CompTIA Updated PK0-005 Exam Questions and Answers by kaden

A Fixed-Price Contract is most suitable when the project scope, requirements, and deliverables are clearly and thoroughly defined. This contract type sets a predetermined price for the work, regardless of the actual costs incurred, transferring the risk of cost overruns to the vendor. It is advantageous when the project details are well-understood and unlikely to change.

Per the CompTIA Project+ PK0-005 exam objectives, under Domain 1.11: Explain important project procurement and vendor selection concepts, understanding when to use fixed-price contracts is essential, particularly when the project scope is well-defined.

Project quality assurance is the process of ensuring that the project meets the quality standards and requirements defined by the stakeholders and the organization. It involves planning, implementing, and monitoring quality activities throughout the project life cycle. Project quality assurance is different from project quality control, which is the process of inspecting and testing the project deliverables and outputs to identify and correct defects. Project quality assurance is also different from project transition, which is the process of transferring the project deliverables and outputs to the end users or customers. Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project objectives. Project communications is the process of planning, creating, distributing, and managing information among the project stakeholders. References = CompTIA Project+ Study Guide: Exam PK0-005, 3rd Edition, Chapter 8: Quality Management1; CompTIA Project+ Certification Study Guide, 3rd Edition, Chapter 8: Quality Management2

The project manager should review existing artifacts to get an understanding of the purpose of the project. Existing artifacts are documents or records that provide information about the project background, context, scope, objectives, requirements, stakeholders, and deliverables. They may include documents such as project proposal, project charter, business case, feasibility study, statement of work (SOW), or contract. Reviewing existing artifacts can help to clarify the project vision and expectations and provide a basis for planning and executing the project.