Contract Management Certification Exam – TPASS Questions and Answers Graded A 2024

Estimate at Completion - The actual cost of the project to date plus the cost of the remaining work also, current forecast for the ending budget. Contract Administrator - Oversees contract administration functions (post award) Three (3) Primary Activities Affecting Project Success - 1. Project Planning 2. Risk Management 3. Communication Three (3) Primary constraints (triple constraints) - 1. Schedule/Time 2. Budget/Cost 3. Quality/Technical Scope Project Management Elements - - Project Leadership - Project Requirements - Organization options - Project team - Project Planning - Opportunities and Risk - Project Control - Project Visibility - Project Status - Corrective action Change Management (Types of Changes) - - Administrative - Substantive - Constructive Vendor Performance Monitoring Methods - - Desk Review - Site Visits - Reporting Extension - Additional time needed to complete contract Renewal - Options to continue the contract for another term Close out - Contract is complete; verify all parties met contractual obligations Two types of Risks - 1. Inherent Risk 2. Accountability Control Risk Risk Management - The process of identifying, quantifying and mitigating project risks Non-Disclosure Statement - Employees complete when participating in development or award of an RFP Risk Assessment Includes - -Identify the risk - Quantifying and analyzing the risk - Limit, Lessen or abolish the risk DIR Framework - Required for major information projects over $1M Three (3) criteria used for identifying the level of risk are - 1. Sensitivity 2. Significance 3. Susceptibility Methods for Managing Risks - - Risk Avoidance - Risk Transference - Risk Mitigation - Risk Acceptance Organizational Structures - -Functional - Matrix - Projected Four Stages of Team Development - 1. Forming 2. Storming 3. Norming 4. Performing Contract/Payment Types - - fixed price - cost reimbursement - cost sharing - time and materials Estimate to Completion - How much more budget is required to finish the project if everything continues at the current level of performance Two (2) Processes during closeout - 1. Contract Close out 2. Administrative Close out Project Process Groups - - Initiating - Planning - Executing - Controlling - Closing Steps to Close out - 1. Verify receipt of deliverables 2. Evaluate vendor performance 3. Review status of funds and unencumbered excess funds 4. Equipment disposition 5. Issue final payment 6. Retire contract file 7. Document lessons learned Contract Management Framework - - plan - Procurement - Rate and Price establishment - contract formation - contract oversight Three O's Approach to Contract Management - 1. Outline 2. Operate 3. Oversee Three (3) major reasons for project failure - 1. Managerial support diminishes 2. lack of organizational commitment 3. Communication breakdowns Contract Manager - Oversees and manages the entire process Win-Win (Integrative) - Each party has a vested interest in the issue and the relationship; look for mutual gain Project Initiation Process - The purpose is to produce a charter, which then recognizes the existence of a new project and commits resources to begin it Goal - A state of affairs that a plan is intended to achieve Objectives - The tangible activities, outputs and measures to ensure you meet your goals; should be SMART S.M.A.R.T - Specific, Measurable, Achievable, Realistic and Time Bound Project Deliverables - - Internal - External Constraints - Anything that restricts or dedicates the actions of a project team All projects operate within three (3) primary constraints - 1. Time 2. Budget