BUSINESS AND MANAGEMENT – APM PMQ COMPETENCE TEST 2024 SERIES 15 (PROCUREMENT QUIZ)
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Business and Management
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Business And Management
Unlock the secrets of effective negotiation and procurement strategies with this comprehensive quiz designed for business and management students. This engaging assessment covers key concepts such as BATNA, contracts, supplier roles, and the nuances of win-win negotiations. Perfect for sharpening y...
BUSINESS MANAGEMENT – APM PMQ COMPETENCE TEST 2024 SERIES 15
PROCUREMENT QUIZ
NOTE: This is part 15 of a complete series of APM (Association for Project Management) PMQ
(Project Management Qualification) as of September 2024 all you need for your exam preps
Circle the letter of the Definition that corresponds to the displayed Term.
1. BATNA
A. The worst terms that would be acceptable in a negotiation.
B. A discussion between two or more parties aimed at reaching agreement.
C. Best Alternative To a Negotiated Agreement.
D. A supplier with a contract for much or all of the work. Responsible for managing projects that
involve a number of subsystem contracts, responsible for the activities of subcontractors, integration of
deliverables and managing risks to meet requirements.
Correct Answer: Best Alternative To a Negotiated Agreement
Explanation: BATNA stands for "Best Alternative To a Negotiated Agreement," which represents the
best option a party can pursue if negotiations fail.
2. Contract
A. Zone of potential agreement. The area of overlap between the most and least favourable positions of
the buyer and seller.
B. An agreement made between two or more parties that creates legally binding obligations between
them. The contract sets out those obligations and the actions that can be taken if they are not met.
C. Best Alternative To a Negotiated Agreement.
D. A supplier is a contractor, consultant or any organisation that supplies resources to a project or
programme.
Correct Answer: An agreement made between two or more parties that creates legally binding
obligations between them. The contract sets out those obligations and the actions that can be taken if
they are not met.
Explanation: A contract is a legally binding agreement between parties outlining obligations and
actions that can be enforced if not met.
3. Win-win
A. The best terms we could reasonably expect to achieve in a negotiation.
B. A negotiation outcome where one party seeks to win while the other party loses. This is unlikely to
be repeated by the two parties.
C. The process by which products and services are acquired from an external provider for incorporation
into the project, programme or portfolio.
D. A negotiation outcome where both parties benefit from the agreement and feel satisfied with the
process. May lead to a long-term relationship.
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