Project Procurement Management Quiz

16 Questions | Total Attempts: 573

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Procurement Quizzes & Trivia

Questions and Answers
  • 1. 
    Means acquiring goods and/or services from an outside source
  • 2. 
    Is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them
  • 3. 
    Acquiring goods and services for a project from outside the performing organization
  • 4. 
    General management technique used to determine whether an organization should make or perform a particular product or service inside the organization or buy from someone else
  • 5. 
    Type of contract were it involves a fixed total price for a well-defined product or service
  • 6. 
    Involve payment to the seller for direct and indirect costs
  • 7. 
    Hybrid of both fixed price and cost reimbursable contracts, often used by consultants
  • 8. 
    Require the buyer to pay the seller a predetermined amount per unit of service
  • 9. 
    Is the cost at which the contractor assumes total responsibility for each additional dollar of contract cost
  • 10. 
    The buyer pays the supplier for allowable performance costs plus a predetermined fee and an incentive bonus
  • 11. 
    The buyer pays the supplier for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs
  • 12. 
    The buyer pays the supplier for allowable performance costs plus a predetermined percentage based on total costs
  • 13. 
    Is a description of the work required for the procurement
  • 14. 
    Used to solicit proposals from prospective sellers
  • 15. 
    Used to solicit quotes or bids from prospective suppliers
  • 16. 
    Is a document prepared by sellers providing pricing for standard items that have been clearly defined by the buyer
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