CAPM (Certified Associate in Project Management) Practice Exam

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Study for the Certified Associate in Project Management Exam with practice questions and answers. Enhance your understanding of project management principles and strategies to excel in the exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the purpose of independent estimates in procurement?

To serve as decoration
To finalize procurement contracts
To serve as a benchmark on proposed responses
To determine the vendor's reliability

The correct answer is: To serve as a benchmark on proposed responses

Independent estimates in procurement serve as a benchmark on proposed responses. They help in evaluating the reasonableness and competitiveness of vendors' proposals by providing a comparison point. This benchmark ensures that the project is obtaining goods or services at a fair market price. Additionally, independent estimates help in enhancing transparency and accountability in the procurement process by verifying the accuracy of vendors' pricing. Options A, B, and D are incorrect because independent estimates do not serve the purpose of decoration, finalizing procurement contracts, or determining the vendor's reliability.