NCMA CPCM Quiz - Contract Management Body of Knowledge (CMBOK) 2023 with complete solution
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NCMA CPCM Quiz - Contract Management Body of Knowledge (CMBOK) 2023 with complete solution
Recommended basic types of feedback
Corrective, confirmatory, motivating
A decisive leader is
Confident and effective
Which of the following is a leadership process competency? (-a. Character, -b. Cred...
ncma cpcm quiz contract management body of knowledge cmbok 2023 with complete solution recommended basic types of feedback corrective
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NCMA CPCM Quiz - Contract Management Body of
Knowledge (CMBOK) 2023 with complete solution
Recommended basic types of feedback
Corrective, confirmatory, motivating
A decisive leader is
Confident and effective
Which of the following is a leadership process competency? (-a. Character, -b.
Credibility, -c. Confidence, -d. Cooperation)
Character
Which of the following is not a step in the 6-step Decision-Making process to decisive
decision making? (-a. Provide feedback, -b. Implement the decision, -c. Collect internal
and external opinions , -d. Pre-plan strategies to make the decision)
Collect internal and external opinions
What can reduce or even eliminate the creative process?
Forced consensus
In which decision-making step should one create objectives and goals?
Pre-plan strategies
An integrative thinker is:
able to create innovative solutions to problems
Step 4 of the 6-step Decision-Making Process advises leaders to create a written plan
that:
Details the problem, determines the root cause, and lists criteria to help choose a
solution
What reflects a leadership activity for a contract manager? (-a. Resolving a dispute with
a supplier., -b. Quoting the Federal Acquisition Regulation., -c. Promptly responding to
seller inquiries., -d. Developing questions in response to a solicitation.)
Resolving a dispute with a supplier.
Which of the following describes a leader who is developing new leaders? -a. Develops
the bottom 20% of the workforce, -b. Treats everyone the same, -c. Grows the
organization by addition, -d. Focuses on individual strengths)
Focuses on individual strengths
What best reflects the relationship between the leader and vision?
Leader + vision = result
Employee __________ is a major component of organizational success.
Motivation
_________ and _________ competencies support the technical application of contract
management..
Leadership and Management
Assuring your organization adheres to high ethical standards is an example of what?
A leader's focus on character
Which of the following can impede leaders from developing a vision? (Failing to consult
others, Focusing on the day-to-day, Being inflexible, Living in the past)
Living in the past
,When a leader in your organization insists that you accomplish something that you
believe is unethical, it likely reflects what?
Abuse of power
Why would contract managers need vision?
To drive behaviors that achieve the mission
Optimism is an important leadership tool, but it can be undermined by:
Inflexibility
You've read FAR 33.103 (Agency Protests) over and over and are still unable to
determine if you can go ahead and award the contract. This could be an example of
_______________, and your next step could be _______________.
Insufficient information; consult with stakeholders
Character is composed of which three elements?
Integrity, optimism, decisiveness
When pre-planning strategies for making a decision, the leader should:
Dispel assumptions that can negatively affect his/her leadership role
Which of the following is a principle required for an organizational culture of high ethical
standards? (-a. Documenting all decisions, -b. Providing rationale for all decisions, -c.
Including others in decisions, -d. Leading by example)
Leading by example
When your supervisor fails to delegate tasks to you, preferring to do it themselves, what
is this called?
Resisting force to achieving competence
Successful contract management depends on the leader's ability to integrate:
The leadership process competencies
If you are an experienced contract management leader and you need to make a fast,
high risk decision in an uncertain situation, what is the best approach?
Intuition
Risk management is:
The ability to efficiently and cost-effectively mitigate problems
When tracking costs following the award of a contract, what is latency?
The delay between when a cost is incurred and when it appears in the accounting
system.
This costing method uses a two-step process: 1 - assign the resource costs of each
activity, and 2 - assign activity costs to the output:
Activity-Based Costing System.
The process for creating the Resource-Loaded Schedule begins with:
...extracting a Work Breakdown Structure from the Statement of Work.
