CPCM (Practice Exam) Q&A 202

CPCM (Practice Exam) Q&A 2024 Dispositon - CORRECT ANSWER-The act of moving goods out of one's internal organization to another organization due to loss of value. 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 CO might consider requesting to make a more informed decision? - CORRECT ANSWER-Cash flow statement When a party to a contract fails to enforce a term of the contract, we may have an example of: - CORRECT ANSWER-Behavior of the Parties This costing method uses a two-step process; 1-assign the resource costs of each activity, and 2-assign activity costs to the output: - CORRECT ANSWER-Activity-Based Costing System. Portfolio analysis diagram - CORRECT ANSWER-Risk to Acquire Bottleneck Strategic Low Non critical Leverage High As the first step in the financial management process, this individual is responsible for estimating how much funding the contract will require over time, and for marrying those costs with the schedule to identify when expenses will occur: - CORRECT ANSWERThe program manager or contract manager A firm fixed-price contract results in ________ buyer risk and __________seller risk - CORRECT ANSWER-Low; high Categorizing suppliers into Transactional Collaborative, and Strategic Alliance categories represents - CORRECT ANSWER-Supplier Relationship Model What actions would an operations manager take to improve administrative lead time (also known as procurement lead time)? - CORRECT ANSWER-Measure how long it takes to award contracts, and determine whether the requesting department has provided full and accurate information to the acquisition office. When tracking costs following the award of a contract, what is latency? - CORRECT ANSWER-The delay between when a cost is incurred and when it appears in the accounting system. The process for creating the Resource-Loaded Schedule begins with: - CORRECT ANSWER-extracting a Work Breakdown Structure from the SOW. When suppliers are being certified or pre-qualified they have been: - CORRECT ANSWER-Screened Which of the following could mitigate a performance risk? - CORRECT ANSWERCreate an effective ethics and compliance internal control system. Best describes project management? - CORRECT ANSWER-The planning, organizing, directing and controlling of all aspects of a project. Risk management is: - CORRECT ANSWER-The ability to efficiently and costeffectively mitigate problems. What level of planning is defined as a focus on short-term (e.g., one to two-year) goals