Chat with AIExam 12: Project Procurement Management
List and briefly describe the four main processes of project procurement management.
(26) 
VerifiedPlanning procurements involves determining what to procure,when,and how.In procurement planning,one must decide what to outsource,determine the type of contract,and describe the work for potential sellers.Sellers are contractors,suppliers,or providers who provide goods and services to other organizations.Outputs of this process include a procurement management plan,statements of work,make-or-buy decisions,procurement documents,source selection criteria,and change requests. Conducting procurements involves obtaining seller responses,selecting sellers,and awarding contracts.Outputs include selected sellers,procurement contract awards,resource calendars,change requests,and updates to the project management plan and other project documents. Administering procurements involves managing relationships with sellers,monitoring contract performance,and making changes as needed.The main outputs of this process include procurement documentation,organizational process asset updates,change requests,and project management plan updates. Closing procurements involves completion and settlement of each contract,including resolution of any open items.Outputs include closed procurements and organizational process asset updates.
"Most organizations are not in business to provide information technology services,yet many have spent valuable time and resources on information technology functions when they should have focused on core competencies such as marketing,customer service,and new product design." refers to the ____ benefit of outsourcing.
(41) VerifiedD
Make-or-buy analysis involves estimating the internal costs of providing a product or service and comparing that estimate to the cost of outsourcing.
(32) VerifiedTrue
Lead times for purchases and acquisitions should not be included in a procurement management plan.
(35) Some termination clauses state that the buyer can terminate a contract for any reason and give the supplier only 24 hours' notice.
(32) When an organization outsources work,it often does not have as much control over those aspects of projects that suppliers carry out.
(39) ____________________ are often done during contract closure to identify lessons learned in the entire procurement process.
(39) The ____ is a description of the work required for the procurement.
(36) Any type of contract should include specific clauses that take into account issues unique to the project.
(29) ____ involve payment to the supplier for direct and indirect actual costs.
(42) Many private companies use the term procurement instead of purchasing.
(34) What are RFPs and RFQs? How and why are these documents created,and what issues must be considered when creating them?
(30) _________________________ contracts are a hybrid of both fixed-price and cost-reimbursable contracts.
(42) From the supplier's perspective,there is the least risk with a(n)____ contract.
(40) According to a 2008 report on IT outsourceing trends in the U.S.and Canada,application development is the least popular form of IT outsourcing and was used by only 25 percent of organizations surveyed.
(37) The main sections of an RFP never include the statement of work and schedule information.
(36) If a SOW is used as part of a contract to describe only the work required for that particular contract,it is called a(n)____________________ statement of work.
(33) A(n)____________________ conference is a meeting with prospective sellers prior to preparation of their proposals or bids.
(39) 
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