PM 598 Final Exam Keller
PM 598 Final Exam Keller

PM 598 Final Exam Keller

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PM 598 Final Exam Keller
Contract and Procurement Management

PM 598 (TCO H) One of the tools and techniques used in contract closeout or termination…

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PM 598 Final Exam Keller

PM 598 Final Exam Keller

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PM 598 Final Exam Keller Contract and Procurement Management

(TCO A) All the below are tools and techniques of conduct procurement, except (Points : 5)

Bidder’s conferences, negotiations, and advertising.
Analytical techniques, expert judgments, and evaluation techniques.
Estimates, bidder’s conferences, and evaluation techniques.
Negotiations, make-or-buy decisions, and advertising.

(TCO A) All the below are tools and techniques of control procurement, except (Points : 5)
claims administration, payment systems, and procurement SOWperformance reviews, record management systems, and change control systemschange control systems, payment systems, and inspections and audits

records management systems, claims administration, and performance reporting.

(TCO B) Proper selection criteria are critical for a successful project. All of the below would be considered good selection criteria for a buyer to use to select a seller, except (Points : 5)

Managerial approach of seller, references of seller, and ability of seller to make a reasonable make-or-buy decision.
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.
Financial capacity of seller, overall cost, and warranty offered by seller.

(TCO A) Why are the project schedule and the project budget inputs of plan procurement? (Points : 8)

First, Project schedule is because to track the duration ….

(TCO B) You are creating your SOW for inclusion into the RFP. You wish to include both qualitative and quantitative evaluation criteria in the RFP. Describe qualitative versus quantitative evaluation criteria. (Points : 12)

Qualitative evaluation criteria:

This evaluation is based on the result or …

(TCO C) Awards and incentives are commonly used in contracts. Are these simply just two different way of saying the same thing, or are awards and inventive contracts different? (Points : 12)

Awards and incentives are commonly used in contracts to compensate contractors who perform above an established …

https://www.hiqualitytutorials.com/product/tco-c-awards-and-incentives-are-commonly-used-pm-598-final-exam-keller/

(TCO C) From the viewpoint of the buyer, why are award fees and incentive fees important in contracts? (Points : 12)

From the buyer’s point of view, awards and incentives are important as a means to motivate…

https://www.hiqualitytutorials.com/product/tco-c-from-the-viewpoint-of-the-buyer-pm-598-final-exam-keller/

(TCO D) Compare and contrast sole source and single source approaches to procurement. (Points : 12)

Single-Source Contract is when a specific company is chosen bypassing the competition. Different suppliers and distributors typically produce and…

https://www.hiqualitytutorials.com/product/tco-d-compare-and-contrast-sole-source-pm-598-final-exam-keller/

(TCO D) Describe the typical work relationship between a project manager and a contract manager. (Points : 12)

The typical relationship between a project manager and contract manager may be characterized as of arm’s length since both parties are acting in …

https://www.hiqualitytutorials.com/product/tco-d-describe-the-typical-work-relationship-pm-598-final-exam-keller/

(TCO E) What is the purpose of creating a procurement SOW for an RFP? (Points : 12)

SOW defines project scope and procurement item/service in sufficient detail to allow…

https://www.hiqualitytutorials.com/product/tco-e-what-is-the-purpose-of-creating-a-procurement-sow-pm-598-final-exam-keller/

(TCO E) You are writing a procurement SOW for an RFP. What items are you likely to include in this SOW? (Points : 12)

Depends on the project and Organization SOW varies, so, key thing that I would like to add in any SOW

  1. Parameters of the Project
  2. Time frame of project
  3. location of …

https://www.hiqualitytutorials.com/product/tco-e-you-are-writing-a-procurement-sow-pm-598-final-exam-keller/

(TCO F) You are preparing for contract negotiations. To achieve your desired contract negotiation results, you need not only a strategy but also tactics and countertactics. Give an example of two tactics, and state why they help you achieve the desired result. (Points : 12)

Stonewall (“Take it or Leave it, I shall not move”) – this tactic is critical in a negotiation because it is about knowing one’s… 

https://www.hiqualitytutorials.com/product/tco-f-you-are-preparing-for-contract-negotiations-pm-598-final-exam-keller/

(TCO F) You are the project manager on an upcoming project. You and the contract administrator are preparing for contract negotiations with two potential sellers. Why is determining who has authority an important activity in conducting a negotiation? (Points : 12)

