Show 1. A unilateral contract under which the seller is paid a preset amount per unit of service is called:
2. Which of the following is considered during the Procurement Planning Process?
3. From a buyer's standpoint, which of the following is true?
22. The purchasing cycle consists of all the following elements except?
23. The cost of corrective action taken by the purchaser and chargeable to the supplier under the terms of the contract is:
24. __________ is a narrative description of the work to be accomplished or resource to be supplied.
25. By which means is a contractor able to control costs overruns due to changing requirements?
26. __________ is a written order directing the contractor to make changes according to the provisions of the contract documents.
27, __________ defines when the work is ready for or is being used for the purpose intended and is so certified.
28. __________ is a request for interim stoppage of work due to non conformance, funding or technical considerations.
29. The process that may be used by an unsuccessful supplier to seek remedy for a non award of work is:
30. The __________ specification describes, defines or specifies the goods / services to be supplied.
31. The Bid Evaluation process is characterized by all of the following activities except?
32. Which is not a consideration in a make or buy decision?
33. There are four methods of government procurement. Which is not one of these methods?
34. A purchasing operation does not contain this classification of work?
35. __________ is a register of suppliers invited to submit bids for goods / services as specified.
36. __________ is a formal invitation to submit a price for goods and / or services as specified.
37. Which contract type should be used by the owner on a high risk project?
38. Cost reimbursable contracts are equivalent to:
39. Fixed price and incentive type contracts place responsibility for performance and financial risks associated with delay or non-performance on the:
40. __________ is based on information gathered and analyzed about demand and supply. this forecast provides a prediction of short and long term prices and the underlying reasons for those trends.
41. The contract is signed at the end of the:
42. Definitive contract terms are spelled out in the:
43. A bilateral RFP is preferred to an invitation to bid when:
44. PMI suggests which of the following behaviors as part of contract negotiations?
45. The bid package is developed in the:
46. The award phase includes the:
47. To relieve pressure on the project schedule, Richard decided to fast-track and hire a contractor to do part of the work. Which form of contract(s) should he consider?
48. Which is not a factor in choosing a contractor?
49. Requirements and specifications are always changing in the systems integration business. Therefore, the best form of contract for this environment would be:
50. In the area of contracting, there are two basic types of contracts that reflect how the total price is determined. The __________ contract has an objective of a pre-determined end price while the __________ contract has an objective of a target end price.
51. A contract is a promise to provide goods and / or services to one party in return for something of value from that party. To define the goods, services, and something of value in a legal document, the contract must be comprised of __________:
52. The selection of the type of contract is important because of the cost risk involved. In most cases, the buyer (owner) will attempt to transfer the risk to the seller (project sponsor). The buyer, therefore, will always attempt to award a(n) __________ contract to the seller.
53. The buyer has not completely defined all the requirements for the project but has enough definition to start. The type of contract that will most likely be awarded while additional requirements are being finalized is the __________ contract.
54. Contracts may be written in any form that is understandable and enforceable, and often project personnel attempt to be "creative" in developing the document. Given a choice, it is best to __________ to meet the requirements of the project.
55. A purchase order can be considered a contract with a vendor to provide a number of parts or components that will be used in project implementation. The purchase order becomes a "contract" when it is __________.
56. The marketplace data often dictates the price of products and services through competitive or noncompetitive supply situations, which will vary from many suppliers to one suppliers. However, __________ is not a market condition.
57. The contracting process for the negotiation and legal execution is divided into pre-award, award, and post-award phases and five cycles that describe the activities under the phases. the first cycle under the pre-award phase is the __________ cycle.
58. Project management, as an integration function, has the need to either make or buy components of the system. The decision to make or buy is based on all the following but __________.
59. A contract is a stand-alone legal document and must be individually managed to ensure the proper performance. Many projects have several contracts to be initiated and executed throughout the life of the project. Therefore, it is best to have a __________ that anticipates and describes the types of contracts required for the project.
60. Contracts for projects require revisions to meet the project needs as those needs evolve. The correct method of initiating a change to the contract is to prepare a __________ for submission to the customer (buyer).
61. Changes to a contract are approved and signed by both the buyer and seller as the desired performance requirements. These changes are __________.
62. The concept of warranty is based upon one party's assurance that the product or service will meet certain standards of quality, including __________.
63. Warranties are given in two manners, either implied or expressed. The implied warranty differs from the expressed warranty in that the implied warranty __________.
64. A project manager may issue a "waiver" on items received from a vendor because the items are less than the purchase order specified. If the project manager knowingly accepts faulty material, the vendor is usually __________ any damages that the material may cause.
65. A contract may include a clause that imposes a penalty on the project for late delivery of the completed system. Although the contract specifies a specific monetary penalty for delays, the key(s) to the issue is / are __________.
66. Performance bonds are required by some contracts to ensure the project is completed and the system functions as specified. A performance bond should never be less than __________ percent of the contract price.
