Government Procurement Certification Government Procurement Risk Management & Mitigation 2

Question 1

In federal procurement, which document formally documents how identified risks will be managed throughout the life of a contract?

Accepted Answer

Risk Management Plan

Answer

A Risk Management Plan outlines risk identification methods, roles, monitoring cadence, and mitigation strategies for the entire contract period.

Question 2

A supply chain risk that could allow insertion of counterfeit parts is most directly addressed through which FAR provision?

Accepted Answer

FAR 46.317 – Subcontractor Parts Quality Assurance

Answer

FAR 46.317 and related DFARS clauses specifically require contractors to maintain quality assurance programs that detect and report counterfeit parts.

Question 3

Which approach helps agencies mitigate schedule risk when procuring complex IT systems?

Accepted Answer

Breaking the acquisition into smaller, incremental delivery phases

Answer

Incremental or modular contracting reduces schedule risk by delivering capability in manageable phases with shorter delivery cycles and earlier checkpoints.

Question 4

An agency discovers that its sole-source supplier is at risk of bankruptcy. This situation represents which category of procurement risk?

Accepted Answer

Supply chain risk

Answer

Dependence on a financially unstable single supplier creates supply chain risk because the government may lose its source of critical goods or services.

Question 5

What is the role of an Acquisition Risk Assessment in the procurement planning phase?

Accepted Answer

To identify and evaluate risks before a solicitation is issued so mitigation strategies can be built into the contract

Answer

Conducting a risk assessment during planning allows the team to design contract terms, surveillance plans, and contingency funds that address known risks upfront.

Government Procurement Certification Practice Test

Government Procurement Certification Practice Test

Government Procurement Certification Government Procurement Risk Management & Mitigation 2