During administer procurements; the project team should be focusing on:

the bidder conferences

internet search

make-or-buy analysis

procurement performance reviews

18 All of the following are tools and techniques to conduct procurements except: a). bidder conference

b). independent estimates c). internet search

d). contract type

As you are managing the multiple projects for your customer, the Canadian Government. Each contract seems to have a different type such as Time and Materials, to cost reimbursable and even some fixed price contracts. The corporate accountant calls you to state you are about to hit your PTA (point of total assumption) on one of the contracts. The accountant must be talking about which type of

Time and Materials

cost plus fixed fee

cost plus incentive

fixed price incentive

Multiple sources for critical products may be used to:

mitigate risks

lower costs

obtain quantity discounts

reward the lowest bidder

As part of procurement you are trying to decide if you should rent or buy a piece of equipment. To rent the equipment will cost $1000/week. To purchase the equipment will be $9000 plus a usage cost of

$100/week. On what day will the cost to rent equal the cost to buy?

8 weeks

10 weeks

15 weeks

20 weeks

You are the manager of the design/build of a large manufacturing facility. With your customer, you have signed a Fixed Price Incentive Contract. You know that in this type of contract the risk is shared between the buyer and the seller. The time at which your organization picks up all the financial risk is called:

contract award

contract breach

contract termination

point of total assumption

Close procurements and early terminations are:

different names for the same idea

close procurements comes first, then early termination

Close procurements is ending the contract after the work is complete; early termination is ending the contract while there are still open items

early termination comes first, then close procurements