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Exam 12: Project Supply Chain Management

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Question 1

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Which party to a contract absorbs the preponderance of cost risk when a Firm-Fixed-Price (FFP) contract is used?

A) the seller
B) the buyer
C) the cost risk is equally shared.
D) the insurer

E) All of the above
F) A) and C)

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Question 2

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A contract is a unilateral document that binds a seller to provide specified products and services under terms agreeable to the buyer.

A) True
B) False

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Question 3

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The extent to which a project relies upon internal sources for materials and services varies from one project to another and from one organization to another.

All of the following factors are commonly used to assess potential suppliers pursuant to a source selection decision EXCEPT:

On complex projects,despite the importance of factors such as technical capability,managerial capability and previous experience;the ultimate driving factor is almost always the price of the proposal.

Which of the following is one of the PMBOK's four project procurement management processes?

Traditional project procurement was characterized by relatively few contract claims,whereas contemporary project partnering has resulted in a significant increase in the frequency of contract claims.

Project managers must frequently decide whether to obtain needed products and services from internal sources or from external sources. This decision is often referred to as the "make or buy" decision. Briefly identify and explain at least three reasons that support the decision to "make" the products and at least three reasons that support the decision to "buy" the products.

Compare and contrast traditional project procurement management with the more contemporary approach - project partnering. What are the advantages associated with project partnering?

Project partnerships offer which of the following advantages to both clients and vendors?

All of the following entities are typically included in the supply chain EXCEPT:

Extensive supplier evaluation approaches such as surveys,facility visits and financial analysis should be applied to first-tier suppliers only.

Project procurement management includes six processes. Identify and briefly describe the first five processes that constitute project procurement management.

A project organization can serve as either the buyer or the seller in a project related contract.

Fixed price contracts provide low risk for the seller,since the buyer will pay a fixed price,regardless of how much the project actually costs the seller.

Supply chain management focuses exclusively upon the parties directly involved in providing supplies to the project team.

Logistics,in contrast to supply chain management,is the work required to move and position inventory throughout a supply chain.

All of the following accurately describe the features and characteristics of a contract EXCEPT:

Among the disadvantages associated with outsourcing is the potential loss of special skills for doing the outsourced activities.

Which of the following terms describes a method for transforming contractual arrangements into a cohesive project team with a single set of goals and established dispute resolution procedures?