What are the different types of procurement contracts?

Project Procurement Management

Quiz
•
Business
•
12th Grade
•
Easy
Leyla Zeynallı-Hüseynzadə
Used 1+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The different types of procurement contracts are fixed-price, cost-reimbursement, time and materials, and incentive contracts.
Hourly rate contracts
Lump sum contracts
Subscription contracts
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the procurement process in project procurement management.
The procurement process involves conducting procurement and identifying needs.
The procurement process involves only identifying needs and closing procurement.
The procurement process in project procurement management involves identifying needs, planning procurement, conducting procurement, controlling procurement, and closing procurement.
The procurement process involves planning procurement and controlling procurement.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key procurement documents used in project procurement management?
Budget, Schedule, and Risk Management Plan
The key procurement documents used in project procurement management are Request for Proposal (RFP), Invitation for Bid (IFB), and Request for Quotation (RFQ).
Statement of Work (SOW), Purchase Order (PO), and Contract
Quality Management Plan, Communication Management Plan, and Scope Management Plan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a procurement management plan and why is it important in project procurement?
A procurement management plan is a document that outlines the marketing strategy for a project. It is important in project procurement as it helps to attract more customers.
A procurement management plan is a tool used to track employee performance. It is important in project procurement as it ensures that the project stays on schedule.
A procurement management plan outlines the procurement requirements and processes for a project. It is important in project procurement as it helps to ensure that the necessary goods and services are obtained on time, within budget, and according to quality standards.
A procurement management plan is a financial report that details the project's expenses. It is important in project procurement as it helps to allocate funds appropriately.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the make-or-buy analysis and its significance in project procurement management.
The make-or-buy analysis is used to determine the best color scheme for the project
The make-or-buy analysis is only important for small projects
The make-or-buy analysis is significant in project procurement management as it helps in making informed decisions about whether to outsource a particular component of the project or to produce it in-house, based on cost, quality, and other factors.
The make-or-buy analysis has no impact on project procurement management
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the advantages of fixed-price contracts in project procurement management?
Increased financial risk for the buyer
The advantages of fixed-price contracts include cost predictability, reduced financial risk for the buyer, and clear scope of work and deliverables.
Unclear scope of work and deliverables
Unpredictable costs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the key elements of a request for proposal (RFP) in project procurement management?
Team members' personal preferences
Historical data and past performance of the vendor
Project budget and financial details
Project scope, requirements, evaluation criteria, terms and conditions, and the selection process
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