CAPM Project Procurement Management

Question 1

Which document formally authorizes a project and identifies the project manager?

Accepted Answer

Project Charter

Answer

Project Management Plan

Answer

Statement of Work

Answer

Procurement Statement of Work

Question 2

What is the primary purpose of a Procurement Statement of Work (SOW)?

Accepted Answer

To describe the work to be done and deliverables expected from a seller

Answer

To authorize payment to a vendor

Answer

To formally close a contract

Answer

To identify project stakeholders

Question 3

Which contract type places the most financial risk on the buyer?

Accepted Answer

Cost Plus Percentage of Cost (CPPC)

Answer

Fixed-Price (FP)

Answer

Time and Material (T&M)

Answer

Cost Plus Fixed Fee (CPFF)

Question 4

What is a Firm Fixed Price (FFP) contract?

Accepted Answer

A contract where the seller is paid a set price regardless of costs incurred

Answer

A contract where the buyer reimburses all costs plus a fixed fee

Answer

A contract where payment is based on time spent and materials used

Answer

A contract that allows price adjustments based on market indices

Question 5

Which process involves obtaining seller responses, selecting a seller, and awarding a contract?

Accepted Answer

Conduct Procurements

Answer

Plan Procurement Management

Answer

Control Procurements

Answer

Close Procurements

Question 6

What document does a buyer send to potential sellers when the work can be quantified precisely and sellers compete primarily on price?

Accepted Answer

Request for Quotation (RFQ)

Answer

Request for Proposal (RFP)

Answer

Request for Information (RFI)

Answer

Invitation for Bid (IFB)

Question 7

What is the primary output of the Plan Procurement Management process?

Accepted Answer

Procurement Management Plan

Answer

Selected Sellers

Answer

Signed Contracts

Answer

Closed Procurements