Procurement Quiz

1. Which process involves determining whether to make or buy a product or service?

a) Conduct Procurements
b) Plan Procurement Management
c) Control Procurements
d) Monitor Procurements

2. Which contract type places the most risk on the buyer?

a) Firm Fixed Price (FFP)
b) Cost Plus Fixed Fee (CPFF)
c) Time and Materials (T&M)
d) Fixed Price Incentive Fee (FPIF)

3. What is a key tool used in Conduct Procurements to ensure fairness among vendors?

a) Procurement Audit
b) Bidder Conference
c) Make-or-Buy Analysis
d) Contract Change Control

4. In agile projects, which contract type is often preferred for flexibility?

a) Fixed Price
b) Cost Plus Fixed Fee
c) Time and Materials
d) Cost Plus Incentive Fee