CTCM Study Set Questions with Verified
Answers
What is the difference between a deliverable and a milestone? Deliverable - Measurable
task or outcome (e.g., product or service)
Milestone - Event associated with a deliverable (means to gauge progress)
What is risk? The likelihood that something will happen that will adversely impact the
project / objectives
What is a DLRA? Deliverables Level Risk Assessment
specific to each contract and wherein each deliverable is determined a risk level and then
monitored accordingly
What is a CLRA? "Contract Level Risk Assessment
What are the main risk mitigation strategies? Financial Capability requirements
Proof of Insurance or Bonds
Warranties
,Cybersecurity Training
Extended Warranty, Maintenance Agreement
Licenses/Certifications
Limitations of Liability Clauses
What are the main risk factors in a contract? Contractor past experience
Contractor past performance
Dollar value of contract
Reimbursement methodology
Acquisition complexity
Interdependency on others or other contracts
What are a contract managers primary monitoring methods? Financial Capability
requirements
Proof of Insurance or Bonds
Warranties
Cybersecurity Training
Extended Warranty, Maintenance Agreement
, Licenses/Certifications
Limitations of Liability Clauses
When must invoices be paid? Within 30 days of receipt of goods / performance of services
OR receipt of the true and correct invoice
Why would you withhold invoice payment? Invoice errors
Undocumented or unsupported costs
Remediating overpayments
Contractor's performance in non-conforming or unacceptable
What are the elements of an effective change control process? Formal, written approval
Evaluation of impact of changes
Development of contingency plan
Documentation of all changes
Single point of contact on each side
Answers
What is the difference between a deliverable and a milestone? Deliverable - Measurable
task or outcome (e.g., product or service)
Milestone - Event associated with a deliverable (means to gauge progress)
What is risk? The likelihood that something will happen that will adversely impact the
project / objectives
What is a DLRA? Deliverables Level Risk Assessment
specific to each contract and wherein each deliverable is determined a risk level and then
monitored accordingly
What is a CLRA? "Contract Level Risk Assessment
What are the main risk mitigation strategies? Financial Capability requirements
Proof of Insurance or Bonds
Warranties
,Cybersecurity Training
Extended Warranty, Maintenance Agreement
Licenses/Certifications
Limitations of Liability Clauses
What are the main risk factors in a contract? Contractor past experience
Contractor past performance
Dollar value of contract
Reimbursement methodology
Acquisition complexity
Interdependency on others or other contracts
What are a contract managers primary monitoring methods? Financial Capability
requirements
Proof of Insurance or Bonds
Warranties
Cybersecurity Training
Extended Warranty, Maintenance Agreement
, Licenses/Certifications
Limitations of Liability Clauses
When must invoices be paid? Within 30 days of receipt of goods / performance of services
OR receipt of the true and correct invoice
Why would you withhold invoice payment? Invoice errors
Undocumented or unsupported costs
Remediating overpayments
Contractor's performance in non-conforming or unacceptable
What are the elements of an effective change control process? Formal, written approval
Evaluation of impact of changes
Development of contingency plan
Documentation of all changes
Single point of contact on each side
