Interactive: Procurement

This eLearning course will quiz you on the knowledge contained in the Procurement lesson and help identify your weak areas.

You should know and understand the Fundamental concepts of Stakeholder Management as presented in Chapter 12 of the PMBOK and the PMP Exam Content Outline available from www.pmi.org

Which of the following statements are true or false about Procurement Management?

Which of the following are inputs to Control Procurements?

Which of the following are tools/techniques used in Control Procurements?

Which of the following are true or false regarding Control Procurements?

Place the terms where they belong.

  • Control
  • Change Control
  • Documents
  • CRs
  • Payment
  • Reviews
  • Seller
  • Contract
  • Pays
  • Integration
  • Records
  • Performance

Match the contract term to the correct definition

–°ombine elements from the left column with the elements on the right
Price
 
Incentives usually expressed as a ratio (Buyer/Seller)
Cost
 
Difference between Price and Cost
Fee (Profit)
 
Highest price a buyer is willing to pay
Target Price/Cost/Fee
 
Expected values agreed to in the contract
Sharing Ratio
 
Only relates to FPIF agreements; refers to amount above which seller bears all loss of a cost overrun
Ceiling Price
 
Amount the seller pays to do the work
Point of Total Assumption (PTA)
 
Amount the seller charges the buyer

Match the contract types to their correct description.

–°ombine elements from the left column with the elements on the right
Firm Fixed Price
 
The buyer reimburses the seller for all allowable costs plus a variable fee based on seller performance such as reducing costs
Fixed Price Incentive Fee
 
A set price which is tied to a price index such as inflation rate or currency exchange rate in order to protect both buyer and seller from fluctuations in value due to uncontrollable, external economic factors
Fixed Price with Economic Price Adjustment
 
A combination of Fixed Price and Cost Plus-Incentive contract that sets a Ceiling Price thereby creating a Point of Total Assumption where the seller will bear 100% of all cost overruns
Cost Plus Fixed Fee
 
The buyer reimburses the seller for all allowable costs plus a bonus fee based on attainment of some goal like reaching an important milestone by a specified date
Cost Plus Incentive Fee
 
The buyer reimburses the seller for all allowable costs plus a set fee representing seller profit
Cost Plus Award Fee
 
Used when there is not a well-defined scope; buyer pays seller a preset rate for hours worked and material used
Time & Materials
 
Provides a set price that the buyer will pay no matter what

Which of the following statements are true or false regarding contracts?

In a Cost Plus Incentive Fee contract, the seller agreed to an estimated cost of $65,000, an estimated price of $82,500, and agreed to share 30% of any cost overrun or savings. Upon completion, the final cost was $66,350.

  • $65,000
  • $7,500
  • $82,500
  • 70/30
  • $66,350
  • $7095
  • $73,445

Place the terms and values where they belong on the graph and solve for Point of Total Assumption.

  • Ceiling Price
  • Target Price
  • Target Cost
  • Target Fee
  • Price
  • Cost
  • Point of Total Assumption
  • Share Ratio
  • 65
  • 63
  • .7
  • 60
  • 62,857

Which of the following are inputs to Plan Procurement Management?

Which of the following are outputs of Plan Procurement Management?

Which of the following are true or false regarding Plan Procurement Management?

Place the terms where they belong.

  • Activity Resource
  • Activity cost
  • Make or Buy
  • Research
  • Plan
  • How
  • SOW
  • Selection
  • Contract
  • Close
  • Identified

Which of the following are inputs to Conduct Procurements?

Which of the following are tools/techniques used in Conduct Procurements?

Which of the following are outputs of Conduct Procurements?

Which of the following is true or false regarding Conduct Procurements?

Place the terms where they belong.

  • Conduct
  • Stakeholder
  • Procure
  • PM Plan
  • Legal
  • Documents
  • Criteria
  • SOW
  • Conference
  • Estimates
  • Analytical
  • Contracts
  • Calendars

Which of the following are valid reasons to close a contract?

Which is true and false regarding Close Procurements?

Place the terms where they belong.

  • Close
  • PM Plan
  • Procurement
  • Legal
  • Reference
  • Terminate
  • Audits
  • Negotiations
  • Closed
  • Breach
  • Alternative Dispute Resolution
  • Must
  • OPA