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Question 1 of 30
1. Question
Which among the following describes project procurement management?
Correct
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller of the products, services, or results of a project.
Incorrect
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller of the products, services, or results of a project.
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Question 2 of 30
2. Question
You work in the project procurement department in a firm and have been asked to assist a certain project manager in planning procurement management. Which among the following defines plan procurement management process?
Correct
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it.
Incorrect
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it.
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Question 3 of 30
3. Question
You work in the human resource department in a firm and have been asked to assist a certain project manager in planning procurement management. Which among the following is not true for plan procurement management process?
Correct
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it. The Plan Procurement Management process includes evaluating the risks involved with each make-or-buy analysis. It also includes reviewing the type of contract planned to be used with respect to avoiding or mitigating risks, sometimes transferring risks to the seller.
Incorrect
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit of this process is that it determines whether to acquire outside support, and if so, what to acquire, how to acquire it, how much is needed, and when to acquire it. The Plan Procurement Management process includes evaluating the risks involved with each make-or-buy analysis. It also includes reviewing the type of contract planned to be used with respect to avoiding or mitigating risks, sometimes transferring risks to the seller.
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Question 4 of 30
4. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of planning procurement management. Which among the following is not an input to plan procurement management process?
Correct
Plan Procurement Management: Inputs
1. Project Management Plan
2. Requirements Documentation
3. Risk Register
4. Activity Resource Requirements
5. Project Schedule
6. Activity Cost Estimates
7. Stakeholder Register
8. Enterprise Environmental Factors
9. Organizational Process AssetsIncorrect
Plan Procurement Management: Inputs
1. Project Management Plan
2. Requirements Documentation
3. Risk Register
4. Activity Resource Requirements
5. Project Schedule
6. Activity Cost Estimates
7. Stakeholder Register
8. Enterprise Environmental Factors
9. Organizational Process Assets -
Question 5 of 30
5. Question
Which among the following is not a type of legal contractual relationship?
Correct
All legal contractual relationships generally fall into one of two broad families: either fixed-price or cost reimbursable. Also, there is a third hybrid type commonly in use called the time and materials contract. The more popular contract types in use are discussed below as discrete types, but in practice it is not unusual to combine one or more types into a single procurement.
Incorrect
All legal contractual relationships generally fall into one of two broad families: either fixed-price or cost reimbursable. Also, there is a third hybrid type commonly in use called the time and materials contract. The more popular contract types in use are discussed below as discrete types, but in practice it is not unusual to combine one or more types into a single procurement.
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Question 6 of 30
6. Question
You are a project manager and are currently on the process of planning procurement management. Which among the following defines fixed-price contracts?
Correct
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Fixed-price contracts may also incorporate financial incentives for achieving or exceeding selected project objectives, such as schedule delivery dates, cost and technical performance, or anything that can be quantified and subsequently measured.Incorrect
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Fixed-price contracts may also incorporate financial incentives for achieving or exceeding selected project objectives, such as schedule delivery dates, cost and technical performance, or anything that can be quantified and subsequently measured. -
Question 7 of 30
7. Question
Which among the following is not true for fixed-price contracts?
Correct
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Sellers under fixed-price contracts are legally obligated to complete such contracts, with possible financial damages if they do not. Under the fixed-price arrangement, buyers need to precisely specify the product or services being procured. Changes in scope may be accommodated, but generally with an increase in contract price.Incorrect
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided. Sellers under fixed-price contracts are legally obligated to complete such contracts, with possible financial damages if they do not. Under the fixed-price arrangement, buyers need to precisely specify the product or services being procured. Changes in scope may be accommodated, but generally with an increase in contract price. -
Question 8 of 30
8. Question
You work in the human resource department and have been asked to assist a certain project manager in planning procurement management which includes procurement of various types of contracts. Which among the following is not a type of fixed-price contract?
Correct
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided.
○ Firm Fixed Price Contracts
○ Fixed Price Incentive Fee Contracts
○ Fixed Price with Economic Price Adjustment ContractsIncorrect
Fixed-price contracts
This category of contracts involves setting a fixed total price for a defined product, service, or result to be provided.
○ Firm Fixed Price Contracts
○ Fixed Price Incentive Fee Contracts
○ Fixed Price with Economic Price Adjustment Contracts -
Question 9 of 30
9. Question
Which among the following defines firm fixed price contracts?
Correct
Firm Fixed Price Contracts (FFP)
The most commonly used contract type is the FFP. It is favored by most buying organizations because the price for goods is set at the outset and not subject to change unless the scope of work changes. Any cost increase due to adverse performance is the responsibility of the seller, who is obligated to complete the effort. Under the FFP contract, the buyer should precisely specify the product or services to be procured, and any changes to the procurement specification can increase the costs to the buyer.Incorrect
Firm Fixed Price Contracts (FFP)
The most commonly used contract type is the FFP. It is favored by most buying organizations because the price for goods is set at the outset and not subject to change unless the scope of work changes. Any cost increase due to adverse performance is the responsibility of the seller, who is obligated to complete the effort. Under the FFP contract, the buyer should precisely specify the product or services to be procured, and any changes to the procurement specification can increase the costs to the buyer. -
Question 10 of 30
10. Question
You work in the HR department in your firm. You have been recently asked to handle fixed-priced contracts for one of the projects in your firm. Which among the following is not true for firm fixed price contracts?
Correct
Firm Fixed Price Contracts
The most commonly used contract type is the FFP. It is favored by most buying organizations because the price for goods is set at the outset and not subject to change unless the scope of work changes. Any cost increase due to adverse performance is the responsibility of the seller, who is obligated to complete the effort. Under the FFP contract, the buyer should precisely specify the product or services to be procured, and any changes to the procurement specification can increase the costs to the buyer.Incorrect
Firm Fixed Price Contracts
The most commonly used contract type is the FFP. It is favored by most buying organizations because the price for goods is set at the outset and not subject to change unless the scope of work changes. Any cost increase due to adverse performance is the responsibility of the seller, who is obligated to complete the effort. Under the FFP contract, the buyer should precisely specify the product or services to be procured, and any changes to the procurement specification can increase the costs to the buyer. -
Question 11 of 30
11. Question
Which among the following describes fixed price incentive fee contracts?
Correct
Fixed Price Incentive Fee Contracts (FPIF)
This fixed-price arrangement gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics. Typically such financial incentives are related to cost, schedule, or technical performance of the seller.Incorrect
Fixed Price Incentive Fee Contracts (FPIF)
This fixed-price arrangement gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics. Typically such financial incentives are related to cost, schedule, or technical performance of the seller. -
Question 12 of 30
12. Question
You work in the HR department in your firm. You have been recently asked to handle fixed-priced contracts for one of the projects in your firm. Which among the following is not true for fixed price incentive fee contracts?
Correct
Fixed Price Incentive Fee Contracts (FPIF)
This fixed-price arrangement gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics. Typically such financial incentives are related to cost, schedule, or technical performance of the seller. Performance targets are established at the outset, and the final contract price is determined after completion of all work based on the seller’s performance. Under FPIF contracts, a price ceiling is set, and all costs above the price ceiling are the responsibility of the seller, who is obligated to complete the work.Incorrect
Fixed Price Incentive Fee Contracts (FPIF)
This fixed-price arrangement gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics. Typically such financial incentives are related to cost, schedule, or technical performance of the seller. Performance targets are established at the outset, and the final contract price is determined after completion of all work based on the seller’s performance. Under FPIF contracts, a price ceiling is set, and all costs above the price ceiling are the responsibility of the seller, who is obligated to complete the work. -
Question 13 of 30
13. Question
Which among the following describes fixed price with economic price adjustment contracts?
Correct
Fixed Price with Economic Price Adjustment Contracts (FP-EPA)
This contract type is used whenever the seller’s performance period spans a considerable period of years, as is desired with many long-term relationships. It is a fixed-price contract, but with a special provision allowing for pre defined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.Incorrect
Fixed Price with Economic Price Adjustment Contracts (FP-EPA)
This contract type is used whenever the seller’s performance period spans a considerable period of years, as is desired with many long-term relationships. It is a fixed-price contract, but with a special provision allowing for pre defined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities. -
Question 14 of 30
14. Question
You are a project manager and are currently procuring various types of contract needed for the project. Which among the following is not true for fixed price with economic adjustment contracts?
Correct
Fixed Price with Economic Price Adjustment Contracts (FP-EPA)
This contract type is used whenever the seller’s performance period spans a considerable period of years, as is desired with many long-term relationships. It is a fixed-price contract, but with a special provision allowing for pre-defined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities. The EPA clause needs to relate to some reliable financial index, which is used to precisely adjust the final price. The FP-EPA contract is intended to protect both buyer and seller from external conditions beyond their control.Incorrect
Fixed Price with Economic Price Adjustment Contracts (FP-EPA)
This contract type is used whenever the seller’s performance period spans a considerable period of years, as is desired with many long-term relationships. It is a fixed-price contract, but with a special provision allowing for pre-defined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities. The EPA clause needs to relate to some reliable financial index, which is used to precisely adjust the final price. The FP-EPA contract is intended to protect both buyer and seller from external conditions beyond their control. -
Question 15 of 30
15. Question
You work in the HR department in your firm. You have been recently asked to handle cost-reimbursable contracts for one of the projects in your firm. Which among the following describes cost-reimbursable contracts?
Correct
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Cost-reimbursable contracts may also include financial incentive clauses whenever the seller exceeds, or falls below, defined objectives such as costs, schedule, or technical performance targets.Incorrect
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Cost-reimbursable contracts may also include financial incentive clauses whenever the seller exceeds, or falls below, defined objectives such as costs, schedule, or technical performance targets. -
Question 16 of 30
16. Question
Which among the following is not true for cost-reimbursable contracts?
Correct
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Cost-reimbursable contracts may also include financial incentive clauses whenever the seller exceeds, or falls below, defined objectives such as costs, schedule, or technical performance targets. A cost-reimbursable contract provides the project flexibility to redirect a seller whenever the scope of work cannot be precisely defined at the start and needs to be altered, or when high risks may exist in the effort.Incorrect
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Cost-reimbursable contracts may also include financial incentive clauses whenever the seller exceeds, or falls below, defined objectives such as costs, schedule, or technical performance targets. A cost-reimbursable contract provides the project flexibility to redirect a seller whenever the scope of work cannot be precisely defined at the start and needs to be altered, or when high risks may exist in the effort. -
Question 17 of 30
17. Question
Which among the following is not a type of cost-reimbursable contracts?
Correct
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Three of the more common types of cost-reimbursable contracts in use are Cost Plus Fixed Fee (CPFF), Cost Plus Incentive Fee (CPIF), and Cost Plus Award Fee (CPAF).Incorrect
Cost-reimbursable contracts
This category of contract involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Three of the more common types of cost-reimbursable contracts in use are Cost Plus Fixed Fee (CPFF), Cost Plus Incentive Fee (CPIF), and Cost Plus Award Fee (CPAF). -
Question 18 of 30
18. Question
You are a project manager and are currently handling cost-reimbursable contracts for your project. Which among the following describes cost plus fixed fee contracts?
Correct
Cost Plus Fixed Fee Contracts (CPFF)
The seller is reimbursed for all allowable costs for performing the contract work, and receives a fixed-fee payment calculated as a percentage of the initial estimated project costs. A fee is paid only for completed work and does not change due to seller performance. Fee amounts do not change unless the project scope changes.Incorrect
Cost Plus Fixed Fee Contracts (CPFF)
The seller is reimbursed for all allowable costs for performing the contract work, and receives a fixed-fee payment calculated as a percentage of the initial estimated project costs. A fee is paid only for completed work and does not change due to seller performance. Fee amounts do not change unless the project scope changes. -
Question 19 of 30
19. Question
You work in the HR department in your firm. You have been recently asked to handle cost reimbursable contracts for one of the projects in your firm. Which among the following is not true for cost plus fixed fee contracts?
