HRIP Certification Exam: Trivia Quiz!
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Questions and Answers
- 1.
Business Case Creation; Define "Hard Dollar" savings:
- A.
Actual money that will be saved in the budget
- B.
Cash on hand at the end of a project
- C.
Working capital expending in a pro rated basis
- D.
Cash on hand at the beginning of a project
Correct Answer
A. Actual money that will be saved in the budgetExplanation
"Hard Dollar" savings refers to the actual money that will be saved in the budget. This means that it represents the tangible and measurable cost reductions or savings that can be directly attributed to a specific project or initiative. It does not include cash on hand at the end or beginning of a project, or working capital expenditures on a pro-rated basis. Instead, it focuses on the quantifiable financial benefits that result from implementing a particular business case or strategy.Rate this question:
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- 2.
Business case creation: define "Soft Dollar" savings;
- A.
Saving that are achieved through secondary means.
- B.
Savings that cannot be accounted for directly in the budget but have a positive impact to the organization.
- C.
Savings that an organization counts against other cost centers than those paying for the project
- D.
Savings that are achieved through tertiary means.
Correct Answer
B. Savings that cannot be accounted for directly in the budget but have a positive impact to the organization.Explanation
Soft Dollar savings refer to savings that cannot be accounted for directly in the budget but still have a positive impact on the organization. These savings are achieved through secondary means and are not directly measurable or quantifiable in financial terms. However, they contribute to the overall efficiency, productivity, and profitability of the organization. Soft Dollar savings can include factors such as improved customer satisfaction, enhanced employee morale, increased brand reputation, and better decision-making processes. These intangible benefits ultimately lead to long-term cost savings and improved organizational performance.Rate this question:
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- 3.
Which type of spending on existing applications forms the baseline from which a business case is made?
- A.
Upcoming fiscal year spending
- B.
Future Spending
- C.
Current Spending
- D.
Past year fiscal spending
Correct Answer
C. Current SpendingExplanation
The baseline for a business case is formed by the current spending on existing applications. This refers to the amount of money that is currently being spent on maintaining and supporting the applications that are already in use. It provides a starting point for analyzing the financial implications of any proposed changes or investments in the applications. By understanding the current spending, businesses can assess the potential benefits and costs of different options and make informed decisions about future investments.Rate this question:
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- 4.
Software licenses are considered a company asset and are typically depreciated over ____ number of years?
- A.
15
- B.
1
- C.
10
- D.
5
Correct Answer
D. 5Explanation
Software licenses are considered a company asset because they provide value and can be used over a period of time. However, software licenses have a limited useful life due to technological advancements and updates. Therefore, they are typically depreciated over a certain number of years to reflect their diminishing value. In this case, the correct answer is 5, meaning that software licenses are typically depreciated over a period of 5 years.Rate this question:
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- 5.
If a new project will not use an existing software application, how should the business case be baselined?
- A.
Staff time to support process
- B.
All time spent on related projects
- C.
All staff time
- D.
Rough guess
Correct Answer
A. Staff time to support processExplanation
The business case should be baselined based on the staff time required to support the process. This means that the resources and time needed to support the new project should be estimated and included in the business case. By considering the staff time to support the process, the business case can accurately reflect the costs and resources required for the project.Rate this question:
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- 6.
What is a cost that is typically included when terminating an existing ASP or SaaS contract?
- A.
Cost of housing data beyond contract termination
- B.
Cost of sending data that resides on current system to a new system
- C.
Cost of maintaining contract after termination
Correct Answer
B. Cost of sending data that resides on current system to a new systemExplanation
When terminating an existing ASP or SaaS contract, one of the costs typically included is the cost of sending data that resides on the current system to a new system. This cost arises because the data needs to be transferred from the old system to the new system in order to ensure continuity and accessibility. It may involve hiring professionals or using specialized tools for the data migration process, which can incur additional expenses.Rate this question:
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- 7.
How are new software licenses purchased by a company typically depreciated over the time?
- A.
Upon initial purchase
- B.
1--2 years
- C.
5--10 years
- D.
