Can you take a practice test on procurement management quiz and answer each question correctly. There is much that is expected by the procurement section in any business, and this involves ensuring that all materials and services needed by a business are acquired in the desired time and form. Take each question and get to refresh your memory. All the best!
Questions and Answers
Contracts should be formal and [Blank] binding. It is best to get the contract in writing.
FFP is a fixed price contract. True or false?
What is an advantage of cost reimbursable contracts?
Less costly than fixed price because the seller does not account for risk
Requires auditing all the seller invoices this increases buyer efforts
Seller has less incentive to control cost thus these contracts are inefficient
Which of the following is NOT a tool for contract evaluation?
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. True or false?
Control Procurements is the process of completing each procurement. The key benefit of this process is that it documents agreements and related documentation for future reference. True or false?
Procurement [Blank] are a tool used in Closing Procurements.
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