CEP Procurement Strategies & Contract Management

Question 1

What is the main goal of procurement strategies?

Accepted Answer

Obtain best value and terms

Answer

Purchase at highest cost

Answer

Ignore supplier options

Answer

Avoid contract negotiation

Question 2

What is a Request for Proposal (RFP)?

Accepted Answer

Solicitation for bids

Answer

A contract agreement

Answer

Invoice for payment

Answer

Internal memo

Question 3

What is contract management?

Accepted Answer

Overseeing contract lifecycle

Answer

Ignoring contract terms

Answer

Creating invoices

Answer

Managing sales

Question 4

Which procurement strategy focuses on long-term supplier relationships?

Accepted Answer

Strategic sourcing

Answer

Spot buying

Answer

Ad hoc purchasing

Answer

Emergency procurement

Question 5

What is a key risk in contract management?

Accepted Answer

Non-compliance risks

Answer

Strict adherence

Answer

Early completion

Answer

Cost savings

Question 6

Why is supplier evaluation important?

Accepted Answer

Assess quality and delivery

Answer

Ignore supplier performance

Answer

Limit supplier options

Answer

Avoid communication

Question 7

What is a common clause in energy procurement contracts?

Accepted Answer

Price adjustment clause

Answer

Fixed pricing only

Answer

No price changes allowed

Answer

Unilateral contract termination

Question 8

How can contract disputes be minimized?

Accepted Answer

Use clear terms and communication

Answer

Ignore conflicts

Answer

Delay resolution

Answer

Avoid contracts

Question 9

What is the benefit of contract management software?

Accepted Answer

Automate tracking and compliance

Answer

Manual tracking only

Answer

Increase errors

Answer

Complicate processes