Exam 9: Project Procurement Planning

The procurement planning process is used to determine what to procure, when to procure it, and ________ procure it.

In the SLA, the ________ to the seller if the seller fails to deliver need to be significant enough to provide an incentive to the seller to deliver the services.

The ________ is a document that describes the procurement item in sufficient detail to allow prospective sellers to determine whether they are capable of providing the item and potentially at what cost.

According to PMBOK, which of the following is a process of the Procurement Management knowledge area?

Which of the following is NOT a key decision point in make-or-buy analysis?

In many documented cases, a whole outsourced project has failed due to the wrong contract being used or key concepts being left out of the contract.

Time and material contracts assign all the risk to the seller and virtually none to the buyer.

Insourcing means hiring someone from outside the organization to perform work.

Creating and signing contracts with organizations outside the project team's company is referred to as outsourcing, and if the seller is located in another country, it is referred to as nearshoring.

There are many types of procurement documents, but the most used on IT projects are the RFP and RFQ.

Along with each service-level requirement, there must be an associated cost to the seller if the seller fails to deliver.

Explain make-or-buy analysis and where it falls in the procurement process.

In a buyer/seller relationship, from the perspective of the buyer, the contract documents become the planning input documents to the project of delivering the required product or service.

The project management body of knowledge (PMBOK) from the Project Management Institute (PMI) defines the processes of the Procurement Management knowledge area as plan procurements, conduct procurements, administer procurements, and close procurements.

Which of the following is NOT part of the procurement management plan?

Once a decision has been made to procure a product or service, what are the next questions that need to be answered, and how are they answered?

What are processes of the Procurement Management knowledge area of PMBOK?

In a cost-reimbursable contract, the seller is rewarded with bonus payments.

In a cost-reimbursable contract, the ________ is rewarded with bonus payments.

In this type of cost-reimbursable contract, the seller is reimbursed for allowable costs plus a fixed fee, calculated as a percentage of the allowable costs.