Question 1:
Which of the following is NOT a key output of the procurement management process?
Explanation: Procurement performance reviews are not a key output of the procurement management process. The correct outputs include the procurement statement of work, procurement management plan, and procurement contract.
Question 2:
What is the purpose of a source selection criteria in procurement management?
Explanation: The purpose of source selection criteria in procurement management is to evaluate potential sellers and select the most suitable one. These criteria help in comparing and assessing different sellers based on factors such as price, quality, experience, and capability.
Question 3:
What is the primary purpose of conducting a bidder conference in procurement management?
Explanation: The primary purpose of conducting a bidder conference in procurement management is to clarify project requirements and address bidder questions. It provides an opportunity for potential bidders to seek clarification on any aspects of the procurement, ensuring a common understanding of the project scope, specifications, and expectations.
Question 4:
What is the purpose of contract closure in procurement management?
Explanation: The purpose of contract closure in procurement management is to formally complete the procurement contract. It involves verifying the successful delivery of products or services, resolving any outstanding issues, and ensuring all contractual obligations are met by both the buyer and the seller.
Question 5:
What is a fixed-price contract in procurement management?
Explanation: A fixed-price contract in procurement management is a contract that establishes a predetermined price for the goods or services. The price is typically fixed and does not vary based on the actual costs incurred by the seller. It provides certainty in terms of cost and is commonly used when the scope and requirements of the project are well-defined.
