CAPM Project Procurement Management 3

Question 1

Which of the following is NOT an input to the Plan Procurement Management process?

Accepted Answer

Selected Sellers

Answer

Selected Sellers is an output of the Conduct Procurements process, not an input to Plan Procurement Management.

Question 2

In procurement management, what is a 'Make-or-Buy Analysis'?

Accepted Answer

A process of deciding whether project work should be done internally or outsourced to external vendors

Answer

Make-or-Buy Analysis determines whether it is more beneficial and cost-effective for the project team to do the work themselves or to procure it from an outside source.

Question 3

What is the primary difference between a Fixed Price Incentive Fee (FPIF) contract and a Firm Fixed Price (FFP) contract?

Accepted Answer

FPIF contracts include performance incentives that can adjust the final price, while FFP has a single fixed price

Answer

FPIF contracts have a fixed ceiling price but include performance targets; meeting or exceeding targets adjusts the final fee within the fixed ceiling.

Question 4

Which procurement document is BEST used when the buyer wants sellers to propose creative solutions to a problem?

Accepted Answer

Request for Proposal (RFP)

Answer

An RFP is used when the buyer needs sellers to propose solutions, as it evaluates approach and methodology in addition to price.

Question 5

What is 'Procurement Audit' as used in the Close Procurements process?

Accepted Answer

A structured review of the procurement process to identify lessons learned and improve future procurements

Answer

A procurement audit is a structured review of the entire procurement process from planning through control, capturing lessons learned for future projects.

CAPM - Certified Associate in Project Engineering Practice Test

CAPM - Certified Associate in Project Engineering Practice Test

CAPM Project Procurement Management 3