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CAPM - Smitha > 12.1 Plan Procurement Management (Procurement MGMT) > Flashcards

12.1 Plan Procurement Management (Procurement MGMT) Flashcards

1
Q

what is 12.1 plan procurement management? (3)

A
  1. documenting project procurement decisions
  2. specifying the approach
  3. identifying potential sellers
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2
Q

what is the key benefit to 12.1 plan procurement management? (2)

A
  1. determines whether to acquire goods/services from outside the project
  2. what to acquire as well as how and when to acquire it
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3
Q

when is 12.1 plan procurement management performed during a project?

A

once or at predefined points

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4
Q

12.1 plan procurement management - inputs (6)

A
  1. project charter
  2. business documents (2)
  3. project management plan (4)
  4. project documents (7)
  5. EEFs
  6. OPAs
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5
Q

what business document inputs are relevant to 12.1 plan procurement management? (2)

A

a. business case

b. benefits management plan

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6
Q

what project management plan inputs are relevant to 12.1 plan procurement management? (4)

A

a. scope management plan
b. quality management plan
c. resource management plan
d. scope baseline

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7
Q

what project document inputs are relevant to 12.1 plan procurement management? (7)

A

a. milestone list
b. project team assignments
c. requirements documentation
d. requirements traceability matrix
e. resource requirements
f. risk register
g. stakeholder register

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8
Q

what EEF’s are relevant inputs to 12.1 plan procurement management? (9)

A
  1. marketplace conditions
  2. products, services and results available in market
  3. sellers, past performance/reputation
  4. typical terms/conditions in that industry
  5. unique local requirements
  6. legal advice
  7. contract management systems
  8. established multi-tier supplier system of pre-qualified sellers based on prior experience
  9. financial accounting and contract payment systems
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9
Q

what OPAs are relevant inputs to 12.1 plan procurement management? (3)

A
  1. pre approved seller lists
  2. formal procurement policies, procedures, guidelines
  3. contract types
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10
Q

what are contract types (3)

A
  1. fixed price
  2. cost-reimbursable
  3. time and materials
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11
Q

what are fixed price contracts and examples? (3)

A

setting a fixed total price for a defined product

  1. Firm Fixed Price (FFP)
  2. Fixed price incentive fee (FPIF)
  3. fixed price with economic price adjustments (FPEPA)
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12
Q

when should fixed price contracts be used?

A

when requirements are well defined and no significant changes to the scope are expected

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13
Q

what are cost reimbursable contracts and examples? (3)

A

payments to the seller for all legitimate actual costs incurred for completed work plus a fee representing seller profit

  1. cost plus fixed fee (CPFF)
  2. cost plus incentive fee (CPIF)
  3. cost plus award fee (CPAF)
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14
Q

when should cost reimbursable contracts be used?

A

scope of work is expected to change significantly during contract execution

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15
Q

what are time and materials contracts and when are they used? (2)

A
  1. hybrid with aspects of both cost-reimbursable and fixed-price contracts
  2. used for staff augmentation, acquisition of experts, outside support when statement of work cannot be quickly prescribed
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16
Q

12.1 plan procurement management - tools and techniques (5)

A
  1. expert judgement
  2. data gathering (market research)
  3. data analysis (make or buy analysis)
  4. source selection analysis
  5. meetings
17
Q

what factors do you consider in make or buy analysis?

A
  1. organizations current resource allocation and skills/abilities
  2. need for specialized expertise
  3. desire to not expand permanent employee obligations
  4. need for independent expertise
  5. risk evaluation
18
Q

what is source selection analysis?

A

evaluation method of potentially suppliers

19
Q

what are commonly used selection methods?

A
  1. least cost (well-defined outcome expected)
  2. qualifications only (small value of procurement)
  3. quality-based/highest technical proposal score
  4. quality and cost based (high risk project)
  5. sole source (no competition)
  6. fixed budget
20
Q

12.1 plan procurement management - outputs (10)

A
  1. procurement management plan
  2. procurement strategy
  3. bid documents
  4. procurement statement of work
  5. source selection criteria
  6. make or buy decisions
  7. independent cost estimates
  8. change requests
  9. project document updates (6)
  10. OPA updates
21
Q

what project document updates are relevant outputs to 12.1 plan procurement management? (6)

A

a. lessons learned register
b. milestone list
c. requirements documentation
d. requirements traceability matrix
e. risk register
f. stakeholder register

22
Q

what does the procurement management plan include? (9)

A
  1. how procurements will be coordinated with schedule development and control processes etc.
  2. timetable of key procurement activities
  3. procurement metrics
  4. stakeholder roles/responsibilities - authority, constraints
  5. constraints and assumptions
  6. legal jurisdiction and currency
  7. independent estimates use/need
  8. risk management issues
  9. prequalified seller use
23
Q

what is the procurement strategy?

A

determine:
1. project delivery method
2. type of legally binding agreements
3. how procurement will advance through procurement phases

24
Q

what are bidding documents and examples? (3)

A

used to solicit proposals from prospective sellers

  1. request for information (RFI)
  2. request for quotation (RFQ)
  3. request for proposal (RFP)
25
Q

what is the procurement statement of work?

A
  1. developed from the project scope baseline
  2. defines the portion of the project scope that is to be included in the contract
  3. includes sufficient detail to allow prospective sellers to determine if they are capable of providing the output
26
Q

what are examples of source selection criteria?

A
  1. capability and capacity
  2. product cost and life cycle cost
  3. delivery dates
  4. technical expertise and approach
  5. relevant experience
  6. adequacy of proposed approach
  7. key staff’s qualifications, availability and competence
  8. firm’s financial stability
  9. management experience
  10. knowledge transfer program/training

CAPM - Smitha (65 decks)

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