Identifying who has authority in the negotiation process is important because it clarifies who is accountable for what. This is critical to have clarity of …

https://www.hiqualitytutorials.com/product/tco-f-you-are-the-project-manager-pm-598-final-exam-keller/

(TCO G) There are many misconceptions regarding global contract management. Describe three such misconceptions, and describe the reality of actual global contracts. (Points : 12)

Among the misconceptions on global contract management is: Commercial contracting is fundamentally different from…

https://www.hiqualitytutorials.com/product/tco-g-there-are-many-misconceptions-pm-598-final-exam-keller/

(TCO G) What are the five ways that a contract can end? Please provide an example of each. (Points : 12)

The 5 ways to terminate a contract are:

1.      Completion. This happens when the contract has been completed and …

https://www.hiqualitytutorials.com/product/tco-a-describe-and-explain-the-four-processes-pm-598-final-exam-keller/

(TCO A) Describe and explain the four processes in the procurement management process from the buyer perspective, as shown in the PMBOK® Guide. (Points : 20)

The four procure management processes from the buyer’s point of view are:

1.       Plan procurement management establishes …

(TCO B) You are a project manager at a bidder’s meeting. One of the potential sellers asks you a question concerning the project in the hallway leading to the meeting room. Can you answer this question for the seller? What would be your concern if you did answer the question? (Points : 20)

If I am not the project manager of that particular project…

https://www.hiqualitytutorials.com/product/tco-b-you-are-a-project-manager-pm-598-final-exam-keller/

(TCO B) What are the unique differences between cost plus incentive fee contracts and fixed price incentive contracts? (Points: 20)

A cost-plus incentive contract has no set spending limit. With a cost-plus incentive contract, the contractor purchases the needed materials and gets

https://www.hiqualitytutorials.com/product/tco-b-what-are-the-unique-differences-pm-598-final-exam-keller/

(TCO C) Fixed-price, cost-reimbursable, and time and material contracts are all potential agreements that could be reached between organizations. Describe each type of contract, and explain the range of risk for each of these types of contracts. (Points : 20)

Fixed-price contract is when a buyer and seller enter a contract by agreeing on the final cost of the goods or services to…

https://www.hiqualitytutorials.com/product/tco-c-fixed-price-cost-reimbursable-pm-598-final-exam-keller/

(TCO D) Compare and contrast an RFP and an IFB. When would each best be used in procuring goods or services?(Points : 20)

Invitation for Bid (IFB) – is a competitive method of awarding contracts of significant…

https://www.hiqualitytutorials.com/product/tco-d-compare-and-contrast-an-rfp-pm-598-final-exam-keller/

(TCO D) You are reviewing procurement models and you notice that there are three types of procurement statements of work. What are the three types of procurement statements of work? When is each appropriate for a given contract? (Points : 20)

The three types of Statement of Work (SOW) are:

1.      Design/Detail SOW– describes to the …

https://www.hiqualitytutorials.com/product/tco-d-you-are-reviewing-procurement-pm-598-final-exam-keller/

(TCO E) You have been assigned to do a make-or-buy analysis. What factors will you likely include in your make-or-buy evaluation? (Points : 20)

Two main factors to consider is the cost to buy vs. the cost to make. Whichever option turns out to be…

https://www.hiqualitytutorials.com/product/tco-e-you-have-been-assigned-pm-598-final-exam-keller/

(TCO E) Describe the buyer’s plan procurement process of the contract management process as it relates to creating a RPF. Give an example of the activity that takes place in each step. (Points : 20)

The plan procurement process is the phase wherein a buyer starts planning and documenting project purchasing decisions…

https://www.hiqualitytutorials.com/product/tco-e-describe-the-buyers-plan-procurement-pm-598-final-exam-keller/

(TCO G) Often in the procurement closeout process, a procurement audit is done. What is a procurement audit, and what is the purpose of a procurement audit? (Points : 20)

A procurement audit is considered to be a…

https://www.hiqualitytutorials.com/product/tco-g-often-in-the-procurement-closeout-pm-598-final-exam-keller/

(TCO G) Describe and compare and contrast the buyer’s and seller’s actions in the control procurement phase of the contract management process. Give an example for each. (Points : 20)

The buyer’s actions in the control procurement phase are essentially focused on ensuring that the seller complies with all the agreements in the …

https://www.hiqualitytutorials.com/product/tco-g-describe-and-compare-and-contrast-the-buyers-and-sellers-pm-598-final-exam-keller/

(TCO F) “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. (Points : 20)

…For example, in a construction project, the deal would often touch on…

https://www.hiqualitytutorials.com/product/tco-f-the-side-that-does-the-most-research-pm-598-final-exam/

