CFCM Safety & Risk Management 4

Question 1

In federal contracting, a 'residual risk' is best defined as:

Accepted Answer

Risk that remains after all mitigation measures have been applied

Answer

Residual risk is the level of risk that remains after risk responses and mitigation strategies have been implemented.

Question 2

The Contractor Safety Report required under some DoD contracts primarily serves to:

Accepted Answer

Provide data on mishaps and safety trends to improve program oversight

Answer

Contractor safety reports give the government visibility into mishap trends and help program managers identify systemic safety issues requiring corrective action.

Question 3

Which FAR clause requires contractors to post notice of employees' rights under federal labor laws, including safety-related rights under OSHA?

Accepted Answer

FAR 52.222-40

Answer

FAR 52.222-40 (Notification of Employee Rights Under the National Labor Relations Act) requires posting notices that include workers' rights to safe working conditions.

Question 4

A contractor performing a Service Contract Act-covered contract discovers that a required safety training program will cost more than anticipated. The appropriate mechanism to seek equitable adjustment is a:

Accepted Answer

Request for equitable adjustment under the Changes clause

Answer

When a government-directed change increases costs, the contractor should submit a request for equitable adjustment (REA) under the Changes clause (FAR 52.243-1).

Question 5

For purposes of risk quantification in federal acquisition, 'Expected Monetary Value' (EMV) is calculated as:

Accepted Answer

Probability of occurrence multiplied by the monetary impact

Answer

EMV = Probability × Impact (monetary value), providing a single figure that represents the average outcome weighted by likelihood.

(CFCM) Certified Federal Contracts Manager Practice Test

(CFCM) Certified Federal Contracts Manager Practice Test

CFCM Safety & Risk Management 4