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1. PM 598 Final Exam Keller - Updated
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TCO A) All the below are tools and techniques of conduct
procurement, except (Points : 5)
(TCO A) All the below are tools and techniques of control
procurement, except (Points : 5)
(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)
(TCO A) Why are the project schedule and the project budget
inputs of plan procurement?
(TCO B) You are creating your SOW for inclusion into the RFP.
You wish to include both qualitative and quantitative evaluation
criteria in the RFP. Describe qualitative versus quantitative
evaluation criteria. (Points : 12)

2. (TCO C) Awards and incentives are commonly used in contracts.
Are these simply just two different way of saying the same thing,
or are awards and inventive contracts different? (Points : 12)
(TCO C) From the viewpoint of the buyer, why are award fees
and incentive fees important in contracts? (Points : 12)
(TCO D) Compare and contrast sole source and single source
approaches to procurement. (Points : 12)
(TCO D) Describe the typical work relationship between a project
manager and a contract manager
(TCO E) What is the purpose of creating a procurement SOW for
an RFP? (Points : 12)
(TCO E) You are writing a procurement SOW for an RFP. What
items are you likely to include in this SOW? (Points : 12)
(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)
(TCO F) You are the project manager on an upcoming project.
You and the contract administrator are preparing for contract
negotiations with two potential sellers. Why is determining who
has authority an important activity in conducting a
negotiation? (Points : 12)

3. (TCO G) There are many misconceptions regarding global
contract management. Describe three such misconceptions, and
describe the reality of actual global contracts. (Points : 12)
(TCO G)What are the five ways that a contract can end? Please
provide an example of each. (Points : 12)
(TCO A) Describe and explain the four processes in the
procurement management process from the buyer perspective, as
shown in the PMBOK® Guide. (Points : 20)
(TCO B) You are a project manager at a bidder's 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? (Points : 20)
(TCO B) What are the unique differences between cost plus
incentive fee contracts and fixed price incentive contracts?
(Points: 20)
(TCO C) Fixed-price, cost-reimbursable, and time and material
contracts are all potential agreements that could be reached
between organizations. Describe each type of contract, and
explain the range of risk for each of these types of
contracts. (Points : 20)

4. (TCO D) Compare and contrast an RFP and an IFB. When would
each best be used in procuring goods or services?(Points : 20)
(TCO D) You are reviewing procurement models and you notice
that there are three types of procurement statements of work.
What are the three types of procurement statements of work?
When is each appropriate for a given contract? (Points : 20)
(TCO E) You have been assigned to do a make-or-buy analysis.
What factors will you likely include in your make-or-buy
evaluation? (Points : 20)
(TCO E) Describe the buyer's 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)
(TCO G) Often in the procurement closeout process, a
procurement audit is done. What is a procurement audit, and
what is the purpose of a procurement audit? (Points : 20)
(TCO G) Describe and compare and contrast the buyer's and
seller's actions in the control procurement phase of the contract
management process. Give an example for each. (Points : 20)
TCO F) "The side that does the most research and planning will
often come out best in any negotiation." Do you agree with this

5. statement? Do you disagree with this statement? Defend your
position with examples and other information. (Points : 20
(TCO F) Describe a memorandum of understanding and letter of
intent. (Points : 20)
(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? (Points : 20)
(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)
(TCO G) One of the inputs to contract closeout is completion of
work, what does it mean? (Points : 16)
(TCO D) Describe and explain simplified non-competitive
approach to contracting. Describe and explain formal
competitive approach to contracting. Compare and contrast
these two types of approaches to contracting. (Points: 16)

6. (TCO A) Discuss and explain the purpose of an integrated supply
chain. Why is it important? What impact does e-commerce have
on an integrated supply chain? What impact does the Internet
have on an integrated supply chain? (Points: 18)
(TCO B) Describe the seller's pre-award stage of the contract
management process. Give an example of the activity that takes
place in each step. (Points: 16)
TCO E) Describe the role of law in contracts.
A - Explain the role of the contract.
B - Explain the role of common law.
C - Explain the role of civil law.
D - Explain the role of the Uniform Commercial Code
(UCC).(Points: 16)