(TCO H) What does the uniform commercial code (UCC) state regarding price and warranty? What if a price is not specified in an agreement? What if a price is specified in an agreement? Does the UCC modify the price? What about a warranty? What rights does the buyer have for a guarantee under the UCC? What protection is granted to the seller? (Points : 20)

https://www.hiqualitytutorials.com/product/tco-h-what-does-the-uniform-commercial-pm-598-final-exam-keller/

The UCC has special provisions to facilitate resolving an issue that contracting parties may have…

(TCO H) Under U.S. and international law, all contracts must contain five elements or satisfy five requirements. List and explain each of these five elements. (Points : 20)

Legal Elements of a Contract

1.      Offer- is an expression of readiness to do something or enter into a deal with another party. It is valid for …

(TCO G) One of the inputs to contract closeout is completion of work, what does it mean? (Points : 16)

One of the inputs to a contract closeout is completion of work which means the contract …

https://www.hiqualitytutorials.com/product/tco-g-one-of-the-inputs-to-contract-pm-598-final-exam-keller/

(TCO A) State and elaborate five actions to improve your use of contract incentives. (Points: 20)

The following are five actions that can be taken to improve the use of contract incentives. Thinking creatively, 2.)Avoiding awarding …

https://www.hiqualitytutorials.com/product/tco-a-state-and-elaborate-five-actions-pm-598-final-exam-keller/

(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 (Points: 20)

I agree with this statement because the side that does the most research and planning is more prepared for the negotiation. They have enough information about…

https://www.hiqualitytutorials.com/product/tco-e-it-has-been-said-that-the-side-pm-598-final-exam-keller/

(TCO F) What is an indefinite delivery indefinite quantity (IDIQ)? (Points: 20)

An IDIQ is not a contract since signing this document does not signify any obligation on either party. However, it can become…

https://www.hiqualitytutorials.com/product/tco-f-what-is-an-indefinite-delivery-pm-598-final-exam-keller/

(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 forthe seller. (Points: 20)

The steps in the post-award phase are the same for both the seller and the buyer. In particular, these steps consist of contract administration and contract closeout or termination. The contract administration step refers to the process of …

https://www.hiqualitytutorials.com/product/tco-g-describe-and-compare-pm-598-final-exam-keller/

(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. (Points: 20)

The awakening phase is the first phase in the development of a program management culture. It pertains to the organization’s realization of a need to transform the organization’s culture towards one that is oriented on program… 

https://www.hiqualitytutorials.com/product/tco-h-describe-and-explain-the-awakening-pm-598-final-exam-keller/

(TCO B) What are the unique differences between cost plus incentive fee contracts and fixed price incentive contracts? (Points: 20)

The main difference between a cost plus incentive fee contract and a fixed price incentive contract is the budget. In particular, a cost-plus…

https://www.hiqualitytutorials.com/product/tco-f-what-are-some-of-the-concerns-pm-598-final-exam-keller/

(TCO F) What are some of the concerns with a time & material contract vehicle? (Points : 20)

One of the concerns with time and material contracts is that the contractor may bill the client excessive hours and may…

https://www.hiqualitytutorials.com/product/tco-f-what-are-some-of-the-concerns-pm-598-final-exam-keller/

(TCO A) Business professionals who manage contracts must be aware of the many types of contracting pricing arrangements available in order to choose the best type for each situation. What are the three general pricing categories? Explain each category and include an example of each. (Points: 20)

The three types of contract pricing arrangements are fixed-price, cost-reimbursement, and time and materials.

With a fixed price contract, the agreement is that the service provider would complete a project for a set fee, which is determined at the onset of the project. A cost reimbursable …

https://www.hiqualitytutorials.com/product/tco-a-business-professionals-who-manage-pm-598-final-exam-keller/

(TCO C) Describe qualitative vs. quantitative evaluation criteria. (Points: 20)

Quantitative criteria refer to criteria that can be quantitatively measured. Examples include price, mean-time-to-repair, mean-time-between-failure…

https://www.hiqualitytutorials.com/product/tco-c-describe-qualitative-vs-quantitative-pm-598-final-exam-keller/

(TCO D) Identify and explain the five essential elements of performance-based contracts (PBC). (Points: 20)

The five elements of performance-based contracts are the following: 1.) Performance Work Statement (PWS) or Statement of Objectives (SOC), 2.) Performance standards, measures, and metrics…

https://www.hiqualitytutorials.com/product/tco-d-identify-and-explain-the-five-pm-598-final-exam-keller/

(TCO E) Name at least five critical supply chain challenges facing U.S. government prime contractors. (Points: 20)

Five of these challenges include the financial pressures brought about by the global economic downturn, the US government …

 (TCO F) Describe a memorandum of understanding and letter of intent. (Points: 20)

A memorandum of understanding is a formal agreement between two or more parties. It is used for the establishment of official partnerships. Although it is …

https://www.hiqualitytutorials.com/product/tco-f-describe-a-memorandum-pm-598-final-exam-keller/

(TCO G) Summarize the five main sources of contracting risk, and briefly discuss how contracting is like exchanging one set of risks for another.  (Points: 20)

The five man sources of contracting risk are lack of buyer understanding of its requirements; shortcomings of human language and differing interpretations, behavior of the parties, haste, and deception.

The lack of buyer understanding of its requirements is …

https://www.hiqualitytutorials.com/product/tco-g-summarize-the-five-main-sources-pm-598-final-exam-keller/

(TCO H) Describe and explain the professionalizing 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 (Points: 20)

The professionalizing phase is the third phase in the evolution of a project management organization. It involves the strengthening of the organization’s …

https://www.hiqualitytutorials.com/product/tco-h-describe-and-explain-the-professionalizing/

(TCO B) Developing evaluation criteria for source selection require three prerequisites. Briefly describe these three prerequisites. (Points: 20)      
One of the criteria is that the buyer must have an understanding of the goods or services that they want to buy. This will become the basis for the specific or …

https://www.hiqualitytutorials.com/product/tco-b-developing-evaluation-criteria-pm-598-final-exam-keller/

(TCO D) Describe and explain simplified non-competitive approach to contracting. Describe and explain formal competitive approach to contracting. Compare and contrast these two types of approaches to contracting. (Points: 16)

The non-competitive approach to contracting is used when the negotiation for an agreement or contract is made with a single individual or firm for the …

https://www.hiqualitytutorials.com/product/tco-d-describe-and-explain-simplified-non-competitive-pm-598-final-exam-keller/

(TCO A) Discuss and explain the purpose of an integrated supply chain. Why is it important? What impact does e-commerce have on an integrated supply chain? What impact does the Internet have on an integrated supply chain? (Points: 18)

An integrated supply chain enables manufacturers to obtain information on the business processes of various suppliers across disparate platforms.  This in turn enables …

https://www.hiqualitytutorials.com/product/tco-a-discuss-and-explain-the-purpose-pm-598-final-exam-keller/

(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. (Points: 16)

The seller’s pre-award stage of the contract management process is important in the establishment of a successful relationship with the buyer.  In particular, the steps involved in the seller’s pre-award stage are: 1.) Pre-sales activity…

https://www.hiqualitytutorials.com/product/tco-b-describe-the-sellers-pre-award-pm-598-final-exam-keller/

(TCO E) Describe the role of law in contracts.
A – Explain the role of the contract.
B – Explain the role of common law.
C – Explain the role of civil law.
D – Explain the role of the Uniform Commercial Code (UCC).(Points: 16)

A.    A contract provides businesses and individuals with a legal document that states the contracting parties’ expectations and the manner by which negative situations will be resolved. With a contract …

https://www.hiqualitytutorials.com/product/tco-e-describe-the-role-of-law-in-contracts-pm-598-final-exam-keller/

(TCO C) Why are award fees and incentive fees important to government contractors? (Points: 16)

Award fees and incentive fees are important to government contractors because they reduce the contractor’s risks on things which they have no control over and …

https://www.hiqualitytutorials.com/product/tco-c-why-are-award-fees-pm-598-final-exam/

(TCO F) Why is determining who has authority an important activity in conducting a negotiation? (Points: 16)

It is important to determine who has authority in conducting a negotiation because the information can be used for …

https://www.hiqualitytutorials.com/product/tco-f-why-is-determining-who-has-authority-pm-598-final-exam-keller/

(TCO G) What are the three ways that a contract can end? (Points: 16)

The three ways that a contract can end are through successful performance, mutual agreement, and breach of contract. Successful performance means that the purpose …

https://www.hiqualitytutorials.com/product/tco-g-what-are-the-three-ways-pm-598-final-exam-keller/

(TCO H) Why are the documented lessons learned important for the organization? (Points: 16)

Documented lessons learned are important because they help the organization determine what it did well and what it could do better with regards to project that …

 https://www.hiqualitytutorials.com/product/tco-h-why-are-the-documented-lessons-pm-598-final-exam-keller/

(TCO D) What are two major types of authority applicable to a contract manager/project manager? Briefly explain each of these authorities. (Points: 16)

The two major types of authority are actual and apparent. Actual authority is that which is intentionally granted to an agent either in an implied manner or in …

https://www.hiqualitytutorials.com/product/tco-d-what-are-two-major-types-of-authority-pm-598-final-exam-keller/

(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. (Points: 18)

Three of the techniques that build trust and a lasting partnership are the following: 1.) Listening to the customer, 2.) Returning phone calls and …

https://www.hiqualitytutorials.com/product/tco-a-describe-three-techniques-pm-598-final-exam-keller/

(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? (Points: 16)

The tools and techniques that are used in source selection are the following: Contract negotiation, Weighting system, Screening system, and …

https://www.hiqualitytutorials.com/product/tco-e-describe-and-explain-some-of-the-tools-pm-598-final-exam-keller/

(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. (Points: 16)

With a fixed price contract, the agreement is that the service provider would complete a project for a set fee, which is determined at the onset of the project.  A cost reimbursable contract, on the other hand…

https://www.hiqualitytutorials.com/product/tco-c-compare-and-contrast-fixed-price-pm-598-final-exam-keller/

(TCO F) What is source selection, and why is it important? (Points: 16)

Source selection is the process of comparing proposals and selecting the best one.  In particular, this process involves the development of the source selection …

https://www.hiqualitytutorials.com/product/tco-f-what-is-source-selection-pm-598-final-exam-keller/

(TCO G) There are many misconceptions regarding global contract management. Describe three such misconceptions, and describe the reality of actual global contracts. (Points: 16).

One misconception is that commercial contracting is drastically different from government contracting. On the contrary, though, the processes …

https://www.hiqualitytutorials.com/product/tco-g-there-are-many-misconceptions-pm-598-final-exam/

(TCO H) One of the tools and techniques used in contract closeout or termination is compliance verification, briefly describe this tool. (Points: 16)

Compliance verification refers to the administrative tasks that may need to be accomplished before the file is closed out. These administrative tasks include …

https://www.hiqualitytutorials.com/product/tco-h-one-of-the-tools-pm-598-final-exam-keller/

   

 

 

Additional information

Attribute Information
(TCO A) All the below are tools and techniques of conduct procurement, except

PM 598 Final Exam Keller

(TCO B) Proper selection criteria are critical for a successful project. All of the below would be considered good selection

PM 598 Final Exam Keller

(TCO A) All the below are tools and techniques of control procurement, except

PM 598 Final Exam Keller

(TCO A) Why are the project schedule and the project budget inputs of plan procurement?

PM 598 Final Exam Keller

(TCO B) You are creating your SOW for inclusion into the RFP. You wish to include both qualitative and quantitative

PM 598 Final Exam Keller

(TCO C) Awards and incentives are commonly used in contracts. Are these simply just two different way of saying

PM 598 Final Exam Keller

(TCO C) From the viewpoint of the buyer, why are award fees and incentive fees important in contracts?

PM 598 Final Exam Keller

(TCO D) Compare and contrast sole source and single source approaches to procurement

PM 598 Final Exam Keller

(TCO D) Describe the typical work relationship between a project manager and a contract manager

PM 598 Final Exam Keller

(TCO E) What is the purpose of creating a procurement SOW for an RFP?

PM 598 Final Exam Keller

(TCO E) You are writing a procurement SOW for an RFP. What items are you likely to include in this SOW?

PM 598 Final Exam Keller

(TCO F) You are preparing for contract negotiations. To achieve your desired contract negotiation results, you need

PM 598 Final Exam Keller

(TCO F) You are the project manager on an upcoming project. You and the contract administrator are preparing

PM 598 Final Exam Keller

(TCO G) There are many misconceptions regarding global contract management. Describe three such misconceptions, and describe

PM 598 Final Exam Keller

(TCO G) What are the five ways that a contract can end? Please provide an example of each

PM 598 Final Exam Keller

(TCO A) Describe and explain the four processes in the procurement management process from the buyer perspective, as shown in the PMBOK® Guide

PM 598 Final Exam Keller

(TCO B) You are a project manager at a bidder's meeting. One of the potential sellers asks you a question concerning the project in the hallway

PM 598 Final Exam Keller

(TCO C) Fixed-price, cost-reimbursable, and time and material contracts are all potential agreements that could be reached between organizations

PM 598 Final Exam Keller

(TCO D) Compare and contrast an RFP and an IFB. When would each best be used in procuring goods or services?

PM 598 Final Exam Keller

(TCO D) You are reviewing procurement models and you notice that there are three types of procurement statements of work. What

PM 598 Final Exam Keller

(TCO E) You have been assigned to do a make-or-buy analysis. What factors will you likely include in your make-or-buy evaluation?

PM 598 Final Exam Keller

(TCO E) Describe the buyer's plan procurement process of the contract management process as it relates to creating a RPF

PM 598 Final Exam Keller

(TCO G) Often in the procurement closeout process, a procurement audit is done. What is a procurement audit, and what is the purpose

PM 598 Final Exam Keller

(TCO G) Describe and compare and contrast the buyer's and seller's actions in the control procurement phase of the contract

PM 598 Final Exam Keller

(TCO F) "The side that does the most research and planning will often come out best in any negotiation." Do you agree with this statement?

PM 598 Final Exam Keller

(TCO H) What does the uniform commercial code (UCC) state regarding price and warranty? What if a price is not specified

PM 598 Final Exam Keller

(TCO H) Under U.S. and international law, all contracts must contain five elements or satisfy five requirements. List and explain

PM 598 Final Exam Keller

(TCO G) One of the inputs to contract closeout is completion of work, what does it mean?

PM 598 Final Exam Keller

(TCO A) State and elaborate five actions to improve your use of contract incentives

PM 598 Final Exam Keller

(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

PM 598 Final Exam Keller

(TCO F) What is an indefinite delivery indefinite quantity (IDIQ)?

PM 598 Final Exam Keller

(TCO G) Describe and compare and contrast the buyer's and seller's post-award phase of the contract management process. Give an

PM 598 Final Exam Keller

(TCO H) Describe and explain the awakening phase in the evolution of a project management organization. Explain

PM 598 Final Exam Keller

TCO B) What are the unique differences between cost plus incentive fee contracts and fixed price incentive contracts?

PM 598 Final Exam Keller

(TCO F) What are some of the concerns with a time & material contract vehicle?

PM 598 Final Exam Keller

(TCO A) Business professionals who manage contracts must be aware of the many types of contracting pricing arrangements available

PM 598 Final Exam Keller

(TCO C) Describe qualitative vs. quantitative evaluation criteria

PM 598 Final Exam Keller

(TCO D) Identify and explain the five essential elements of performance-based contracts (PBC)

PM 598 Final Exam Keller

(TCO E) Name at least five critical supply chain challenges facing U.S. government prime contractors

PM 598 Final Exam Keller

(TCO F) Describe a memorandum of understanding and letter of intent

PM 598 Final Exam Keller

(TCO G) Summarize the five main sources of contracting risk, and briefly discuss how contracting is like exchanging one

PM 598 Final Exam Keller

(TCO H) Describe and explain the professionalizing phase in the evolution of a project management organization

PM 598 Final Exam Keller

(TCO B) Developing evaluation criteria for source selection require three prerequisites. Briefly describe these three prerequisites

PM 598 Final Exam Keller

(TCO D) Describe and explain simplified non-competitive approach to contracting. Describe and explain formal

PM 598 Final Exam Keller

(TCO A) Discuss and explain the purpose of an integrated supply chain. Why is it important? What impact does e-commerce

PM 598 Final Exam Keller

(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

PM 598 Final Exam Keller

(TCO E) Describe the role of law in contracts

PM 598 Final Exam Keller

(TCO C) Why are award fees and incentive fees important to government contractors?

PM 598 Final Exam Keller

(TCO F) Why is determining who has authority an important activity in conducting a negotiation?

PM 598 Final Exam Keller

(TCO G) What are the three ways that a contract can end?

PM 598 Final Exam Keller

(TCO H) Why are the documented lessons learned important for the organization?

PM 598 Final Exam Keller

(TCO D) What are two major types of authority applicable to a contract manager/project manager? Briefly explain each

PM 598 Final Exam Keller

(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

PM 598 Final Exam Keller

(TCO C) Compare and contrast fixed price agreements with cost reimbursable agreements and with time and material

PM 598 Final Exam Keller

(TCO F) What is source selection, and why is it important?

PM 598 Final Exam Keller

(TCO G) There are many misconceptions regarding global contract management. Describe three such misconceptions

PM 598 Final Exam Keller

(TCO H) One of the tools and techniques used in contract closeout or termination is compliance verification, briefly describe this tool

PM 598 Final Exam Keller