Project+ PK0-005 Updated Exam

A cost-plus contract is a type of contract where the buyer agrees to reimburse the seller for the actual costs of the work plus a fee, which can be fixed, percentage, incentive, or award based. This type of contract has the highest risk for the buyer because the buyer has no control over the cost or quantity of the work and the seller has little incentive to control the costs or complete the work efficiently. The seller may inflate the costs or prolong the work to increase the fee. The buyer may end up paying much more than the estimated budget or the market value of the work. References = CompTIA Project+ PK0-005 Certification Study Guide, Chapter 9: Project Procurement Management; CompTIA Project+ Certification Exam Objectives, Domain 3: Project Execution, Objective 3.3: Execute procurement activities.

Videoconference is the best tool to use when conducting project meetings across time zones, as it allows real-time communication, visual cues, screen sharing, and collaboration among the participants. Videoconference can also help build rapport and trust among the team members, and reduce the risk of misunderstandings or miscommunication. Videoconference tools such as Zoom, Skype, or Google Meet can also accommodate different time zones by showing the local time of each participant and allowing them to schedule meetings in advance12.

Monthly feedback and training sessions are the best approach to ensure that the deliverables of a critical business initiative are increasingly adopted and leveraged by the organization over time. Feedback and training sessions are communication and learning activities that provide information and guidance on how to use and benefit from the new processes and technology introduced by the initiative. Feedback and training sessions can help to increase awareness, understanding, acceptance, and adoption of the deliverables among the organization’s employees and stakeholders. They can also help to identify and address any issues or challenges that may arise during the implementation and transition phases.

The project manager should have prepared acceptable communication channels to avoid the situation of a stakeholder not replying to emails due to intermittent Internet service. Acceptable communication channels are methods or modes of communication that are agreed upon by all parties involved in a project. They may include aspects such as email, phone call, text message, video conference, instant message, or face-to-face meeting. Acceptable communication channels can help to ensure that messages are delivered and received effectively and efficiently and that communication preferences and limitations are respected.