PMP Quiz 13 April 2017 A buyer has negotiated a fixed-price-incentive-fee contract with the seller. The contract has a target cost of $200,000, a target profit of $30,000, and a target price of $230,000. The buyer also has negotiated a ceiling price of $270,000 and a share ratio of 70/30. If the seller completes the contract with actual costs of $170,000, how much profit will the buyer pay the seller? Answer

PMP Quiz 12 April 2017 When writing payment terms in your fixed-price subcontracts it is especially important to— Answer

PMP Quiz 07 April 2017 A no-cost settlement sometimes is used— Answer

PMP Quiz 05 April 2017 As project manager, you need a relatively fast and informal method addressing disagreements with contractors. One such method is to submit the issue in question to an impartial third party for resolution. This process is known as— Answer

PMP Quiz 04 April 2017 You have decided to award a contract to a seller that has provided quality services to your company frequently in the past. Your current project, although somewhat different from previous projects, is similar to other work the seller has performed. In this situation, to minimize your risk you should award what type of contract? Answer

PMP Quiz 03 April 2017 The principal function of a warranty is to— Answer

PMP Quiz 31 March 2017 Buyers use a variety of methods to provide incentives to a seller to complete work early or within certain contractually specified time frames. One such incentive is the use of liquidated damages. From the seller’s perspective, liquidated damages are what form of incentive? Answer

PMP Quiz 30 March 2017 The primary benefit of contract control procurements is to ensure that— Answer

PMP Quiz 29 March 2017 You are responsible for ensuring that your seller’s performance meets contractual requirements. For effective contract control, you should— Answer

PMP Quiz 28 March 2017 A purchase order is a good example of which form of contracting? Answer