How to obtain PMP Procurement Management Questions?

Procurement Management is considered to be one such knowledge area that stands out from others. The biggest reason would be the fact that many Project Managers possess no experience with it. If you were managing software projects as well as everything that would be developed in-house, chances would be that you have never done any type of procurement.

Here are some PMP Procurement Management Questions. For further details, check out SPOTO PMP Exam Dumps.

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Q1: What would be the primary objective of negotiation?

A. Defining the exact responsibilities of each party
B. Clarifying the contract scope
C. Getting the best deal possible
D. Finding a win-win proposition for both parties

Q2: Suppose you would be the project manager of a construction project. You would be inviting requests for proposals from eligible vendors. While going over the list of vendors, you would realize that one of the names on the list would be a good friend of yours. You know he would excel at what he does and would be the perfect match for your project. What should you go for next?

A. Disassociating from the bidding process as well as inform your sponsor
B. Awarding him the contract since you would know he is a perfect match for your project.
C. Giving him some inputs off-the-record regarding how your organization awards contracts
D. Never contacting your friend as well as continuing with the procurement process

Q3: Assume you are dealing with a CPIF (cost plus incentive fee) contract. The estimated cost of the contract would be about $150K with a predetermined fee of $30K. The share ratio of buyer to seller would be about 70/30. Once the project is complete, the actual cost of the project would come to be $120K. How much savings did the seller make? Also, how much would he be able to make as an incentive?

A. $55K, $30K
B. $32K, $27K
C. $30K, $9K
D. $15K, $3K

Q4: Let’s assume that you have awarded the contract to a seller. However, it was only later that you realized that you had skipped a clause for any delaying project. You would now wish to modify the contract; what would be the right way to proceed?

A. contract is legally binding so couldn’t be modified once awarded
B. Make the utilization of the Contract Change Control System
C. Inform the seller about this change with the means of a formal written communication
D. Casually bring up the change with the seller after a meeting as well as observe his reaction

Q5: Being a project manager of a website development project, suppose a requirement of payment API integration for your website arises. This would be a one-time activity, and you figure out that it would be easier to contract this work out rather than hire a couple of engineers for the development of in-house. Thus, you decide to outsource this work to a third-party vendor.

What tool did you utilize here?
A. Bidder Conference
B. Make or Buy Analysis
C. Time and Materials Contract
D. Source Selection Criteria

ANSWERS
Q1: D. Find a win-win proposition for both parties
Q2: A. Disassociate from the bidding process and inform your sponsor
Q3: C. $30K, $9K
Q4: B. Make use of the Contract Change Control System
Q5: B. Make or Buy Analysis

To gain more such PMP Procurement Management questions, do check out SPOTO PMP Exam Dumps.