3---5 years
Correct Answer
D. 3---5 yearsExplanation
New software licenses are typically depreciated over a period of 3-5 years. This means that the company spreads out the cost of the software license over this time frame, considering it as an expense over multiple years rather than a one-time cost. This method of depreciation allows the company to match the cost of the software with the benefits and value it provides over the same period. By depreciating the software license over 3-5 years, the company can accurately reflect the cost and value of the license on its financial statements.Rate this question:
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- 8.
What are some things that can be capitalized over the life of the software when purchasing a new solution?
- A.
Training, employee development and knowledge management
- B.
Infrastructure upgrades, configuration and testing, other initial purchase costs
- C.
Costs related to system review and approval
Correct Answer
C. Costs related to system review and approvalExplanation
The correct answer is costs related to system review and approval. When purchasing a new software solution, there are various expenses that can be capitalized over its lifespan. These include costs associated with reviewing and approving the system, such as conducting feasibility studies, evaluating vendor proposals, and obtaining management approval. These costs are considered part of the initial investment in the software and can be capitalized as an asset on the company's balance sheet.Rate this question:
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- 9.
Fees associated with annual ASP or SaaS costs can be treated as an asset by the company?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The fees associated with annual ASP or SaaS costs cannot be treated as an asset by the company. According to accounting principles, an asset is something that provides future economic benefits to the company. However, annual ASP or SaaS costs are considered as expenses because they are incurred for the ongoing use of the service and do not provide any future economic benefits. Therefore, they are recorded as expenses on the income statement rather than being recognized as assets on the balance sheet.Rate this question:
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- 10.
What is the key to selecting a system that works for the company?
- A.
Having a good COTR
- B.
Having working knowledge of the system being reviewed
- C.
Having a clear and concise requirements definition document
- D.
Having a good working relationship with the vendor
Correct Answer
C. Having a clear and concise requirements definition documentExplanation
Having a clear and concise requirements definition document is the key to selecting a system that works for the company. This document outlines the specific needs and expectations of the company, providing a clear roadmap for evaluating and selecting a system that aligns with these requirements. Without a well-defined requirements document, it becomes difficult to assess whether a system meets the company's needs, resulting in potential mismatches and inefficiencies. Therefore, having a clear and concise requirements definition document is crucial in ensuring that the selected system is the right fit for the company.Rate this question:
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- 11.
What is used as the input for the RFI/RFP, vendor demonstration scripts and as a guide to evaluate fit to product?
- A.
Case Study examples
- B.
User Input
- C.
Vendor Input
- D.
Business Requirments
Correct Answer
D. Business RequirmentsExplanation
Business requirements are used as the input for the RFI/RFP, vendor demonstration scripts, and as a guide to evaluate fit to product. Business requirements outline the specific needs and objectives of the organization, and serve as the basis for selecting a vendor and evaluating their product. These requirements help to ensure that the chosen solution aligns with the business goals and meets the necessary criteria. By using business requirements as the input, organizations can effectively assess the suitability of vendors and their offerings, and make informed decisions based on their alignment with the stated requirements.Rate this question:
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- 12.
When a software delivery model is "Licensed Software On-Premise" you should ask the vendor about planned upgrades and major releases in the next ___ to ____ months?
- A.
24 to 36
- B.
12 to 18
- C.
6 to 12
- D.
3 to 6
Correct Answer
B. 12 to 18Explanation
When a software delivery model is "Licensed Software On-Premise," it means that the software is installed and hosted on the customer's own servers or infrastructure. In this case, it is important to ask the vendor about planned upgrades and major releases in the next 12 to 18 months. This will help the customer stay informed about any upcoming updates or new features that may be relevant to their needs and ensure they can plan for any necessary upgrades or migrations.Rate this question:
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- 13.
What type of report should be requested by a ASP or SaaS vendor to ensure your companies information is going to be secure and the vendor has a proper change management and business continuity plan in place?
- A.
SAS 70 report
- B.
SAS 60 report
- C.
SAS 80 report
- D.
