Chapter 12: Project Procurement Management Part 1 – Flashcards

Contents of the procurement management plan vary with project needs

The fee in a CPFF contract constantly varies even when the scope of a contract remains the same

In which of the following contracts does the buyer pay the supplier for allowable performance costs along with a predetermined percentage based on total costs

From the buyer's perspective, the _____ is the least desirable among all contracts because the supplier has no incentive the decrease costs

A _____ contract carries the least risk for suppliers

A key factor in evaluating bits, particularly for projects involving information technology, is the past performance record of the bidder

Which of the following in an output of the contract closure process

After planning for procurement management, which of the following does the next process involve?

The main sections of an RFP can include the statement of work and schedule information

"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 instead worked on important competencies such as marketing, customer service, and new product design. Outsourcing helps tackle this problem." Which of the following benefits does outsourcing primarily provide in such a scenario?

A single contract can include all three categories of contracts

A drawback of outsourcing is that:

The procurement statements of work are an output of the _____ process of project procurement management

In unit pricing, the total value of the contract is a function of the quantities needed to complete the work

With a _____ contract, the buyer pays the supplier for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs

The process of choosing suppliers or sellers is known as _____

Suppliers are those organizations or individuals who provide procurement services

The first step in project procurement management is:

In project procurement management, an output of the _____ monitoring and controlling process

Procurement audits are often done during contract closure to identify lessons learned in the entire procurement process