IT Project Management MCQS SET 07

Q.1

The fixed price contract is advantageous to the buyer because it: 

A.

requires extremely well defined specifications  

B.

requires formal procedures for scope changes 

C.

contractor assumes financial and technical risk 

D.

has a known cost

Option: (C)

Q.2

The contract administration function includes: 

A.

funding management

B.

managing relationships and interfaces

C.

performance control 

D.

All of above

Option: (D)

Q.3

The major type(s) of standard warranty(ies) that are used in the business environment is(are): 

A.

express  

B.

implied

C.

negotiated

D.

a and b

Option: (D)

Q.4

A Unit Price (UP) contract provides:

A.

a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the contract progresses 

B.

a reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profit

C.

the supplier with a fixed price for delivered performance plus a predetermined fee for superior performance 

D.

a fixed price where the supplier agrees to furnish goods and services at unit rates and the final price is dependent on the quantities needed to carry out the work. 

Option: (D)

Q.5

Which phase of the Acquisition Process Cycle does source qualifications reside?

A.

Pre-Award  

B.

Award

C.

Post Award 

D.

Origination 

Option: (B)

Q.6

From a contract management perspective, the project manager must consider the: 

A.

acquisition process 

B.

contract administration  

C.

ecological environment 

D.

offer, acceptance, and consideration 

Option: Both a and b

Q.7

A performance bond should always provide what part of the contract value

A.

10 percent 

B.

50 percent 

C.

25 percent 

D.

100 percent

Option: (D)

Q.8

Which contract type places the most risk on the seller? 

A.

Cost plus percentage fee 

B.

Cost plus incentive fee

C.

Cost plus fixed fee

D.

Firm fixed price 

Option: (D)

Q.9

What are the types of express guarantees?

A.

Design/ mechanical 

B.

Field workmanship 

C.

Common Work 

D.

Length of service

Option: both a and b

Q.10

What is the last item a project manager must do to finalize project close-out?

A.

Reassign the team

B.

Contract completion 

C.

Archive the project records

D.

Complete lessons learned

Option: (B)

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