Government Procurement Certification Government Procurement Risk Management & Mitigation

Question 1

Which risk assessment technique assigns probability and impact scores to identify the highest-priority procurement risks?

Accepted Answer

Risk probability-impact matrix

Answer

Root cause analysis

Answer

Fishbone diagram

Answer

SWOT analysis

Question 2

Under the FAR, a Contracting Officer's Representative (COR) is primarily responsible for which risk-related duty?

Accepted Answer

Monitoring contractor performance to catch early warning signs of risk

Answer

Approving contract modifications

Answer

Setting contract ceiling prices

Answer

Conducting source selection evaluations

Question 3

What is the primary purpose of a government procurement risk register?

Accepted Answer

To document identified risks, their likelihood, impact, and mitigation strategies

Answer

To record all contract award decisions

Answer

To track contractor past-performance ratings

Answer

To store copies of signed contracts

Question 4

Which mitigation strategy transfers financial risk from the government to the contractor by using a firm-fixed-price contract?

Accepted Answer

Risk transfer

Answer

Risk avoidance

Answer

Risk acceptance

Answer

Risk sharing

Question 5

Which contract type is best suited when the government wants to share cost risk with a contractor on a high-uncertainty development effort?

Accepted Answer

Cost-plus-incentive-fee

Answer

Firm-fixed-price

Answer

Fixed-price with economic price adjustment

Answer

Indefinite-delivery indefinite-quantity

Question 6

When a procurement risk is deemed too severe to accept or mitigate cost-effectively, the preferred risk response is to:

Accepted Answer

Avoid the risk by changing the acquisition approach

Answer

Accept the risk with no action

Answer

Transfer the risk to a subcontractor

Answer

Ignore the risk and proceed