Project Management Quiz 5

Front 1

Project procurement management consists primarily of two processes: assessing procurements and controlling procurements

Back 1

False

Front 2

All contracts should include specific clauses that take into account issues unique to the project.

Back 2

True

Front 3

In project procurement management, a main output of the controlling process is a source selection criteria.

Back 3

False

Front 4

A key factor in evaluating bids, particularly for projects involving information technology, is the past performance record of the bidder.

Back 4

True

Front 5

The closing procurements process involves updating records to reflect final results and archiving information for future use.

Back 5

True

Front 6

The last step in project risk management is deciding how to address this knowledge area for a particular project by performing risk management planning.

Back 6

False

Front 7

Brainstorming is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

Back 7

False

Front 8

A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other.

Back 8

True

Front 9

The Delphi technique is a systematic, interactive forecasting procedure based on independent and anonymous input regarding future events.

Back 9

True

Front 10

The Monte Carlo analysis can predict the probability of finishing by a certain date or the probability that the cost will be equal to or less than a certain value.

Back 10

True

Front 11

The first step in project procurement management is:

Back 11

planning procurement management.

Front 12

The procurement statements of work are an output of the _____ process of project procurement management.

Back 12

planning

Front 13

_____ contracts involve payment to the supplier for direct and indirect actual costs and often include fees.

Back 13

Cost-reimbursable

Front 14

Identifying risks is a subprocess of the _____ process of project risk management.

Back 14

planning

Front 15

_____ are predefined actions that the project team will take if an identified risk event occurs.

Back 15

Contingency plans

Front 16

_____ is a fact-finding technique that can be used for collecting information in face-to-face, phone, e-mail, or instant-messaging discussions.

Back 16

Interviewing

Front 17

A(n) _____ is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them.

Back 17

contract

Front 18

A(n) _____ decision is one in which an organization decides if it is in its best interests to make certain products or perform certain services inside the organization, or if it is better to buy them from an outside organization.

Back 18

make-or-buy

Front 19

A(n) _____ is also known as a tender or quote, short for quotation.

Back 19

bid

Front 20

The term _____ is used to describe risks that the project team has identified and analyzed.

Back 20

known risks

Front 21

A(n) _____ is a hierarchy of potential risk categories for a project.

Back 21

risk breakdown structure

Front 22

_____ is the product of a risk event probability and the risk event’s monetary value.

Back 22

Expected monetary value (EMV)

Front 23

_____ risks are risks that remain after all of the response strategies have been implemented.

Back 23

Residual