67. Payment bonds are often required by the contract and require specific actions under the stated conditions. Payment bonds are specifically designed to ensure payment of __________ by the prime contractor.
68. Some contracts are not completed because the contractor fails or refuses to complete the contractual conditions. This situation is called a __________ for which damages can be assigned.
69. The time of delivery for a contract is often specified to ensure that both parties, the buyer and seller, understand the need for the product, service, or system on or before that date. When a time is not specified in a contract, it is assumed that performance must be completed __________.
70. The project manager is responsible for all the activities within a project and interfaces with external functions, all of which consume his time. Therefore, when a contract administrator is assigned to the project, the project manager __________ the contract.
71. The final step on a project is the close-out phase where all activities are to be terminated in a business-like fashion. From a contractual point of view, the prime consideration is to determine __________.
72. In initiating a contract, the primary focus is on obtaining a product or service without regard for the termination. The contract for goods or services should have a termination provision (after successful completion) that __________. 73. The language of contracts does not preclude misunderstanding and situations that adversely affect project completion. Therefore, a contract should always have a method of removing the obstacles to progress. One method is to form a __________ committee to address matters that the project manager and the customer's representative cannot handle.
74. It is important to review the performance of subcontractors during post-contract evaluations. This review establishes the baseline for __________.
75. Project contracts can be separated into two broad categories: cost reimbursable and fixed price. In a fixed price contract the owner (buyer) must be specific in __________ and minimize __________.
76. In a cost-reimbursable contract, the owner (buyer) accepts most of the __________. therefore, the owner has more input as to how the work is accomplished as compared to a fixed price contract.
77. During the proposal and bidding phase, the owner (buyer) must assess the capability of the contractor (seller) to perform the work. For example, if the owner believes the proposed team consists of some individuals who do not have the requisite qualifications and suggests that these individuals be replaced, the contractor should __________.
78. The contractor (seller) accepts all liability for engineering errors, poor workmanship, and consequential damages under a(n) __________ contract.
79. Contracting for project work follows a set sequence of activities that ensures a favorable contracting strategy. The sequence of contracting activities includes the following: develop a contracting plan; screen contractors; select bidders; prepare invitations for bid; issue invitations for bid; __________; and award contract.
80. Contractor screening is important to ensure that candidates are capable of performing the work and the number is neither excessive, which will make the proposal evaluation process difficult, nor too few, which will minimize the competition. The four key items to be used in contractor screening are __________.
81. When invitations for bid are issued to the contractors, the bids (proposals) must be submitted in a standard format because __________.
82. Submission of proposals to perform work is the avenue for acquiring most projects. The proposals, when submitted, must contain specific items to obligate or bind the tendering organization. the most important item is __________.
83. The most critical aspect of selecting a contractor and awarding a contract is the proposal evaluation (or bid review) process. The evaluators must be aware of the need to balance fact versus judgment, objective versus subjective reasoning, work tasks versus costs, time versus price, and __________.
84. Contracting is a means of obtaining required goods and / or services that are required to meet the needs of a project. The contract defines the legal relationship between the participants and what each participant is expected to do before the contract can be concluded. The contract also forms a __________ in which the participants strive to work toward the common goal of successfully completing the legal obligations in the most efficient manner.
85. The proposal preparation is in itself a short-term project that requires intense effort to be completed in the owner's (buyer's) format and time frame, while being responsive to the requirements of the formal invitation for bid. A company bidding for projects can ease the workload and enhance the potential for successfully "winning" contracts by __________.
86. Similar to a small project, the proposal preparation process is started by a __________ meeting where the technical, legal, and compensation considerations are reviewed and assignments of responsibility are made.
87. When entering into a contract, it is often assumed that the performance of the work will be as specified and no disputes will be raised during the performance period. On the contrary, it is better to assume that there will be disputes and include a procedure in the contract as to the means for dispute resolution because __________.
88. A contract is a promise to do or not do something in exchange for some form of consideration. A negotiated contract is one where both participants agree on the basis for principal considerations: __________.
89. In abstract theory, a contract is not essential to the performance of a project. Contracts are, however, useful when the performance involves __________, particularly when they are interdependent.
What is bid Data Sheet?The Bid Data Sheet (BDS) contains information and provisions that are specific to a particular bidding process. The Purchaser must specify in the BDS only the information that the ITB request be specified in the BDS.
What are the bid documents?Bid documents include the plans, specifications and estimates (PS&E) developed to describe all of the elements of a construction project and become the contract between the local government and the selected contractor.
What are the details indicated in the invitation to bid?With an invitation for bid (IFB), a comprehensive solicitation will describe the project in detail, including submission requirements, deadlines, project scope, duration, minimum qualifications, mandatory service standards, and required warranties.
What is procurement management system?Procurement management is also referred to as the source-to-settle process. It encompasses the evaluation, selection, and creation of formal contractual agreements as well as managing the company's ongoing supplier relationships. Procurement is a complex discipline spanning many interrelated activities.
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