The following is NOT an objective of Procurement Management?Question 2Answera.To regulate the government procurement of goods, works and services, the letting or hiring of anything or the acquisition or granting of rights for or on behalf of, and the disposal of assets of, public entitiesb.To support and supplements the activities of the other functions within the businessc.  To achieve corporative productive internal relationshipsd.To accomplish organizational procurement objectives at the lowest possible operating cost and as efficiently as possible

What is the primary goal of public procurement?Question 18Answera.Prioritizing the interests of suppliers over the needs of the publicb.Ensuring transparency and fairness in purchasing goods and servicesc.Maximizing profits for government agenciesd.Minimizing competition among vendors

Which process of project procurement management involves managing relationships with sellers, monitoring contract performance, making changes as needed, and closing contracts?Group of answer choicesclosing procurementsplanning procurement managementcontrolling procurementsconducting procurements

In project procurement management, which process involves determining what to procure, when, and how?Group of answer choicesplanning procurement managementclosing procurementsconducting procurementscontrolling procurements

What is the significance of contract management in public procurement?Question 13Answera.It facilitates preferential treatment of certain vendorsb.It ensures that contracts are executed in accordance with agreed terms and conditionsc.It ensures that government officials receive kickbacks from suppliersd.It allows government agencies to change contract terms at their discretion

Procurement and supply management contract is a written agreement between a buyer and a seller in which the buyer agrees to purchase goods or services from the seller in exchange for payment transactions. A procurement contract states each party’s obligations and usually includes detailed price lists, payment information, conditions of delivery and other legal terms and conditions. Contrast to public sector procurement, a public procurement contract means a written contract concluded following the procedure prescribed by the country’s procurement law between a procuring entity and a goods supplier, service provider or work contractor, concerning the procurement of goods, providing services or performing work assignments. In reference to the narrative above, a) Examine the importance and factors considered when entering in procurement and supply chain contracts. b) Explain the factors that may lead to parties in a contract to set aside a procurement agreement.