Quick Quiz - Procurement

Quick Quizzes are a great way to assess how much you learned during the PMP Boot Camp. They aren't called "Quick" because they are short or take a small amount of time, but rather because you should be able to answer each question quickly. You probably won't see many questions like this on the PMP exam, but it is a good way to solidify the base knowledge upon which you must draw to answer PMP situational, behavioral questions. This Quick Quiz will help you obtain the 1st of the 3 keys to passing the PMP Exam: An in-depth understanding of the PMBOK. 

Quick Quizzes are timed based on an average of 72 seconds per question.

If you cannot answer all of these questions correctly, go back and study the student guides, read the PMBOK, and prepare questions to ask your instructor during the next class session.

To obtain an in-depth understanding of the PMBOK

Different types of contracts are appropriate for different kinds of _________?

What is the difference between Price and Cost?

Point of Total Assumption only relates to which type of contract?

What is represented by the first number in a contract sharing ratio?

Which type of contract is appropriate for a well-defined scope of work?

Which type of contract is appropriate for a poorly-defined scope of work?

In which type of contract does the seller bear more risk?

In which type of contract does the buyer bear more risk?

In which type of contract does the buyer and seller share the risk?

Which type of contract is appropriate for long term contracts or with an overseas vendor with a well-defined scope of work?

Which type of contract is appropriate to help encourage the seller to keep down costs?

Which statement is true?

How do you calculate the final price on a Cost Plus Incentive Fee contract?

Which of the following is not true regarding the Point of Total Assumption?

What is the formula for the Point of Total Assumption?

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

Which process determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it ?

Which input to Plan Procurement Management helps to identify procurement needs that are not associated with a specific activity on the schedule?

Which of the following is a procurement document used to advertise and attract seller proposals?

Why is it important to identify Source Selection Criteria during Plan Procurement Management?

During which Process Group does the project team decide what to buy, how to buy it, and when to buy it?

Which document details the work needed from a seller and allows them to understand the work required in order to formulate an accurate proposal?

What is the only Planning process with Change Requests as an output?

When do procurement negotiations take place?

Contracts are an output of which process?

Advertising is a tool used in which process?

What tool would help the PM determine if seller proposals were realistic and fair?

What is the main purpose of a Bidder Conference?

Which input to Conduct Procurements is not an output of another process?

What is the goal of procurement negotiations?

Which is not an input to Control Procurements?

When should the PM Control Procurements?

Which is not a tool/technique used during Control Procurements?

Which is an output of Control Procurements?

Which tool/technique used in Control Procurements ensures that senior management is aware of how the legal relationship with a seller is progressing?

Which procurement process is performed by both buyer and seller?

When is Close Procurements performed?

Which is not a tool/technique used during Close Procurements?

Closed Procurements must be completed when?

What is the output of Close Procurements