This PM practice quiz for Week 11 focuses on Procurement Management. It assesses knowledge on contract closeout, administration, termination, indirect costs, and contract types, enhancing understanding of procurement processes and legal aspects in project management.
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Contract closure by mutual agreement
Contract closure by delivery of goods and services
Contract closure by successful performance
Certification of receipt of final payment
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Partial completion
Closeout
Cessation
Termination
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Firm fixed price
Fixed price incentive
Cost-plus fixed fee
Cost-plus-a-percentage-of-cost
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False
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Termination of the contract
Partial performance
Breach of contract
Contract waiver
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That someone other than the project manager manage the activities involved
Verification that no errors occurred at any time while the work was being performed
That a WBS was prepared
Verification that the work was completed satisfactorily
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Contract administration
The award phase
The closeout phase
Contract resolution
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The project WBS
Cost information
Invoice and payment records
Cost, schedule, and quality information
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Variable
Direct
Indirect
Semivariable
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FP-EPA
FFP
FPIF
CPFF
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Proposal
Statement of Work
Contract
Procurement audit report
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False
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Contract
Procurement management plan
Overall project plan
Specifications
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False
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The contract file
Contract documentation
The procurement audit
Formal acceptance
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Holding a bidders conference
Establishing the appropriate contract type
Implementing a contract change control system
Developing a statement of work
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Determining the make or buy decision
Developing the procurement documents
Specifying the schedule perimeters in the form of delivery dates
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Customer satisfaction analysis and final payment
Administrative closeout and archiving records
Final contractor payment and lessons learned
Product verification and administrative closeout
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Offer
Bargain
Proposal
Excahange
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Invitation for bid
Request for information
Request for quotation
Invitation for negotiation
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