CTCM Contract Management Exam Questions& Answers 100% Correct

Contract Management Certification - ANSWER-Certified Texas Contract Management Three (3) required classes 1. Contract Management 2. Project Management 3. Negotiations Pass certification test with score of 70% or better Apply for Certification Definition of a Contract - ANSWER-Legal, written document to exchange goods or services for consideration (compensation) What is Contract Management - ANSWER-The entire contracting process from planning through contract administration Contract Management Framework (Plan) - ANSWER-Identify contracting objective and strategy Contract Management Framework (Procurement) - ANSWER-Fairly and objectively select the most qualified contractors Contract Management Framework (Contract Formation/Rate and Price Establishment) - ANSWER-Ensure the contract contains provisions that hold the contractor accountable for producing desired results, include all relevant terms and conditions as well as establish processes that are cost-effective and aligned with the cost of providing the goods and services Contract Management Framework (Contract Oversight) - ANSWER-Monitor and enforce the terms of the contract Three "O's" Approach to Contract Management - ANSWER-1. Outline 2. Operate 3. Oversee Outline - ANSWER-Identify need, Develop CM Team, Conduct Risk Assessment, Determine Procurement Method Operate - ANSWER-Prepare Solicitation, Copies to CAT/CPA, Solicit Proposals, Evaluate Responses, Award Oversee - ANSWER-Execute Contract, Monitor Performance, Manage Change, Approve Payment, Contract Closeout Contract Manager's Duties - ANSWER-Oversees and manages the entire process (contracting/procurement process) Contracting/Procurement Process (1) - ANSWER-Project Planning and Budget, Specification Development, Review and Evaluation of Solicitation Responses, Assuring Contract Rates/Pricing are withing budget Contract Award Contracting/Procurement Process (2) - ANSWER-Participate in developing solicitation and writing the draft document, Point of contact for disseminating the instructions regarding the work to the contractor, receive and respond to communications between the agency and the contractor, Monitor the contractor's progress and performance to ensure goods and services confirm to contract requirements, Inspect and approve the final product/services through formal acceptance/receipt process, Perform contract closeout process Contract Administrator - ANSWER-Oversees contract administration functions (post award) Contract Administrator (Duties) - ANSWER-Relationship management, implementing and monitoring vendor performance and assuring contract compliance, approving payments, managing contract changes Characteristics of a Contract Administrator - ANSWER-1. Objective 2. Vigilant 3. Available to attend meetings 4. Responsive to contractor 5. Understand responsibilities of both parties Contract Adminis