Q&A Hero

Q: The stakeholder register is the output of the _____ process of project stakeholder management.a. initiating b. planningc. executing d. monitoring and controlling

Q: _____ involves monitoring stakeholder relationships and adjusting plans and strategies for engaging stakeholders as needed.a. Planning stakeholder management b. Identifying stakeholdersc. Managing stakeholder engagement d. Controlling stakeholder engagement

Q: One of the main outputs of the _____ process are the issue logs.a. Planning stakeholder management b. Identifying stakeholdersc. Managing stakeholder engagement d. Controlling stakeholder engagement

Q: The main output of the _____ process is the stakeholder register.a. Planning stakeholder management b. Identifying stakeholdersc. Managing stakeholder engagement d. Controlling stakeholder engagement

Q: _____ involves determining everyone involved in the project or affected by it, and determining the best ways to manage relationships with them.a. Identifying stakeholders b. Planning stakeholder managementc. Managing stakeholder engagement d. Controlling stakeholder engagement

Q: _____ is the new knowledge area identified by the Project Management Institute.a. Project stakeholder management b. Project communication managementc. Project risk management d. Project procurement management

Q: Project management software tools normally do not promote the use of Facebook as a forum to promote project activities. a. True b. False

Q: Communications software like e-mail, blogs, Web sites, texts, and tweets can aid in stakeholder communications. a. True b. False

Q: Key stakeholders need not be invited to participate in a kick-off meeting. a. True b. False

Q: Though stakeholders cannot be controlled, their level of engagement can be controlled. a. True b. False

Q: Issue logs can be used to address issues related to other knowledge areas like project scope management or project quality management. a. True b. False

Q: Communication and interpersonal skills are important for successful project stakeholder management. a. True b. False

Q: The stakeholder management plan should not be accessible to all stakeholders. a. True b. False

Q: The stakeholder management plan is always a formal document. a. True b. False

Q: A leading stakeholder is one who is aware of the project and is neither supportive nor resistant to it. a. True b. False

Q: Sensitive information can be included in the stakeholder register as very few people in the organization have access to it. a. True b. False

Q: Stakeholders might change during a project due to employee turnover, partnerships, and other events. a. True b. False

Q: Groups representing consumer, environmental, or other interests can be identified as project stakeholders. a. True b. False

Q: Internal stakeholders include top management, other functional managers, and other project managers. a. True b. False

Q: The main output of the identifying stakeholders process is the project charter. a. True b. False

Q: Projects often do not cause any changes in an organization. a. True b. False

Q: Project stakeholder management has resonances with project cost management and project time management. a. True b. False

Q: Project stakeholder management has only recently been identified as an entire knowledge area by the Project Management Institute. a. True b. False

Q: A(n) _____ is also known as a tender or quote, short for quotation.

Q: A(n) _____ is a document prepared by a seller when there are different approaches for meeting buyer needs.

Q: A contract statement of work is a type of _____ statement that describes the work in sufficient detail to allow prospective suppliers to determine if they can provide the required goods and services and to determine an appropriate price.

Q: If an SOW is used as part of a contract to describe only the work required for that particular contract, it is called a(n) _____.

Q: A(n) _____ is a contract clause that allows the buyer or supplier to end the contract.

Q: _____ contracts are a hybrid of fixed-price and cost-reimbursable contracts.

Q: Three types of cost-reimbursable contracts include cost plus incentive fee, cost plus fixed fee, and _____.

Q: The cost at which the contractor assumes total responsibility for each additional dollar of contract cost is known as a(n) _____.

Q: A(n) _____ contract includes a special provision for predefined final adjustments to the contract price due to changes in conditions such as inflation.

Q: A(n) _____ contract has the least amount of risk for the buyer.

Q: A(n) _____ decision is one in which an organization decides if it is in its best interests to make certain products or perform certain services inside the organization, or if it is better to buy them from an outside organization.

Q: Procurement statements of work are an output of the _____ process.

Q: _____ management includes the processes required to acquire goods and services for a project from outside the performing organization.

Q: A(n) _____ is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them.

Q: _____ refers to the process of acquiring goods and/or services from an outside source.

Q: Which of the following is an output of the contract closure process?a. Procurement statements of work b. Updates to organizational process assetsc. Resource calendars d. Work performance information

Q: The process of choosing suppliers or sellers is known as _____.a. source selection b. a bidc. WBS d. a change order

Q: In project procurement management, which of the following is one of the main outputs of the conducting procurement process?a. A selected seller b. A procurement management planc. A procurement statement of work d. A closed procurement

Q: After planning for procurement management, which of the following does the next process involve? a. Determining the evaluation criteria for the contract award b. Developing procurement statements of work c. Using expert judgement in planning purchases and acquisitions d. Sending appropriate documentation to potential sellers

Q: A document used to solicit quotes or bids from prospective suppliers is known as a(n) _____.a. RFQ b. RFPc. WBS d. SOW

Q: A(n) _____ is a document used to solicit proposals from prospective suppliers.a. RFQ b. WBSc. RFP d. SOW

Q: The _____ is a description of the work required for a procurement.a. RFQ b. RFPc. WBS d. SOW

Q: A(n) _____ contract carries the least risk for suppliers.a. CPPC b. FFPc. CPAF d. FP-EPA

Q: From the buyer's perspective, the _____ is the least desirable among all contracts because the supplier has no incentive to decrease costs.a. CPIF b. CPFFc. CPAF d. CPPC

