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Exam Code: IIA-BEAC-P1

Exam Name: BEAC General Knowledge Part 1 Exam

Certification Provider: IIA

Related Certification: BEAC General Knowledge Part 1 Exam

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What is a function of financial management?
A. Meet availability needs with a justifiable return on investment
B. Procure capacity in the most cost-effective manner
C. Provide necessary business cases for investment
D. Evaluate quality and cost of supplied products against the SLA
Answer: C

You are the project manager at a financial services company. Your company has awarded a CPFF (cost plus fixed fee) contract to XYZ Corp, a financial consulting company, to develop a comprehensive workstation offering real-time advanced charting, decision support tools, and portfolio management.
The terms and conditions of the contract explicitly stipulate that XY Corp must provide weekly status reports and performance reports regarding the project work. However, the seller has failed to provide any status report for the past 3 weeks.
Which of the following is the BEST action to take?
A. Alert the management team
B. Issue a stop work order to XYZ Corp, until the missing status reports are prepared
C. Half payments until the missing status reports are prepared
D. Issue a change order
E. Issue a letter of default
Answer: E

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