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L3M3 Exam Dumps - Contract Administration

Question # 4

Intangibility means:

A.

Handle with care – easily broken

B.

Ability to touch something

C.

Having a short shelf life

D.

Inability to touch something

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Question # 5

A common term for the win-lose style of negotiations is:

A.

Illustrative

B.

Diminutive

C.

Destructive

D.

Distributive

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Question # 6

Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.

A.

Opportunity cost

B.

Absorption cost

C.

Indirect cost

D.

Overhead cost

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Question # 7

The legal lessons included in this course are based on:

A.

Scots law

B.

English law

C.

British law

D.

European law

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Question # 8

Which one of the following could not be classed as a form of performance specification?

A.

Functional

B.

Outcome-focused

C.

Output-based

D.

Input-driven

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Question # 9

What is the name given to costs which do not vary as activity levels in a business increase or de-crease?

A.

Variable costs

B.

Indirect costs

C.

Direct costs

D.

Fixed costs

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Question # 10

Which two of the following constitute part of a common risk assessment or risk evaluation formula?

A.

Contingency

B.

Likelihood

C.

Impact

D.

Prevention

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Question # 11

‘The CIPS Code of Conduct states that procurement professionals should not accept any business gifts under any circumstances.’ True or false?

A.

True

B.

False

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Question # 12

In which quadrant of a SWOT analysis would ‘well-developed management skills, unique intellec-tual property rights and sound financial backing’ appear?

A.

T

B.

W

C.

S

D.

O

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Question # 13

Win-win style negotiations are said to be:

A.

Collaborative

B.

Cohesive

C.

Coherent

D.

Conducive

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Question # 14

Which STEEPLE factor deals with issues of import taxes, rising home labour costs, regional grants, stability of governing regimes?

A.

Socio-cultural

B.

Legal

C.

Economic

D.

Political

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Question # 15

Which of the following are internal factors in supplier decision-making? Choose two.

A.

Extent of competition in the marketplace

B.

Cost of production

C.

Shareholder and managerial expectations of profit

D.

Customer perceptions of value

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Question # 16

Qualitative research / data can accurately be described as XXX rather than 'counting'. What is XXX?

A.

Prying

B.

Probing

C.

Enumerating

D.

Summarising

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Question # 17

Under a XXXX contract, the buyer does commit to purchase a given quantity over a given period of time, but the precise number of orders and their quantities is unknown at the start of the period. What expression has been replaced by XXXX?

A.

Call-off

B.

Framework

C.

Oral

D.

Term

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Question # 18

Which of the following would not normally be part of data required by the buying organisation’s contract manager?

A.

Other customer data

B.

Technical data

C.

Financial data

D.

Performance data

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Question # 19

Which one of the following is least likely to be a barrier to free trade?

A.

Exchange controls

B.

Subsidies for exporters and internal producers of products

C.

Trading blocs

D.

Embargoes

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Question # 20

If your organisation takes out insurance cover to address various risks, which one of the following risk management strategies is it adopting?

A.

Treat

B.

Terminate

C.

Tolerate

D.

Transfer

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Question # 21

Which one of the following is from the STEEPLE framework?

A.

Socio-economic

B.

Socio-pathic

C.

Socio-cultural

D.

Socio-logical

E.

Socio-technical

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Question # 22

Where all does not go well on a contract and there are significant increased costs of implementation, a contract clause may exist whereby both buyer and contractor share the unanticipated additional costs using a pre-agreed formula. What is the expression which describes such an arrangement?

A.

Painshare

B.

Penalty clause

C.

Gainshare

D.

Rightful share

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Question # 23

How many 'Whys'?

A.

Five

B.

Four

C.

Three

D.

Six

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Question # 24

In this course, the acronym ‘NDA’ stands for:

A.

Non-delivery area

B.

Non-distribution agreement

C.

Non-dispute agreement

D.

Non-disclosure agreement

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Question # 25

When both buyer and seller share cost information with each other (in both directions), in order to collaborate in cost reduction activities.

A.

Open book costing

B.

Co-destiny

C.

Cost analysis

D.

Cost transparency

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Question # 26

In the written presentation of a business case, a brief explanation of everything in the case, includ-ing the ultimate recommendation, aimed at people (eg senior managers) who have little time to plough through the details.

A.

Background

B.

Cost-benefit analysis

C.

Introduction

D.

Executive summary

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Question # 27

‘When the best XXX is selected, a formal YYY ZZZ is prepared and sent to the supplier. Choose the most likely words to replace XXX, YYY and ZZZ.

A.

Specification, purchase order

B.

Specification, delivery address

C.

Quotation, purchase order

D.

Quotation, order acknowledgement

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