CERTIFIED PROFESSIONAL PUBLIC BUYER
EXAM SCRIPT PREMIUM REVIEW SHEET
TESTED QUESTIONS AND ANSWERS
●● PWS
Answer: Performance Work Statement
●● SOO
Answer: Statement of Objectives
●● Statement of Work
Answer: The proposed solution by the successful proposer responding to
the Scope of Work appearing in the solicitation.
●● Benchmarking
Answer: The act of measuring a process, service or product against the
characteristics of the recognized leaders in the given area of review
●● IFB
Answer: Invitation for Bid, also known as competitive sealed bidding.
Preferred method for acquiring goods, some services and some
construction for public use. Award is made to the lowest responsive and
responsible bidder.
,●● RFQ
Answer: Request for quotation. Also known as informal competitive
bidding. Generally used for small orders under a certain dollar threshold.
●● RFP
Answer: Request for Proposals. Allows the reviewer or evaluator to
consider factors other than price
●● ITN
Answer: Invitation to Negotiate. Used when the procurement authority
deems it is in their best interest to negotiate with offerors to achieve
"best value"
●● RFQU
Answer: Request for Qualifications. Used when the award is base on the
qualifications of the supplier.
●● RFI
Answer: Request for Information. Used to solicit information from the
supplier community
●● LOI
,Answer: Letter of Interest. Less formal, less expensive approach to
gathering information form suppliers.
●● NOI
Answer: Notice of Intent. Public notice issued to announce the intended
award of an agreement to a certain supplier or service provider
●● Sole Source
Answer: May result because only one supplier possesses the unique
ability or capability to meet the particular requirements of the
solicitation
●● TCO
Answer: Total Cost of Ownership
●● Total Cost of Ownership
Answer: A measure of all the cost components associated with the
procurement of a product or service
●● LCC
Answer: Life Cycle cost
●● Life Cycle Cost
, Answer: The total cost of ownership over the life span of the asset.
Takes into account operating, maintenance, the time value of money,
disposal and other associated costs of ownership
●● TCO/LCC is most appropriate when
Answer: The original purchase price is high, life cycle is long, operating
costs are large, energy consumption or maintenance costs significant
throughout the life of the asset and/or required on Federal Government
large capital asset equipment purchases
●● Make, Lease or Buy Concept
Answer: Four step process
●● Four step process for Make, Lease or Buy
Answer: Define the outputs being analyzed, determine costs that will be
saved if the requirements is outsourced, compute the costs of contracting
from the private sector and compare the difference and make decision
●● Operating Leases
Answer: Characterized by their duration. Most are short-term, for a fixed
period of time that is considerably less than the life of the equipment
being leased.
●● Financial Lease
EXAM SCRIPT PREMIUM REVIEW SHEET
TESTED QUESTIONS AND ANSWERS
●● PWS
Answer: Performance Work Statement
●● SOO
Answer: Statement of Objectives
●● Statement of Work
Answer: The proposed solution by the successful proposer responding to
the Scope of Work appearing in the solicitation.
●● Benchmarking
Answer: The act of measuring a process, service or product against the
characteristics of the recognized leaders in the given area of review
●● IFB
Answer: Invitation for Bid, also known as competitive sealed bidding.
Preferred method for acquiring goods, some services and some
construction for public use. Award is made to the lowest responsive and
responsible bidder.
,●● RFQ
Answer: Request for quotation. Also known as informal competitive
bidding. Generally used for small orders under a certain dollar threshold.
●● RFP
Answer: Request for Proposals. Allows the reviewer or evaluator to
consider factors other than price
●● ITN
Answer: Invitation to Negotiate. Used when the procurement authority
deems it is in their best interest to negotiate with offerors to achieve
"best value"
●● RFQU
Answer: Request for Qualifications. Used when the award is base on the
qualifications of the supplier.
●● RFI
Answer: Request for Information. Used to solicit information from the
supplier community
●● LOI
,Answer: Letter of Interest. Less formal, less expensive approach to
gathering information form suppliers.
●● NOI
Answer: Notice of Intent. Public notice issued to announce the intended
award of an agreement to a certain supplier or service provider
●● Sole Source
Answer: May result because only one supplier possesses the unique
ability or capability to meet the particular requirements of the
solicitation
●● TCO
Answer: Total Cost of Ownership
●● Total Cost of Ownership
Answer: A measure of all the cost components associated with the
procurement of a product or service
●● LCC
Answer: Life Cycle cost
●● Life Cycle Cost
, Answer: The total cost of ownership over the life span of the asset.
Takes into account operating, maintenance, the time value of money,
disposal and other associated costs of ownership
●● TCO/LCC is most appropriate when
Answer: The original purchase price is high, life cycle is long, operating
costs are large, energy consumption or maintenance costs significant
throughout the life of the asset and/or required on Federal Government
large capital asset equipment purchases
●● Make, Lease or Buy Concept
Answer: Four step process
●● Four step process for Make, Lease or Buy
Answer: Define the outputs being analyzed, determine costs that will be
saved if the requirements is outsourced, compute the costs of contracting
from the private sector and compare the difference and make decision
●● Operating Leases
Answer: Characterized by their duration. Most are short-term, for a fixed
period of time that is considerably less than the life of the equipment
being leased.
●● Financial Lease