SAS 90 report
Correct Answer
A. SAS 70 reportExplanation
A SAS 70 report should be requested by an ASP or SaaS vendor to ensure that the company's information is going to be secure and that the vendor has a proper change management and business continuity plan in place. The SAS 70 report is a widely recognized auditing standard that assesses the controls and processes of service organizations. It provides assurance to customers regarding the effectiveness of the vendor's internal controls and security measures. This report evaluates various aspects such as physical security, logical access controls, data backup and recovery, and vendor management.Rate this question:
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- 14.
When performing research and before submitting the RFI/RFP what agreement should you have in place with possible vendors?
- A.
Non-Compete Agreement
- B.
Non-disclosure Agreement
- C.
Liability Protection Agreement
- D.
No lota Perfectus Agreement
Correct Answer
B. Non-disclosure AgreementExplanation
Before submitting the RFI/RFP, it is crucial to have a non-disclosure agreement in place with possible vendors. This agreement ensures that the vendors will not disclose any confidential information shared during the research process to third parties. It helps protect sensitive information and trade secrets, maintaining the confidentiality of the project. By signing the non-disclosure agreement, vendors are legally bound to keep the information confidential, preventing any potential misuse or unauthorized disclosure.Rate this question:
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- 15.
Which has a higher leve of detail about the company's system requirements RFP or RFI?
- A.
RFP
- B.
RFI
Correct Answer
A. RFPExplanation
The RFP (Request for Proposal) has a higher level of detail about the company's system requirements compared to the RFI (Request for Information). An RFP is a document that outlines the specific needs and expectations of the company, including detailed information about the system requirements. On the other hand, an RFI is a more general inquiry seeking information about potential solutions and vendors. Therefore, the RFP provides a more comprehensive and detailed understanding of the company's system requirements.Rate this question:
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- 16.
When evaluating a vendor RFI the price range provided can be considered accurate to with in what percentage?
- A.
20%
- B.
10%
- C.
5%
- D.
25%
Correct Answer
A. 20%Explanation
When evaluating a vendor RFI, the provided price range can be considered accurate within a 20% margin. This means that the actual price of the vendor's products or services may vary by up to 20% from the range provided in the RFI. It is important for the buyer to keep this in mind when making decisions based on the price information provided in the RFI.Rate this question:
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- 17.
Which one of the following should be a consideration when evaluating a Service Level Agreement (SLA)?
- A.
Longevity of the evaluation period
- B.
Hours of the helpdesk
- C.
Politeness of the staff
- D.
Bio of the CEO
Correct Answer
B. Hours of the helpdeskExplanation
When evaluating a Service Level Agreement (SLA), one of the important considerations should be the hours of the helpdesk. This refers to the availability and responsiveness of the helpdesk support team. It is crucial to ensure that the helpdesk is accessible during the required hours, especially if the service being provided is critical and requires immediate assistance. The availability of the helpdesk can greatly impact the overall effectiveness and efficiency of the SLA.Rate this question:
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- 18.
How many references should be provided for your company to evaluate an RFI?
- A.
5
- B.
1
- C.
3
- D.
4
Correct Answer
C. 3Explanation
Three references should be provided for your company to evaluate an RFI. Providing three references allows the company to gather enough information about your company's past performance, credibility, and reliability. It also provides a balanced perspective by considering multiple references rather than relying on just one or two. With three references, the company can make a more informed decision about whether your company is suitable for the project or opportunity outlined in the RFI.Rate this question:
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- 19.
After selecting a vendor, what kind of demo should you be provided?
- A.
Unscripted Demo
- B.
Canned Demo
- C.
Classic Demo
- D.
Scripted Demo
Correct Answer
D. Scripted DemoExplanation
A scripted demo should be provided after selecting a vendor. This type of demo is carefully planned and prepared in advance, following a specific script or set of instructions. It allows the vendor to showcase their product or service in a controlled manner, ensuring that all relevant features and benefits are covered. The scripted demo ensures consistency and accuracy in the presentation, allowing potential customers to make informed decisions based on the information provided.Rate this question:
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Current Version
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Feb 05, 2024Quiz Edited by
ProProfs Editorial Team -
Jun 09, 2014Quiz Created by
Jack Clifford
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