CAPM (Certified Associate in Project Management) Practice Exam

What is the purpose of a records management system in procurement?

1. To manage financial records only

2. To manage procurement documentation and records

3. To record team meetings

4. To track project schedules

The correct answer is: To manage procurement documentation and records

A records management system in procurement serves the purpose of managing all documentation and records related to the procurement process. This includes financial records, but also extends to other important documents such as contracts, bids, invoices, and vendor information. Option A is incorrect because it limits the scope of the system to only financial records, which is not comprehensive enough for a procurement department. Option C is incorrect because while a records management system may store meeting notes, that is not its primary purpose. Option D is incorrect because project scheduling is typically handled by project management software or tools, not a records management system.