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PROJ 598 Contract and
Procurement Week 8 Final Exam
Complete Answer

PROJ 598 Contract and Procurement Week 8 Final Exam Complete A+ Answer
PROJ 598 Contract and Procurement Week 8 Final Exam Complete A+ Answer
Set 1
DeVry PROJ 598 Week 8 Final Exam
Part 1
1. (TCO A) All the below are tools and techniques of contract procurement, except
(Points : 5)
Bidders conferences, negotiations, and advertising.
Analytical techniques, expert judgments, and evaluation techniques.
Estimates, bidders conferences, and evaluation techniques.
Negotiations, make-or-buy decisions, and advertising.
Question 2. 2. (TCO B) Proper selection criteria are critical for a successful project. All of
the below would be considered good selection criteria for a buyer to use to select a seller,
except (Points : 5)

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.
Financial capacity of seller, overall cost, and warranty offered by seller.
(TCO A) Why are the project scope statement and WBS inputs of plan procurement?
(TCO B) List and describe five source selection criteria typically used in procurement
management. For each, explain why this criterion is important for a buyer to use to select
a given seller. (Points: 12)
(TCO C) Which has more cost risk to the seller, a fixed-price contract or a costreimbursable contract? Why? How might that risk be mitigated?
(TCO D) Describe the typical work relationship between a project manager and a contract
manager. (Points : 12)
(TCO E) You are writing procurement SOW for an RFP. What items are you likely to
include in this SOW? (Points : 12)
(TCO F) You have received back the bid proposals from prospective sellers. You are ready
for source selection. What is source selection, and why is it important? (Points : 12)
Part 2
TCO G) One of the inputs to contract closeout is completion of work. What does it mean?
(Points : 12)
(TCO A) In industry, there are four processes one follows in the procurement area of
project management. Describe and explain these four processes in the procurement
management process from the buyer perspective. (Points : 20)
(TCO C) Compare and contrast a firm fixed-price contract to a time and materials
contract. When would each be appropriate for a given project? (Points : 20)
(TCO D) Compare and contrast an RFP and an RFI. When would each best be used in
procuring goods or services? (Points : 20)
(TCO E) Describe the buyers plan procurement process of the contract management
process as it relates to creating a RPF. Give an example of the activity that takes place in
each step. (Points : 20)

Part 3:
TCO H) Under U.S. and international law, all contracts must contain five elements or
satisfy five requirements. List and explain each of these five elements. (Points : 20)
2) Describe and compare and contrast the buyers and sellers actions in the control
procurement phase of the contract management process. Give an example for each. List
and briefly describe the three tools and techniques used for bid or no-bid decision making.
(Points : 20)
set 2
PROJ 598 Contract and Procurement Week 8 Final Exam Set 2 Answer
Question 1. 1. (TCO A) All the below are outputs of plan procurement except (Points : 5)
change requests, SOW, and source selection criteria.
make-or-buy decisions, procurement management plans, and contracts.
procurement documents, SOW, and document updates.
source selection criteria, procurement management plans, and make-or-buy decisions.
Question 2. 2. (TCO B) Proper selection criteria are critical for a successful project. All of
the below would be considered good selection criteria for a buyer to use to select a seller,
except (Points : 5)
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.
financial capacity of seller, overall cost, and warranty offered by seller.
Question 3. 3. (TCO A) What is the primary purpose of procurement planning? (Points : 8)
Question 4. 4. (TCO B) A sellers financial capacity is often one of the buyers selection
criteria. Why is this an important consideration for a buyer? (Points : 12)
Question 5. 5. (TCO C) From the viewpoint of the buyer, why are award fees and incentive
fees important in contracts? (Points : 12)
Question 6. 6. (TCO D) Compare and contrast sole source and single source approaches to
procurement. (Points : 12)
Question 7. 7. (TCO E) What is the purpose of creating a procurement SOW for an RFP?
(Points : 12)
Question 8. 8. (TCO F) You are preparing for contract negotiations. To achieve your
desired contract negotiation results, you need not only a strategy but also tactics and

countertactics. Give an example of two tactics, and state why they help you achieve the
desired result. (Points : 12)
Question 9. 9. (TCO G) There are many misconceptions regarding global contract
management. Describe three such misconceptions, and describe the reality of actual global
contracts. (Points : 12)
Page 2
Question 1. 1. (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 from the buyer perspective.
Question 2. 2. (TCO B) You are a project manager at a bidders meeting. One of the
potential sellers asks you a question concerning the project in the hallway leading to the
meeting room. Can you answer this question for the seller? What would be your concern if
you did answer the question?
Question 3. 3. (TCO C) Given the following, answer the below questions.
Question 4. 4. (TCO D) Compare and contrast an RFP and an RFI. When would each best
be used in procuring goods or services?
Question 6. 6. (TCO G) Describe and compare and contrast the buyers and sellers actions
in the control procurement phase of the contract management process. Give an example
for each.
Question 7. 7. (TCO F) The side that does the most research and planning will often
come out best in any negotiation. Do you agree with this statement? Do you disagree with
this statement? Defend your position with examples and other information.
Question 8. 8. (TCO H) What does the uniform commercial code (UCC) state regarding
price and warranty? What if a price is not specified in an agreement? What if a price is
specified in an agreement? Does the UCC modify the price? What about a warranty? What
rights does the buyer have for a guarantee under the UCC? What protection is granted to
the seller?

PROJ 598 Contract and

Procurement Week 8 Final Exam
Complete Answer