Unit 13 Quiz_ PMGT 510-50- A-2021_Fall - Principles of Project Management

.pdf

School

Harrisburg University of Science and Technology *

*We aren’t endorsed by this school

Course

510

Subject

Information Systems

Date

Dec 6, 2023

Type

pdf

Pages

11

Uploaded by CountPuppy1035 on coursehero.com

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 2/11 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 3/11 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
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 4/11 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
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help