CPFO Exam – Procurement(100%
Solved!!)
Procurement - ANSWERSis the process through which government acquires goods and
services for its own use
The stages procurement - ANSWERSplanning/scheduling, source selection/
purchasing, contract administration
competitive sealed bids - ANSWERSinvitation to/for bids (ITB/IFB). Flat price or fixed
unit costs. The award is made to the vendor submitting the lowest bid.
Competitive sealed proposals (CSP) - ANSWERSused for goods and services above
the small purchase threshold, through the issuance of RFPs.
Request for Quotation (RFQ) - ANSWERSa quote is less formal than a bid and may be
verbal.
Responsive bidder - ANSWERSis one who responds to all of the significant
requirements outlined in the solicitation
Responsible bidder - ANSWERSone who is deemed to be capable a supplying the
goods or services requested in the solicitation.
Goods - ANSWERStangible items that fall into two categories
commodities - ANSWERSarticles or trade,
non-commodities - ANSWERScomplex, novel, or customized goods.
Services – ANSWERSintangible Fundamental objective of procurement - ANSWERSto
provide goods and services in the right quality and quantity on a timely basis as
efficiently as possible and at the lowest overall cost
Suspension - ANSWERSthe vendor is prohibited from receiving government contracts
temporarily pending an investigation of activities likely to result in debarment.
Debarment - ANSWERSthe vendor is not eligible to receive any government contracts
for a specified period of time.
Source selection - ANSWERSthe process through which government suppliers are
chosen. There are three primary methods of competitive source selection.
Solved!!)
Procurement - ANSWERSis the process through which government acquires goods and
services for its own use
The stages procurement - ANSWERSplanning/scheduling, source selection/
purchasing, contract administration
competitive sealed bids - ANSWERSinvitation to/for bids (ITB/IFB). Flat price or fixed
unit costs. The award is made to the vendor submitting the lowest bid.
Competitive sealed proposals (CSP) - ANSWERSused for goods and services above
the small purchase threshold, through the issuance of RFPs.
Request for Quotation (RFQ) - ANSWERSa quote is less formal than a bid and may be
verbal.
Responsive bidder - ANSWERSis one who responds to all of the significant
requirements outlined in the solicitation
Responsible bidder - ANSWERSone who is deemed to be capable a supplying the
goods or services requested in the solicitation.
Goods - ANSWERStangible items that fall into two categories
commodities - ANSWERSarticles or trade,
non-commodities - ANSWERScomplex, novel, or customized goods.
Services – ANSWERSintangible Fundamental objective of procurement - ANSWERSto
provide goods and services in the right quality and quantity on a timely basis as
efficiently as possible and at the lowest overall cost
Suspension - ANSWERSthe vendor is prohibited from receiving government contracts
temporarily pending an investigation of activities likely to result in debarment.
Debarment - ANSWERSthe vendor is not eligible to receive any government contracts
for a specified period of time.
Source selection - ANSWERSthe process through which government suppliers are
chosen. There are three primary methods of competitive source selection.
