Risk Procurement Quiz

Risk Procurement Quiz Questions With Answers

Risk procurement is the essential part of procurement process. It helps in identification of potential risks and their associated likelihood of occurring. Procurement process is not complete until all the risks are identified and assessed against the business objectives. All businesses have different risk profiles and all the procurement processes are unique to the businesses. But, the risks are mostly similar across the businesses. This blog has some short and simple Risk Procurement Quiz questions and answers.

So, let’s get started with risk procurement quiz questions and answers.

Q1. A fixed-price contract is useful and appropriate when …

a. A Request for Proposal is being used
b. The outcome of the project is uncertain, involving for example research and development
c. Contract negotiations are contentious
d. The organization conducting the procurement knows what product or service it wants or what specific outcome it expects

Q2. After the Request for Proposal has been released and advertised it is customary and useful to …

a. Provide sufficient time for vendor to submit proposals
b. Proceed quickly to evaluating and scoring the proposals
c. Conduct an exhaustive legal analysis
d. Receive and respond to questions from interested vendors

Q3. In the Request for Proposal process who evaluates and scores vendor proposals?

a. Project sponsor
b. Evaluation committee Correct!
c. Legal advisor
d. Contract negotiator

Q4. In the Request for Proposal process, after vendor proposals have been received, an optional activity requiring vendors to “sharpen their pencils” to improve their proposals is the …

a. Best and Final Offer
b. Statement of Work
c. Terms and conditions
d. Information proposal

Q5. Sole source and emergency procurements should include which of the following?

a. The involvement of an experienced negotiator
b. A written justification and executive approval
c. Public advertising and electronic payments
d. Pricing alternatives and criminal background checks

Q6. The part of the Request for Proposal describing the actual services provided to the project is the …

a. Statement of Work
b. Vendor qualifications
c. Cost submittal
d. Information proposal

Q7. The part of the Request for Proposal that contains information taken from the project charter is called the …

a. Best and Final Offer
b. Statement of Work
c. Terms and conditions
d. Information proposal

Q8. The two major parts of a contract are the …

a. Project management plan and risk management plan
b. Payment process and payment schedule
c. Statement of work and terms and conditions
d. Signatures and insurance requirements

Q9. The two major types of contracts are …

a. Cost reimbursement and Request for Proposal
b. Fixed price and cost reimbursement
c. Sole source and fixed price
d. Request for Bid and change management

Q10. What are two useful tools for managing contracts?

a. Project management and risk management
b. Change management and vendor reports
c. Audits and an internet presence
d. Mobile applications and legal oversight

Q11. What is the most thorough and detailed procurement tool for mid-sized to large projects?

a. Request for Information
b. Request for Proposal
c. Request for Bids
d. Request for Quote

Q12. What procurement tool is most useful in finding qualified and interested vendors?

a. Request for Information
b. Request for Proposal
c. Request for Bids
d. Request for Quote

Q13. When scoring vendor proposals submitted in response to a Request for Proposal, the greatest weight is usually given to…

a. The qualifications of the vendors
b. The cost portion of the proposals
c. The technical portion of the proposals Correct!
d. The timeliness with which the proposals were submitted

Q 14. Which type of contract is best for procurements involving research and development projects?

a. Sole source
b. Cost reimbursement Correct!
c. Request for Bid
d. Fixed price

Which type of contract presents the LEAST risk for the organization conducting the procurement?

a. Sole source
b. Cost reimbursement
c. Request for Bid
d. Fixed pric

Answers

  1. d
  2. d
  3. b
  4. a
  5. b
  6. a
  7. b
  8. c
  9. b
  10. b
  11. b
  12. a
  13. c
  14. b
  15. d

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