Correct
Cost Plus Fixed Fee Contracts (CPFF)
The seller is reimbursed for all allowable costs for performing the contract work, and receives a fixed-fee payment calculated as a percentage of the initial estimated project costs. A fee is paid only for completed work and does not change due to seller performance. Fee amounts do not change unless the project scope changes.Incorrect
Cost Plus Fixed Fee Contracts (CPFF)
The seller is reimbursed for all allowable costs for performing the contract work, and receives a fixed-fee payment calculated as a percentage of the initial estimated project costs. A fee is paid only for completed work and does not change due to seller performance. Fee amounts do not change unless the project scope changes. -
Question 20 of 30
20. Question
Which among the following describe cost plus incentive fee contracts?
Correct
Cost Plus Incentive Fee Contracts (CPIF)
The seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based upon achieving certain performance objectives as set forth in the contract. In CPIF contracts, if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre-negotiated cost-sharing formula, for example, an 80/20 split over/under target costs based on the actual performance of the seller.Incorrect
Cost Plus Incentive Fee Contracts (CPIF)
The seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based upon achieving certain performance objectives as set forth in the contract. In CPIF contracts, if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre-negotiated cost-sharing formula, for example, an 80/20 split over/under target costs based on the actual performance of the seller. -
Question 21 of 30
21. Question
You are a project manager and are currently handling cost-reimbursable contracts for your project. Which among the following is an advantage of cost plus incentive fee contracts?
Correct
Cost Plus Incentive Fee Contracts (CPIF)
The seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based upon achieving certain performance objectives as set forth in the contract. In CPIF contracts, if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre-negotiated cost-sharing formula, for example, an 80/20 split over/under target costs based on the actual performance of the seller.Incorrect
Cost Plus Incentive Fee Contracts (CPIF)
The seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based upon achieving certain performance objectives as set forth in the contract. In CPIF contracts, if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre-negotiated cost-sharing formula, for example, an 80/20 split over/under target costs based on the actual performance of the seller. -
Question 22 of 30
22. Question
You work in the HR department in your firm. You have been recently asked to handle cost reimbursable contracts for one of the projects in your firm. Which among the following describe cost plus incentive fee contracts?
Correct
Cost Plus Award Fee Contracts (CPAF)
The seller is reimbursed for all legitimate costs, but the majority of the fee is earned only based on the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract. The determination of fee is based solely on the subjective determination of seller performance by the buyer, and is generally not subject to appeals.Incorrect
Cost Plus Award Fee Contracts (CPAF)
The seller is reimbursed for all legitimate costs, but the majority of the fee is earned only based on the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract. The determination of fee is based solely on the subjective determination of seller performance by the buyer, and is generally not subject to appeals. -
Question 23 of 30
23. Question
Which among the following is the major defining factor of cost plus award fee contracts?
Correct
Cost Plus Award Fee Contracts (CPAF)
The seller is reimbursed for all legitimate costs, but the majority of the fee is earned only based on the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract. The determination of fee is based solely on the subjective determination of seller performance by the buyer, and is generally not subject to appeals.Incorrect
Cost Plus Award Fee Contracts (CPAF)
The seller is reimbursed for all legitimate costs, but the majority of the fee is earned only based on the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract. The determination of fee is based solely on the subjective determination of seller performance by the buyer, and is generally not subject to appeals. -
Question 24 of 30
24. Question
Which among the following describe time and material contracts?
Correct
Time and material contracts are a hybrid type of contractual arrangement that contain aspects of both cost-reimbursable and fixed-price contracts. They are often used for staff augmentation, acquisition of experts, and any outside support when a precise statement of work cannot be quickly prescribed.
Incorrect
Time and material contracts are a hybrid type of contractual arrangement that contain aspects of both cost-reimbursable and fixed-price contracts. They are often used for staff augmentation, acquisition of experts, and any outside support when a precise statement of work cannot be quickly prescribed.
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Question 25 of 30
25. Question
You work in the HR department in your firm. You have been recently asked to handle time and material contracts for one of the projects in your firm. Which among the following is not true for time and material contracts?
Correct
Time and material contracts are a hybrid type of contractual arrangement that contain aspects of both cost-reimbursable and fixed-price contracts. These types of contracts resemble cost-reimbursable contracts in that they can be left open ended and may be subject to a cost increase for the buyer. The full value of the agreement and the exact quantity of items to be delivered may not be defined by the buyer at the time of the contract award. Thus, T&M contracts can increase in contract value as if they were cost-reimbursable contracts. T&M contracts can also resemble fixed unit price arrangements when certain parameters are specified in the contract.
Incorrect
Time and material contracts are a hybrid type of contractual arrangement that contain aspects of both cost-reimbursable and fixed-price contracts. These types of contracts resemble cost-reimbursable contracts in that they can be left open ended and may be subject to a cost increase for the buyer. The full value of the agreement and the exact quantity of items to be delivered may not be defined by the buyer at the time of the contract award. Thus, T&M contracts can increase in contract value as if they were cost-reimbursable contracts. T&M contracts can also resemble fixed unit price arrangements when certain parameters are specified in the contract.
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Question 26 of 30
26. Question
You work in the human resource department in an MNC and are well aware of the various tools and techniques used in planning procurement management. Which of the following is not among the tools and techniques used in plan procurement management process?
Correct
Plan Procurement Management: Tools and Techniques
1. Make-or-Buy Analysis
2. Expert Judgment
3. Market Research
4. MeetingsIncorrect
Plan Procurement Management: Tools and Techniques
1. Make-or-Buy Analysis
2. Expert Judgment
3. Market Research
4. Meetings -
Question 27 of 30
27. Question
Which among the following describes make-or-buy analysis?
Correct
A make-or-buy analysis is a general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources. Sometimes a capability may exist within the project organization, but may be committed to working on other projects, in which case, the project may need to source such effort from outside the organization in order to meet its schedule commitments.
Incorrect
A make-or-buy analysis is a general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources. Sometimes a capability may exist within the project organization, but may be committed to working on other projects, in which case, the project may need to source such effort from outside the organization in order to meet its schedule commitments.
-
Question 28 of 30
28. Question
You are a project manager and have decided to use make-or-buy analysis for planning the procurement management. Which among the following is not true for plan procurement management process?
Correct
A make-or-buy analysis is a general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources. Budget constraints may influence make-or-buy decisions. If a buy decision is to be made, then a further decision of whether to purchase or lease is also made. A make-or-buy analysis should consider all related costs—both direct costs as well as indirect support costs. Available contract types are also considered during the buy analysis. The risk sharing between the buyer and seller determines the suitable contract types, while the specific contract terms and conditions formalize the degree of risk being assumed by the buyer and seller.
Incorrect
A make-or-buy analysis is a general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources. Budget constraints may influence make-or-buy decisions. If a buy decision is to be made, then a further decision of whether to purchase or lease is also made. A make-or-buy analysis should consider all related costs—both direct costs as well as indirect support costs. Available contract types are also considered during the buy analysis. The risk sharing between the buyer and seller determines the suitable contract types, while the specific contract terms and conditions formalize the degree of risk being assumed by the buyer and seller.
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Question 29 of 30
29. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of planning procurement management. Which among the following is not an output of plan procurement management process?
Correct
Plan Procurement Management: Outputs
1. Procurement Management Plan
2. Procurement Statement of Work
3. Procurement Documents
4. Source Selection Criteria
5. Make-or-Buy Decisions
6. Change Requests
7. Project Documents UpdatesIncorrect
Plan Procurement Management: Outputs
1. Procurement Management Plan
2. Procurement Statement of Work
3. Procurement Documents
4. Source Selection Criteria
5. Make-or-Buy Decisions
6. Change Requests
7. Project Documents Updates -
Question 30 of 30
30. Question
Which among the following describes procurement statement of work?
Correct
The procurement SOW describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. Sufficient detail can vary based on the nature of the item, the needs of the buyer, or the expected contract form.
Incorrect
The procurement SOW describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. Sufficient detail can vary based on the nature of the item, the needs of the buyer, or the expected contract form.