Passing the PMP Exam: How to Take It and Pass It: How to Take It and Pass It

In a standard contract, ________ are bound.

The seller agrees to furnish products/services, and the buyer agrees to provide ________.

For the examination, procurement is discussed using the ________ relationship.

In PMBOK, the buyer is ________ to the project team, and the seller is ________ to the project team.

Market conditions are a part of ________.

Formal or informal policies that pertain to procurement are part of the ________.

Needed delivery dates and availability of resources can be found in the detail of the ________.

A Risk Register is a detailed part of the ________.

When doing make-or-buy analysis, you should make sure that both ________ and ________ costs are included so that the comparisons are equal.

Technical judgments made to assess inputs and outputs of the planning of purchases and acquisition are an example of using ________.

There are three general types of contracts: cost reimbursable, time and materials, and ______________?

Which type of contract has the highest risk for the buyer?

In the cost plus contract with the initials CPFF, the FF stands for ________.

Which type of contract has the highest risk for the seller?

The type of contract where the buyer and seller share in the savings is ________.

Which type of contract uses a percentage of cost as a part of the agreed upon contract?

A buyer negotiates a fixed-price incentive contract with the seller. The target cost is $200,000, the target profit is $35,000, and the target price is $250,000. The buyer negotiates a ceiling price of $280,000 and a share ratio of 70/30. If the contract is completed with actual costs of $180,000, how much profit will the buyer pay the seller?

Definition of contract types to be used, how to handle lead times for procurement, and metrics used to manage contracts are all found in the ________.

The document that gives detail to prospective sellers concerning item or items to be purchased is the ________.

The document that contains information such as identified risks and risk owners is called a ________.

The evaluation criteria are determined by the ________.

Procurement documents are documents seeking information from the ________.

Meetings with prospective sellers to ensure that they have a clear understanding of the requirements are known as ________.

The system that assigns a value to evaluation criteria is known as ________.

Risk control, quality control, and performance reporting are all used in ________.

Contracts are administered by the ________.

Contracts can be amended prior to contract closure in accordance with the ________ of the contract.

The buyer will conduct performance reviews that show differences between the ________ of the project and the actual performance.

The ________ will offer performance reports concerning the work done on the project.

The ________ will conduct performance reviews that show differences between the baseline of the project and the actual performance.

________ and ________ are both a type of buyer performance review.

The payment system controls payments to the seller and may be controlled by the ________ function of the buyer.

________ involves verification that the work and deliverables of the project are acceptable.

Contract closure usually involves ________ notice that the contract has been completed.

Early termination of a contract is a unique type of ________.

A ________ is done to review all procurement processes done during the project.