1) Choose a tool & technique used in the Plan Procurement Management process from the following options. A Source Selection Analysis B Inspection C Advertising D Bidder Conference 2) Which tool would you use to help decide whether to outsource work or not? _______________________ 3) An ______________ is more of an informal arrangement between two or more parties to do, or not to do, something. These are typically built on trust so they are not legally enforceable. 4) ________________ is legally enforceable which is essential to protecting your business. 5) A ______________ outlines the terms and conditions as well as any additional requirements the buyer may have for the seller to meet 6) Depending on the application area, an____________ can be a contract, an SLA, an understanding, an MOA, or a purchase order 7) The_____________must always accurately represent the goods, services, or outcomes that the seller is promising to deliver in order for the review and approval process to be successful. 8) The____________becomes the customer to subcontractors, suppliers, and service providers and is therefore a key project stakeholder from the seller's perspective. 9) Projects that will engage several candidate sellers for initial deliverables and work products on a paid basis before making the full commitment to a larger portion of the project scope, such practice is called_________________ 10) A software company can develop a cybersecurity system for $260,000 and it will cost $25000 per month. A vendor promises that you can purchase the system for $16,000, but you will have a monthly fee of $50,000. If the duration of the project will exceed_________months. it's better to build the solution. A 8.7 months B 12 months C 9.76 months D 10.2 months 11) The Project manager trying to decide whether to lease a piece of equipment that is required for his project and costs 15000 $ to buy and 500 $ / month to maintain, or to lease that equioment for 2500 $ down payment and 1500 $ a monthly lease until the equipment is returned. How long will it take to break even?______ A 11.6 months B 12.5 months C 5.3 months D 10.2 months 12) A Project manager of a construction project with a time line of 24 months is trying to decide the feasible alternative of buying a machine that cost $100,000 besides $1000/ month to maintain or leasing that machine with $5000 / month and $20000 down payment. Which alternative should he use and how many months that machine should operate to be a feasible buying choice? A Lease 20 months B Buy it C Lease 24 months D Lease 30 months 13) The__________for each procurement is developed from the project scope baseline and defines only that portion of the project scope that is to be included within the related contract. 14) You are the project manager of the GHY Project for your organization. A portion of this project includes dangerous work; although members of the project team could likely complete the work, your sponsor doesn't want to accept the risk. In this situation, which of the following may be used as a risk mitigation tool? A A conract B Project Requirements C quotation D A vendor proposal 15) As a Project manager, you must understand the provisions of project procurement even if your typical projects do not include procurements. Based on the information in this chapter, a contract cannot have provisions for which one of the following? A Subcontracting the work B Penalties and fines for disclosures of intellectual rights C A deadline for the completion of the work D Illegal activities 16) You are the project manager for the ZTG Project. You have created a contract for your customer. The contract must have what two things? A Signatures and the stamp of a notary public B An offer and consideration C The value and worth of procured item D A start date and an acceptance of the start date 17) Mary is the project manager of the XXY Project. She needs to purchase a piece of equipment for her project. The accounting department has informed Terry she needs a unilateral form of contract. Accounting is referring to which of the following? A The SOW B An invoice from the vendor C A purchase order D A legally binding contract 18) Bonnie is the project manager for the HGH Construction Project. She has contracted a portion of the project to the ABC Construction Company and has offered a bonus to ABC if they complete their portion of the work by August 30. This is an example of which one of the following? A) A project goal B) A fixed price incentive C) A project incentive D) A project requirement 19) ___________refers to the activity of making purchases of goods or services, usually for commercial purposes. 20)____________ is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers