PMBOK Chapter 12 - Project Procurement Management Flashcards Preview

PMP Exam > PMBOK Chapter 12 - Project Procurement Management > Flashcards

Flashcards in PMBOK Chapter 12 - Project Procurement Management Deck (17):

Project Procurement Management

includes the processes necessary to purchase or acquire products, services or results needed from outside the project team


Plan Procurement Management (process)

the process of determining project procurement decisions, specifying the approach, and identifying potential sellers


Conduct Procurements (process)

the process of obtaining seller responses, selecting a seller, and awarding a contract


Control Procurements (process)

the process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate


Close Procurements (process)

the process of completing each project procurement


What is Make-or-Buy analysis?

a general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources


What is Market Research?

includes examination of industry and specific vendor capabilities. procurement teams may leverage information gained at conferences, online reviews and a variety of sources to identify market capabilities


What is a procurement management plan?

component of the project management plan that describes how a project team will acquire goods and services from outside the performing organization


What is the procurement statement of work?

the statement of work (SOW) for each procurement is developed from the project scope baseline and defines only that portion of the project scope that is to be included within the related contract


What are procurement documents?

used to solicit proposals from prospective sellers.


What are seller proposals?

prepared in response to a procurement document package, forms the basic information that will be used by an evaluation body to select one or more successful bidders


What is a bidder conference?

meetings between the buyer and all prospective sellers prior to submittal of a bid or proposal


What are selected sellers?

those how have negotiated a draft contract that will become the actual contract when an award is made


What are agreements?

a procurement agreement includes terms and conditions, and may incorporate other items that the buyer specifies regarding what the seller is to perform or provide


What is a contract change control system?

defines the process by which the procurement can be modified


What are procurement performance reviews?

a structured review of the seller's progress to deliver project scope and quality, within cost and on schedule, as compared to the contract


What are closed procurements?

the buyer provides the seller with formal written notice that the contract has been completed