NCMA CPCM Quiz 2024 - Contract Management Body of Knowledge (CMBOK)

NCMA CPCM Quiz 2024 - Contract Management Body of Knowledge (CMBOK) Recommended basic types of feedback -Answer-Corrective, confirmatory, motivating A decisive leader is -Answer-Confident and effective Which of the following is a leadership process competency? (-a. Character, -b. Credibility, -c. Confidence, -d. Cooperation) -Answer-Character Which of the following is not a step in the 6-step Decision-Making process to decisive decision making? (-a. Provide feedback, -b. Implement the decision, -c. Collect internal and external opinions , -d. Pre-plan strategies to make the decision) -Answer-Collect internal and external opinions What can reduce or even eliminate the creative process? -Answer-Forced consensus In which decision-making step should one create objectives and goals? -Answer-Pre-plan strategies An integrative thinker is: -Answer-able to create innovative solutions to problems Step 4 of the 6-step Decision-Making Process advises leaders to create a written plan that: - Answer-Details the problem, determines the root cause, and lists criteria to help choose a solution What reflects a leadership activity for a contract manager? (-a. Resolving a dispute with a supplier., -b. Quoting the Federal Acquisition Regulation., -c. Promptly responding to seller inquiries., -d. Developing questions in response to a solicitation.) -Answer-Resolving a dispute with a supplier. Which of the following describes a leader who is developing new leaders? -a. Develops the bottom 20% of the workforce, -b. Treats everyone the same, -c. Grows the organization by addition, -d. Focuses on individual strengths) -Answer-Focuses on individual strengths What best reflects the relationship between the leader and vision? -Answer-Leader + vision = result Employee __________ is a major component of organizational success. -Answer-Motivation _________ and _________ competencies support the technical application of contract management.. -Answer-Leadership and Management Assuring your organization adheres to high ethical standards is an example of what? -Answer-A leader's focus on character Which of the following can impede leaders from developing a vision? (Failing to consult others, Focusing on the day-to-day, Being inflexible, Living in the past) -Answer-Living in the past When a leader in your organization insists that you accomplish something that you believe is unethical, it likely reflects what? -Answer-Abuse of power Why would contract managers need vision? -Answer-To drive behaviors that achieve the mission Optimism is an important leadership tool, but it can be undermined by: -Answer-Inflexibility You've read FAR 33.103 (Agency Protests) over and over and are still unable to determine if you can go ahead and award the contract. This could be an example of _______________, and your next step could be _______________. -Answer-Insufficient information; consult with stakeholders Character is composed of which three elements? -Answer-Integrity, optimism, decisiveness When pre-planning strategies for making a decision, the leader should: -Answer-Dispel assumptions that can negatively affect his/her leadership role Which of the following is a principle required for an organizational culture of high ethical standards? (-a. Documenting all decisions, -b. Providing rationale for all decisions, -c. Including others in decisions, -d. Leading by example) -Answer-Leading by example When your supervisor fails to delegate tasks to you, preferring to do it themselves, what is this called? -Answer-Resisting force to achieving competence Successful contract management depends on the leader's ability to integrate: -Answer-The leadership process competencies If you are an experienced contract management leader and you need to make a fast, high risk decision in an uncertain situation, what is the best approach? -Answer-Intuition Risk management is: -Answer-The ability to efficiently and cost-effectively mitigate problems When tracking costs following the award of a contract, what is latency? -Answer-The delay between when a cost is incurred and when it appears in the accounting system. This costing method uses a two-step process: 1 - assign the resource costs of each activity, and 2 - assign activity costs to the output: -Answer-Activity-Based Costing System. The process for creating the Resource-Loaded Schedule begins with: -Answer-...extracting a Work Breakdown Structure from the Statement of Work. When suppliers are being certified or pre-qualified they have been: -Answer-Screened Regardless of an organization's contracting activity size and purpose, the following four key functions of management are essential: -Answer-Planning, Organizing, Directing, Controlling Analysis to measure the company's ability to meet current and long-term obligations would use the following ratio: -Answer-Solvency Ratio. Providing information to satisfy Federal contract reporting requires the comparison of current accounting data and a time-phased program budget. One standard approach is the use of: - Answer-An "S" Curve that represents how activities ramp up and tail off during a project. Supply Chain Management: -Answer-Involves managing the activities to produce and deliver a product or service from suppliers to the end user customer A contracting officer is preparing to award a contract for Advisory & Assistance Services to a small business. The contracting officer wants to make sure the small business is financially capable of performing and managing the contract. The Contracting Officer requests the contractors Balance Sheet from the most recently completed fiscal year. What is an example of another item the Contracting Officer might consider requesting to make a more informed decision? -Answer-Cash flow statement Burn Rate funding analysis "spreads" the contract value over time in a level-loading scheme. This technique: -Answer-fails to consider project phases, or the potential for programs to "ramp- up" activity at the beginning, and "tail off" at the end of a project. Which of the following could mitigate a performance risk? a. Use appropriate cost estimating methods b. Provide timely and appropriate performance feedback c. Implement an effective earned value management system d. Create an effective ethics and compliance internal control system -Answer-Create an effective ethics and compliance internal control system Which of the following best describes the project manager's role in financial management? a. Verifying the work completed that needs to be invoiced for. b. Preparing invoices and sending them to the buyer. c. Analyzing corporate balance sheets and income statements. d. Negotiating payment terms with the buyer. -Answer-Verifying the work completed that needs to be invoiced for. A firm fixed-price contract results in __________ buyer risk and __________seller risk. - Answer-Low; high A schedule that outlines what tasks will take place, when they are scheduled to begin and end, and what resources are needed to accomplish them is typically created during the Project Planning Phase and is called a ___________. -Answer-Resource-Loaded Sche