PM 598 Final Exam All Possible Questions
1. (TCO H) What is the maximum value of a verbal contract?
2. (TCO F) Which is not part of the award phase of the contract management process?
3. (TCO D) What are two major types of authority applicable to a contract manager/project manager? Briefly explain each of these authorities.
4. TCO A) Describe three techniques that build trust and a lasting partnership. Give an example for each technique and how it would impact an organization.
5. (TCO B) Describe the seller’s pre-award stage of the contract management process. Give an example of the activity that takes place in each step.
6. ((TCO E) Describe and explain some of the tools and techniques that should be used in source selection. For example, is negotiation the only effective tool for source selection or are there others?
a .Contract negotiation, weighing systems, screening systems, and independent estimates are all manners to select appropriate sources. Regardless of the source required, there should be a process to screen suppliers in a way to empirically select a source. This reduces personal bias and other factors from the process.
1. (TCO C) Compare and contrast fixed price agreements with cost reimbursable agreements and with time and material agreements. Offer your opinion on which type of contract would best suit your organizational needs if you had to only select one type of agreement for all your suppliers and sub-contractors.
2. (TCO F) What is source selection, and why is it important?
3. TCO G) There are many misconceptions regarding global contract management. Describe three such misconceptions, and describe the reality of actual global contracts.
4. (TCO H) One of the tools and techniques used in contract closeout or termination is compliance verification, briefly describe this tool.
5. (TCO A) State and elaborate five actions to improve your use of contract incentives.
6. (TCO C) Describe qualitative vs. quantitative evaluation criteria.
1. (TCO D) Performance-based contracts (PBC) contain five essential elements.
2. (TCO E) It has been said that the side that does the most research and planning will often come out best in any negotiation? Do you agree with this statement? Do you disagree with this statement? Defend your position with examples and other information
3. (TCO F) What is an indefinite delivery indefinite quantity (IDIQ)?
4. TCO G) Describe and compare and contrast the buyer’s and seller’s post-award phase of the contract management process. Give an example for each step in the process for the buyer and for the seller.
5. (TCO H) Describe and explain the awakening phase in the evolution of a project management organization. Explain and defend why this phase is the most important of the process. Use examples to support your ideas.
6. (TCO B) What are the unique differences between cost plus incentive fee contracts and fixed price incentive contracts