference where they can have clear understanding of the requirements about the part of product. What is this type of conference is known as?

• Prospective seller conference

• Seller conference

• Bidder conference

• Pre-seller conference

Procurements audit is a tool or technique of the following process

• Plan procurements

• Conduct procurements

• Control procurements

• Close procurements

A contract which involve payments as per the actual costs incurred for completion of work, plus a fee representing seller profit is known as -

• Cost-reimbursable

• Fixed price

• Time and Material

• Fixed Price Plus Cost

You have signed a time and materials contract with your customer for a work of around 18 months. Your team worked efficiently and finished the work in 16 months itself. Now, if you create invoice for only 16 months, profit of the company will decrease. What you should do in such a situation?

• Add some additional requirements to elongate the project to 18 months

• Raise invoice for 18 months even if you finished the work in 16 months

• Inform the customer that project is complete in 16 months and raise invoice for 16 months

• Do not inform the customer regarding the completion and wait till 18 months, in parallel start doing the ground work for the next period

The documents that describe the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services or results?

• Procurement statement of work

• Procurement plan

• Procurement documents

• Procurement agenda

Your organization has individual procurement manager for each project and he reports directly to the respective project manager. What type of contracting is being followed in your organization?

• Centralized Contracting

• De-centralized Contracting

• Parallel Contracting

• Matrix Contracting

The document by which project details are sent to potential sellers to ask for information about their capability to do the work is called

• Request for Information

• Request for Proposal

• Request for Quote

• Request for Tender

The type of contract that gives the buyer and seller some flexibility in price, with financial incentives tied to achieve agreed upon performances on cost, schedule and technical performances of the seller is called

• Fixed price

• Cost-Reimbursable

• Variable Price

• Fixed Price with Incentive Fee