When suppliers are being certified or pre-qualified they have been:
Screened
Regardless of an organization's contracting activity size and purpose, the following four
key functions of management are essential:
Planning, Organizing, Directing, Controlling
Analysis to measure the company's ability to meet current and long-term obligations
would use the following ratio:
Solvency Ratio.
,Providing information to satisfy Federal contract reporting requires the comparison of
current accounting data and a time-phased program budget. One standard approach is
the use of:
An "S" Curve that represents how activities ramp up and tail off during a project.
Supply Chain Management:
Involves managing the activities to produce and deliver a product or service from
suppliers to the end user customer
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 Contracting Officer might consider requesting to
make a more informed decision?
Cash flow statement
Burn Rate funding analysis "spreads" the contract value over time in a level-loading
scheme. This technique:
fails to consider project phases, or the potential for programs to "ramp-up" activity at the
beginning, and "tail off" at the end of a project.
Which of the following could mitigate a performance risk?
a. Use appropriate cost estimating methods
b. Provide timely and appropriate performance feedback
c. Implement an effective earned value management system
d. Create an effective ethics and compliance internal control system
Create an effective ethics and compliance internal control system
Which of the following best describes the project manager's role in financial
management?
a. Verifying the work completed that needs to be invoiced for.
b. Preparing invoices and sending them to the buyer.
c. Analyzing corporate balance sheets and income statements.
d. Negotiating payment terms with the buyer.
Verifying the work completed that needs to be invoiced for.
A firm fixed-price contract results in __________ buyer risk and __________seller risk.
Low; high
A schedule that outlines what tasks will take place, when they are scheduled to begin
and end, and what resources are needed to accomplish them is typically created during
the Project Planning Phase and is called a ___________.
Resource-Loaded Schedule.
A Basis of Estimate is prepared for each work package (the lowest level of the Work
Breakdown Structure). It is:
...a description of how the work will be done, by whom, and the effort or materials
required.
Which of the following best describes project management?
a. The planning, organizing, directing and controlling of all aspects of a project.
b. Coordination between executive staff, financial staff and contracts staff to manage a
project effectively.
, c. The maintenance of all project documents and timelines with the exception of
contractual document which are managed by the contracts manager.
d. Responsibility for all business functions of an organization including establishing
procedures and directing project completion.
The planning, organizing, directing and controlling of all aspects of a project.
A purchase order has the following two step process that sometimes causes accounting
data entry delays:
1 - A commitment is made when the order is approved and funds are deducted, similar
to an accrued expense.
2 - The value of the commitment is reduced as the supplier invoices for goods/services.
The following is NOT true regarding a "Funds Thru" date:
a. The Antideficiency Act allows the contracting officer to instruct contractors to work
when funds are no longer available.
b. Federal contracts typically contain an admonition that contractors may not work when
there are no funds remaining on the awarD.
c. A "Funds Thru" date is the date when all contract funds will be expendeD.
d. Working beyond the "Funds Thru" date places the contractor at risk that they will not
be paid for their effort.
The Antideficiency Act allows the contracting officer to instruct contractors to work when
funds are no longer available.
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:
The program manager or contract manager.
When a party to a contract fails to enforce a term of the contract, we may have an
example of:
Behavior of the Parties
Portfolio Management is most focused on what?
Business goal alignment, value alignment and program selection.
What are intangible assets because their value comes from a legal claim or additional
earning power?
Patents, Trademarks.
The ORM 6-step model includes:
Identifying, analyzing, and prioritizing risks
To obtain Federal Government information formerly located in the Central Contractor
Registration, Online Representations and Certifications, and the Excluded Parties List
System, you would navigate to which website:
System for Award Management.
The four essential elements of any marketing program consist of:
Products/Services, Price, Promotion, Place.
Asking the question "What can we learn and immediately apply?" is an example of
which knowledge management tool applied to risk management?
Learning During
What focuses on multiple projects?
Program
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