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Your project needs a database software program. The client has given you this project to test your ability to deliver. It doesn't pay that much, but if you do well, you will likely get more projects from the client worth a lot more money. Your budget on the project doesn't allow you the money to buy this software. What is the best way to acquire the software?

(a) Order a copy from the company or an authorized reseller.
(b) Get a copy from a friend and buy it for future projects if needed again.
(c) Use a demo copy.
(d) Download a copy from a file sharing system.

Intellectual Property

Ideas and concepts created by an individual or company, typically eligible for copyright or patent, thus providing ownership properties

You are in the process of purchasing 125 bed frames, mattresses, dressers and televisions for an upcoming project to remodel a hotel. What type of contract will you likely use?

(a) Purchase Order (Correct)
(b) Fixed Price
(c) Cost Plus Percentage Cost
(d) Net 30

Explanation: The Purchase Order is a general purchase vehicle for commodity type purchases. It is typically for items that are standard, non-customized and non-negotiable in price. Fixed price is typically for a detailed, customized, negotiated solution. Cost Plus Percentage of Cost is an outdated contract type, and not good for the buyer. Net 30 is noise.

For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at www.c rosswind pm.com

Question of the Day

Your project needs a database software program. The client has given you this project to test your ability to deliver. It doesn't pay that much, but if you do well, you will likely get more projects from the client worth a lot more money. Your budget on the project doesn't allow you the money to buy this software. What is the best way to acquire the software? (a) Order a copy from the company or an authorized reseller. (b) Get a copy from a friend and buy it for future projects if needed again. (c) Use a demo copy. (d) Download a copy from a file sharing system.

Terminology of the Day

Intellectual Property Ideas and concepts created by an individual or company, typically eligible for copyright or patent, thus providing ownership properties

Answer and Explanation to Yesterday's Question

You are in the process of purchasing 125 bed frames, mattresses, dressers and televisions for an upcoming project to remodel a hotel. What type of contract will you likely use? (a) Purchase Order (Correct) (b) Fixed Price (c) Cost Plus Percentage Cost (d) Net 30 Explanation: The Purchase Order is a general purchase vehicle for commodity type purchases. It is typically for items that are standard, non-customized and non-negotiable in price. Fixed price is typically for a detailed, customized, negotiated solution. Cost Plus Percentage of Cost is an outdated contract type, and not good for the buyer. Net 30 is noise. For more questions, terminology and other exercises please see the PMP® Exam Success Series: Certification Exam Manual at www.c rosswind pm.com