Unit 13 Quiz_ PMGT 510-50- A-2021_Fall - Principles of Project Management
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Harrisburg University of Science and Technology *
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510
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Dec 6, 2023
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1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
1/11
Unit 13 Quiz
Due
Dec 4, 2021 at 11:59pm
Points
35
Questions
21
Available
Nov 13, 2021 at 12am - Dec 4, 2021 at 11:59pm
22 days
Time Limit
120 Minutes
Instructions
This quiz was locked Dec 4, 2021 at 11:59pm.
Attempt History
Attempt
Time
Score
LATEST
Attempt 1
49 minutes
35 out of 35
Score for this quiz:
35
out of 35
Submitted Dec 4, 2021 at 4:17pm
This attempt took 49 minutes.
The purpose of the quiz is to check your knowledge on key terms, concepts and reading
assignments.
There are 21 questions (10 true/false; 10 multiple choice; 1 short answer) . Your instructor will grade the
short answer question within a few days after the quiz due date.
Each quiz is worth 35 points (T/F - 1 point each; multiple choice - 2 points/each; short answer - 5
points).
Quizzes are 10% of your final grade calculation.
You will have one attempt and 2 hours to complete the quiz. This is plenty of time to complete the quiz
without time pressure.
5 / 5 pts
Question 1
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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Your Answer:
Contract types are often associated with two broad categories: fixed-price contracts and
cost-reimbursable contracts. Briefly identify the factors to consider when determining
which type is most appropriate for a planned contract.
fixed-price contracts are a kind of contract where the payment is not
dependent on the number of resources or work needed. where the cost-
reimbursable contracts are contracts where payment is respective to the
amount of work performed and resources.
for fixed-price contracts, the seller is obligated to work for a fixed amount
of money irrespective of the work needed. these types of contracts are
most suited for projects buyer is trying to control the cost and risk is
completely dependent on the seller/vendor's side. In these situations, the
vendor is legally obligated to complete the work irrespective of difficulties
since for the fixed price. Most of the government contracts come under
this category, for example, road/bridge construction projects, city
planning, etc. Even though in these contracts, the vendor is highly
accountable for the work to be completed in the specified time and cost.
however, for an experienced contractor, this will be a chance to earn more
since he can predict everything in the workflow.
the cost-reimbursement contracts are often guided by incentives and
profits in the completion of the projects. the cost-reimbursement contracts
are divided into categories of Cost plus fixed fee (CPFF), Cost plus
incentive fee (CPIF), and cost-plus award fee (CPAF) depending on the
preference.
These cost-reimbursement contracts are preferable for projects where the
work to be done cannot be properly defined, and the risks are unknown.
these contracts are highly suitable for projects with flexible organizational
structured companies, or emergency actions to be immediately
performed.
2 / 2 pts
Question 2
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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All of the following accurately describe the features and characteristics of a contract
EXCEPT:
A contract obligates the seller to provide a specified product or service.
A contract binds both the seller and the buyer.
The project organization is always a buyer in a contract arrangement
Correct!
Correct!
Correct
A contract obligates the buyer to pay for a specified product or service.
2 / 2 pts
Question 3
Project partnerships offer all of the following advantages to
vendors
EXCEPT
:
Clearly stated expected outcome
More dependable stream of work
Greater potential profit
Buyer gains at the vendor's expense
Correct!
Correct!
Correct
2 / 2 pts
Question 4
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1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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Which party to a contract absorbs the majority of cost risk when a Firm-Fixed-Price
(FFP) contract is used?
the buyer
the cost risk is equally shared.
the insurer
the seller
Correct!
Correct!
Correct
2 / 2 pts
Question 5
Which of the following is one of the PMBOK Guide's three project procurement
management processes?
Plan supply chain management
Conduct Make-or-Buy Analysis
Manage logistics
Conduct procurements
Correct!
Correct!
Correct
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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2 / 2 pts
Question 6
All of the following entities are typically included in the supply chain EXCEPT:
suppliers
consumers
project team
public relations
Correct!
Correct!
Correct
2 / 2 pts
Question 7
Project partnerships offer which of the following advantages to
both
clients and vendors?
More effectively managed risks
Ability to explore new technologies
Correct!
Correct!
Correct
Opportunity for vendor to prove themselves
Potential of lower cost for client
2 / 2 pts
Question 8
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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Which of the following terms describes a method for transforming contractual
arrangements into a cohesive, collaborative project team with a single set of goals and
established procedures for resolving disputes in a timely and cost-efficient manner?
a contract unification plan
conflict resolution
arbitration
partnering
Correct!
Correct!
Correct
2 / 2 pts
Question 9
All of the following statements accurately describe supply chain management EXCEPT:
It is a closed-loop system solely within the project organization's boundaries.
Correct!
Correct!
Correct
It spans across suppliers and producers, resellers, project organizations and
consumers.
It addresses the flow of material, service, monetary and information across
supply chain partners.
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1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
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It is a system's approach to managing the entire flow of physical products.
2 / 2 pts
Question 10
All of the following items are generally considered when selecting the right type of
contract EXCEPT:
overall degree of cost and schedule risk
urgency of requirements
project organization's accounting system
Correct!
Correct!
Correct
extent of price competition
2 / 2 pts
Question 11
_______ is the PMBOK process that identifies those project needs that can be met by
acquiring products and services from outside suppliers, determines what to purchase or
acquire, and finalizes when and how to do so.
Plan procurement management.
Correct!
Correct!
Correct
Define supply chain.
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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Negotiate contracts
Schedule procurements.
1 / 1 pts
Question 12
Logistics is the work required to move and position inventory throughout a supply chain.
True
Correct!
Correct!
False
1 / 1 pts
Question 13
A traditional buyer-seller relationship is defined as "a long-term relationship between an
owner and a contractor in which the contractor acts as a part of the owner's organization
for certain functions."
True
False
Correct!
Correct!
1 / 1 pts
Question 14
Outputs of Plan Procurement Management include the procurement management plan
and procurement statement of work.
True
Correct!
Correct!
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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False
1 / 1 pts
Question 15
Information is a key ingredient at each stage of the project supply chain, as well as
within each phase of supply chain decision making.
True
Correct!
Correct!
False
1 / 1 pts
Question 16
Supply chain operations require managerial processes that span across functional areas
within individual organizations, and link trading partners and customers across
organizational boundaries.
True
Correct!
Correct!
False
1 / 1 pts
Question 17
During procurement planning, the project team determines which needs can best be met
by acquiring products and services from an outside provider, and which can be
accomplished by the team.
True
Correct!
Correct!
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1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
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10/11
False
1 / 1 pts
Question 18
Among the disadvantages associated with outsourcing is the gradual loss of special skills
for doing some specific activities that have been outsourced.
True
Correct!
Correct!
False
1 / 1 pts
Question 19
Buying from an outside supplier to meet project needs is a practice that is rarely used,
because it invariably proves to be more expensive than doing the work with resources
internal to the organization.
True
False
Correct!
Correct!
1 / 1 pts
Question 20
Supply chain management focuses exclusively upon the parties directly involved in
providing supplies to the project team.
True
1/4/22, 8:17 PM
Unit 13 Quiz: PMGT 510-50- A-2021/Fall - Principles of Project Management
https://harrisburgu.instructure.com/courses/7256/quizzes/25306?module_item_id=465289
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False
Correct!
Correct!
1 / 1 pts
Question 21
Supply chains use a combination of modes of transportation including: air, rail, water,
pipeline and truck.
True
Correct!
Correct!
False
Quiz Score:
35
out of 35