PROJ 420 Week 6 Quiz Answers - Download Paper To Score An A

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PROJ 420 Week 6 Quiz Answers Week 6 Quiz Project Management 1. Choose one type of fixed-price contract and one type of cost-reimbursable contract. Briefly describe them. Give a project example... where each one would be best to use. There are different types of fixed-price contracts and cost-reimbursable contracts that can be used when using an external party to help with a project. Another option is to use something called a time-and-material contract. There are benefits to using each type, depending upon the situation. Fixed-Price Contracts – Specific work is to be performed for a specific payment. Offer lower risk to the project because prices are set in advance. a. Firm-Fixed-Price (FFP) – The price is the price. The supplier must complete the work at the agreed price, regardless if completing the work actually costed the supplier more. b. Fixed-Price-Incentive-Fee (FPIF) – The price is the price, but the supplier can earn even more if it meets specific criteria. c. Fixed-Price-Economic-Price-Adjustment (FP-EPA) – The price is the price, except when a specific circumstance occurs. d. Cost-Reimbursable Contracts – The supplier receives reimbursement for costs that the project manager approves. There is an added fee paid to the seller, which represents profit for doing the work. e. Cost-Plus-Fixed-Fee (CPFF) – It is determined what costs are allowable by the project. The seller is reimbursed for these costs and is paid an additional fixed fee 2. Which of the following reports shows a quarterly breakdown of costs, comparing actual costs to the baseline, and showing changes once task actual finish dates and work completion percentages are entered into the project? Cash Flow Report 3. Which of the following ways can be used to enter resource costs? Both of the above 4. One good reason to hold a project kickoff meeting is to generate excitement among project team members. True 5. Plan Procurement Management deals with how decisions will be made about what project needs will be met by suppliers, what approach will be taken to make the purchases, and how the process will be documented. True 6. The project kickoff meeting typically allows for a question-and-answer period, ending with meeting attendees agreeing with the purpose of the project and the project plan and everyone committing to do their parts. True 7. Which of the following should be considered when preparing to hold a project kickoff meeting? All of the above 8. Which of the following are considerations when managing the complexity of supplier partnerships? A & C only 9. What are some considerations when managing and controlling supplier contracts and relationships ? All of the above 10. One way to resolve conflicts with suppliers is to partner the project manager and the supplier within the project, focusing on successfully completing the project and thereby minimize second guessing, making objectives and purpose clear, fostering joint commitment and trust, and detailing the mutual benefits gained. True 11. Which of the following supplier considerations should be taken into account when selecting a supplier? A & B only 12. Supply chain management becomes more important as more of the project’s work is reliant upon outside suppliers, all of whom must collaborate. TRUE 13. Which of the following are common reasons why outside suppliers are used in projects? Both of the above 14. Hiring a third-party consultant to help analyze potential suppliers is costly and should be avoided. False 15. It is a good idea to set a baseline after entering actual durations, costs, and percentages of completed work. True 16. In supplier management, there are three common types of fixed-price contracts, three types of cost- reimbursable contracts, and a time-and-material type of contract. True [Show More]

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