CAPM (Certified Associate in Project Management) Practice Exam

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What is the main goal of market research in procurement?

To finalize project budget
To identify potential risks
To find vendors to fulfill project needs
To select the project team

The correct answer is: To find vendors to fulfill project needs

The main goal of market research in procurement is to find vendors to fulfill project needs. Market research helps identify potential vendors who can provide the necessary goods or services for the project. By conducting market research, procurement teams can gather information about available vendors, their capabilities, pricing, quality of goods or services, and other relevant factors to make informed decisions about selecting the most suitable vendors for the project. This process is essential to ensure that the project's procurement requirements are met effectively and efficiently. Options A, B, and D are incorrect: A. To finalize project budget: Finalizing the project budget is typically done through cost estimation and cost management processes, not through market research in procurement. B. To identify potential risks: While market research can uncover information about vendors that may pose risks, the main goal of market research in procurement is to find suitable vendors to fulfill project needs, not specifically to identify risks. D. To select the project team: Selecting the project team involves processes related to human resource management, including acquiring, developing, and managing the project team, which is separate from the goal of market research in procurement.