Project Procurement Management

Question 1

Plan procurement management

Answer 1

The process of documenting project procurement decisions, specifying approach and identifying potential sellers

Question 2

Conduct Procurement

Answer 2

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

Question 3

Control Procurement

Answer 3

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

Question 4

SOW

Answer 4

Statement of work

Question 5

What are the inputs to plan procurement management?

Answer 5

Project charter, business documents, project management plan, project documents, EEFs, OPAs

Question 6

FFP

Answer 6

Firm Fixed Price

Question 7

FPIF

Answer 7

Fixed Price Incentive Fee

Question 8

Fixed Price Incentive Fee

Answer 8

A price ceiling is set and all costs above are the the responsibility of the seller

Question 9

FPEPA

Answer 9

Fixed price with economic price adjustments

Question 10

Fixed price with economic price adjustments

Answer 10

Fixed price contract with a special provision allowing for final adjustments to the contract based on changed conditions (inflation rates)

Question 11

Fixed price contracts

Answer 11

Should be used if the project is not likely to change

Question 12

Cost-reimbursement contract

Answer 12

Should be used if the project is likely to significantly change

Question 13

CPFF

Answer 13

Cost Plus Fixed Fee

Question 14

Cost Plus Fixed Fee

Answer 14

Seller reimbursed for all allowable costs and receives a fixed fee payment calculated as a % of the initial estimated project costs

Question 15

CPIF

Answer 15

Cost Plus Incentive Fee

Question 16

Cost Plus Incentive Fee

Answer 16

Seller reimbursed for all allowable costs and receives a fixed fee payment on achieving performance objectives. Final costs larger than estimated costs shared by buyer and seller

Question 17

CPAF

Answer 17

Cost Plus Award Fee

Question 18

Cost Plus Award Fee

Answer 18

Seller reimbursed for all allowable costs but the majority of the fee is earned on the satisfaction of broad subjective performance criteria

Question 19

T&M

Answer 19

Time and materials contract

Question 20

What are the tools and techniques to plan procurement management

Answer 20

Expert judgment, data gathering, data analysis, source selection analysis, meetings

Question 21

What are the 6 methods of source selection analysis?

Answer 21

Least cost, qualifications only, quality based/highest technical proposal, quality and cost based, sole source, fixed budget

Question 22

What are the outputs to plan procurement management

Answer 22

Procurement management plan, procurement strategy, bid documents, procurement statement of work, source selection criteria, make or buy decisions, independent cost estimates, change requests, project document updates, OPA updates

Question 23

RFI

Answer 23

Request for information

Question 24

RFQ

Answer 24

Request for quotation

Question 25

RFP

Answer 25

Request for proposal

Question 26

What are the inputs to conduct procurement?

Answer 26

Project management plan, project documents, procurement documentation, seller proposals, EEFs, OPAs

Question 27

What is the SOW?

Answer 27

A document that provides the sellers with clearly stated goals, requirements, and outcomes from which they supply a quantifiable response

Question 28

What is source selection criteria?

Answer 28

Describes how bidder proposals will be evaluated, including evaluation criteria and weights

Question 29

What are the tools and techniques to conduct procurement?

Answer 29

Expert judgment, advertising, bidder conferences, data analysis, interpersonal and team skills

Question 30

What is an interpersonal and team skill for procurement?

Answer 30

Negotiation

Question 31

What are the outputs to conduct procurement?

Answer 31

Selected sellers, agreements, change requests, project management plan updates, project document updates, OPA updates

Question 32

What are the inputs to control procurement?

Answer 32

Project management plan, project documents, agreements, procurement documentation, approved change requests, work performance data, EEFs, OPAs

Question 33

What are the tools and techniques to control procurement?

Answer 33

Expert judgment, claims administration, data analysis, inspection, audits

Question 34

Claims Request

Answer 34

When the seller and the buyer can not agree on the compensation for the change or can not agree that the change has occurred

Question 35

What are the outputs to control procurement?

Answer 35

Closed procurement, work performance information, procurement document updates, change requests, project management plan updates, project document updates, OPA updates