Proj 410 Midterm Exam Answers

PROJ 410 Midterm Exam Answers

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PROJ 410 Midterm Exam Answers

1. (TCO 2) A firm should concentrate on its _____ processes while outsourcing its _____ processes.

2. (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: ______.

3. (TCO 7) For most customers, requesting multiple bids is the preferred approach because it: _______.

4. (TCO 6) The Term, Contracting Party, Integration, Retained Assets, and Performance Standards are all: _______.

5. (TCO 3) What activities is the contract administrator responsible for in a contract situation? What about the project manager?

6. (TCO 4) What is the difference between the Cost-Plus-Fixed Fee (CPFF) and the Cost-Plus-Incentive Fee (CPIF) contract structures?

7. (TCO 6) List three commonly used evaluation criteria listed in an RFP and explain why a buyer would want this information before selecting a seller.

8. (TCO 8) What is an independent estimate and why should a buyer produce an independent estimate before selecting a seller?

9. (TCO 7) Describe the common sections of the RFP.

1. (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?

2. (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...