PROJ 598 Contracts and Procurement Week 3 Types of Contracts Quiz Answer
Week 3 : Types of Contracts – Quiz
Question 1. 1. (TCO B) All of the below would be considered good selection criteria for a buyer to use to select a seller, except (Points : 10)
proprietary rights of buyer, overall cost, and warrantee offered by seller.
past work done by seller, intellectual property rights, and risk associated with a given seller.
technical capability of seller, understanding of work by seller, and business type of seller.
managerial approach of seller, capacity of seller to do the work, and ability of seller to make a reasonable make-or-buy decision.
Question 2. 2. (TCO A) In industry, there are four processes one follows in the procurement area of project management. Describe and explain these four processes in the procurement management process for the buyer. (Points : 30)
Question 3. 3. (TCO C) Compare and contrast a firm fixed-price contract with a cost-plus contract. When would each be appropriate for a given project? (Points : 30)
Question 4. 4. (TCO D) Compare and contrast an RFP, an IFB, and an RFI. When would each best be used in procuring goods or services? (Points : 30)
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