Q: In which of the following contracts does the buyer pay the supplier for allowable performance costs along with a predetermined percentage based on total costs?a. FPIF b. CPIFc. CPPC d. CPAF

Q: With a(n) _____ contract, the buyer pays the supplier for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs.a. CPFF b. FPIFc. CPAF d. CPIF

Q: In a(n) _____ contract, the buyer pays the supplier for allowable performance costs along with a predetermined fee and an incentive bonus.a. FFP b. CPIFc. CPPC d. FPIF

Q: _____ contracts involve payment to the supplier for direct and indirect actual costs and often include fees.a. Firm-fixed-price b. Lump sumc. Cost-reimbursable contracts d. Fixed-price incentive fee

Q: Which of the following is true of lump-sum contracts? a. They incur a high degree of risk for the buyer. b. They involve a fixed total price for a well-defined product or service. c. They consist of a fee based on the satisfaction of subjective performance criteria. d. They are also known as cost-reimbursable contracts.

Q: In project procurement management, an output of the _____ monitoring and controlling process.a. Change requests b. Selected sellersc. Resource calendars d. Make-or-buy decisions

Q: In project procurement management, the process of conducting procurements is part of the _____ process.a. planning b. executingc. monitoring and controlling d. closing

Q: The procurement statements of work are an output of the _____ process of project procurement management.a. planning b. executingc. monitoring and controlling d. closing

Q: In project procurement management, which of the following processes involve completion and settlement of each contract, including resolution of any open items?a. Planning procurement management b. Controlling procurementsc. Closing procurements d. Conducting procurements

Q: Which of the following processes of project procurement management involves managing relationships with sellers, monitoring contract performance, and making changes as needed?a. Closing procurements b. Settling contractsc. Deciding on the services to procure d. Controlling procurements

Q: Outputs of the _____ process consist of selected sellers and resource calendars.a. closing procurements b. conducting procurementsc. planning procurement management d. controlling procurements

Q: In project procurement management, the process of _____ involves obtaining seller responses, selecting sellers, and awarding contracts.a. conducting procurements b. closing procurementsc. settling contracts d. planning procurement management

Q: In project procurement management, the process of _____ involves determining what to procure, when, and how.a. closing procurements b. controlling procurementsc. conducting procurements d. planning procurement management

Q: The first step in project procurement management is:a. closing procurement management. b. controlling procurements.c. conducting procurements. d. planning procurement management.

Q: A drawback of outsourcing is that: a. it does not provide access to specific skills or technologies. b. it invariably results in an increase in both fixed and recurrent costs. c. it can make an organization become overly dependent on particular suppliers. d. it cannot increase accountability of suppliers through a written contract.

Q: "Outsourcing to provide extra workers during periods of peak workloads can be much more economical than trying to fill entire projects with internal resources." Which of the following advantages does this characteristic of outsourcing provide organizations? a. Offers control over all aspects of projects that suppliers carry out b. Provides a company flexibility in staffing c. Shifts accountability from external suppliers to internal staff d. Helps avoid any form of dependency on suppliers

Q: "Most organizations are not in business to provide information technology services, yet many have spent valuable time and resources on information technology functions when they should have instead worked on important competencies such as marketing, customer service, and new product design. Outsourcing helps tackle this problem." Which of the following benefits does outsourcing primarily provide in such a scenario? a. Reduces fixed and recurrent costs b. Protects strategic information from being accessible to external suppliers c. Increases accountability even without a written contract d. Helps focus on an organization's core business

Q: Outsourcing suppliers can often provide economies of scale, especially for hardware and software, that may not be available to the client alone. Which of the following benefits does this offer an organization?a. Reduction in fixed and recurrent costs b. Increased flexibilityc. Increased accountability d. Access to specific skills

Q: "A shortage of qualified personnel is one of the main reason that companies outsource. A project may require experts in a particular field for several months and planning for this procurement ensures that the needed services will be available for the project." Which of the following benefits does this characteristic of outsourcing provide an organization? a. Reduces focus on its core business b. Increases control over all aspects of projects that suppliers carry out c. Provides access to specific skills d. Reduces dependency on suppliers

Q: Procurement audits are often done during contract closure to identify lessons learned in the entire procurement process. a. True b. False

Q: The closing procurements process involves updating records to reflect final results and archiving information for future use. a. True b. False

Q: The contractual relationship is a legal relationship, which means it is subject to state and federal contract laws. a. True b. False

Q: In project procurement management, a main output of the controlling process is a source selection criteria. a. True b. False

Q: Reviewing performance records reduces the risk of selecting a supplier with a poor track record. a. True b. False

Q: A key factor in evaluating bids, particularly for projects involving information technology, is the past performance record of the bidder. a. True b. False

Q: The main sections of an RFP can include the statement of work and schedule information. a. True b. False

Q: Contents of the procurement management plan vary with project needs. a. True b. False

Q: A company is considering whether to purchase or lease a piece of equipment for an upcoming project. The cost to purchase is $10,000 plus $100 per day to operate or $500 per day to lease (including operating costs). If the company anticipates using the equipment for a total of 20 days, they will be indifferent as to whether or lease or purchase it. a. True b. False

Q: Make-or-buy analysis involves comparing the internal costs of providing a product with the cost of outsourcing. a. True b. False

Q: An FP-EPA contract carries the least risk for a supplier. a. True b. False

Q: In an FPI contract, all of the risk is borne by the buyer. a. True b. False

Q: All contracts should include specific clauses that take into account issues unique to the project. a. True b. False

Q: In unit pricing, the total value of the contract is a function of the quantities needed to complete the work. a. True b. False