PROJ598 Contract and Procurement Management Week 3 Quiz
Question 1
(TCO B) All of the below would be considered good selection criteria for a
buyer to use to select a seller, except
financial capacity of seller, overall cost,
and warranty offered by seller.
managerial approach of seller, references of
seller, and ability of seller to make a reasonable make-or-buy decision.
past work done by seller, intellectual
property rights, and risk associated with a given seller.
technical capability of seller, understanding
of work by seller, and business type of seller.
Question 2 (TCO A) According to the PMBOK®
Guide, there are four processes in the procurement area. Describe and explain
these four processes in the procurement management process for the buyer.
Question 3
(TCO C) Compare and contrast a firm fixed-price contract with a time and
materials contract. When would each be appropriate for a given project?
Question 4
(TCO D) Compare and contrast an RFP, an IFB, and an RFI. When would each best
be used in procuring goods or services?