PROJ 410 Contracts and Procurement Midterm Exam Solution
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PROJ 410 Contracts and Procurement Midterm Exam Solution 1. Question : (TCO 2) A firm should concentrate on its _____ processes while outsourcing its _____ processes. Points Received: 5 of 5 2. Question : (TCO 5) To assess the impact of a contract on both the buyer and seller, an analysis of exposure can be completed. Categories analyzed in this exposure analysis include all of the following except: ______. Points Received: 5 of 5 3. Question : (TCO 7) All of the following are common RFP topics, except: ______. Points Received: 5 of 5 4. Question : (TCO 6) Factors that may affect the BPO agreement structure include all of the following except: ______. Points Received: 5 of 5 5. Question : (TCO 3) Explain the difference between a contract administrator and a project manager in a procurement situation. Points Received: 12 of 12 6. Question : (TCO 4) What is the difference between the Cost-Plus-Percentage-Fee (CPF) contract structure and the Cost-PlusFixed-Fee (CPFF) contract structure? Points Received: 12 of 12 7. Question : (TCO 6) Three commonly used evaluation criteria listed in an RFP are overall cost or financial proposal, reputation, and experience. What can the buyer glean from this information and how can the buyer use it to make a decision on a particular seller? Points Received: 12 of 12 8. Question : (TCO 8) What are the two ways to rank the seller’s proposals before selecting a seller? Points Received: 12 of 12 9. Question : (TCO 7) Explain the purpose of an RFP. What are some common elements of an RFP? Points Received: 12 of 12 Page: 12 1.
Question : (TCO 2) Part 1: List and define the six phases of the project procurement management process. Part 2: How could you organize a simple project such as renovating a bathroom into the six steps in the project procurement management process? Part 3: The buyer determines the contract pricing structure during which step of the project procurement process? Points Received: 30 of 30 2. Question : (TCO 1) Part 1: Discuss the following types of contract pricing: (a) fixed price, (b) cost-plus price, (c) time & materials, and (d) unit price. Part 2: Explain the appropriate utilization of each contract pricing type and the impact of risk to the contracting parties. Part 3: What type of contract pricing structure misaligns the buyer’s motivations with the seller’s? Points Received: 30 of 30 3. Question : (TCO 3) Identify and describe the benefits that procurement outsourcing will bring to the organization. Points Received: 30 of 30 4. Question : (TCO 1) Discuss the importance of obtaining support for the process of Business Process Outsourcing. Who would be important to involve and why? Points Received: (TCO 2) An offshoot of business process outsourcing which requires a greater skill or knowledge of the industry or inner workings of a firm is: (TCO 5) To assess the impact of a contract on both the buyer and seller, an analysis of exposure can be completed. Categories analyzed in this exposure analysis include all of the following except: (TCO 7) Issuing an RFP to only one vendor may be appropriate when: (TCO 6) Factors that may affect the BPO agreement structure include all of the following except: (TCO 3) How are the procurement responsibilities divided between the project manager and contract administrator? (TCO 4) What is the difference between the Cost-Plus-Percentage-Fee (CPF) contract structure and the Cost-PlusFixed-Fee (CPFF) contract structure? (TCO 6) Sometimes a seller is selected based solely on lowest price. However, sometimes this is not always the most efficient or effective way of selecting a seller. What are some of the other evaluation criteria that a buyer may use to help select a seller? (TCO 8) What is an independent estimate and why should a buyer produce an independent estimate before selecting a seller? (TCO 7) Explain the purpose of an RFP. What are some common elements of an RFP?