Project Procurement Management

All the following statements about change control are incorrect, EXCEPT :

All the following statements concerning procurement documents are incorrect, EXCEPT :

Which one of the following is NOT true about a cost reimbursable contract ?

You are asked by management to select a contract type that will obligate the seller to accept all liability for poor workmanship, engineering errors, and consequential damages in the project. Which of the following contact types will you select ?

In a fixed price incentive fee contract, the target cost is estimated at \$250,000 and the fee at \$35,000. The actual cost came to be \$210,000, since there was a cost saving, the seller shares the saving at a 70/30 ratio ( 70% to the buyer and 30% to the seller). What the final fee and final price ?

You were asked by your management to investigate the cause of severe cost overrun in the one of the project that was completed last year. You found out that a certain contract was used in project that is considered to be very risky for the buyer as it does not encourage the seller to control costs; rather, it motivates the seller to be inefficient. What sort of contract was used in the project ?

Which of the following is the process of documenting project purchasing decisions, specifying the approach, defining selection criteria to identify potential sellers, and putting together a procurement management plan ?

Lars is a project manager overseeing an online age verification application for one of the very important clients for this organization. Three months in the project, Lars got a call from the client who informed him that they would end the contract due to a change in business direction. The client also discussed the compensation that the seller's organization is offering to Lars' organization for the work completed so far. This is an example of which one of the following ?

You are the project manager for an upcoming outdoor concert event. You're working on the procurement plan for the computer software program that will control the lighting, and screen projections during the concert. You're comparing the cost of purchasing a software product to the cost of your company programmers writing a custom software program. You are engaged in which of the following ?

You are the project manager of a network replacement project for a 40-floor office building. You plan to hire a contractor to pull the old cable out and then install the new cable. The work has to be done in such a way to have minimum to zero disruption to the tenant organization during business hour, hence you need to hire a well experience reputed firm. You contracted the procurement department to develop a list of firms that have the capability to do work. What are you referring to ?