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IS351 > Ch11 > Flashcards

Ch11 Flashcards

1
Q

______________ means acquiring goods and/or services from an outside source

A

Procurement

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2
Q

Fact: Other terms include purchasing and outsourcing

A
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3
Q

Why Outsource?

A

• To reduce both fixed and recurrent costs
• To allow the client organization to focus on its core business
• To access skills and technologies
• To provide flexibility
• To increase accountability

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4
Q

_______________: determining what to procure and when

A

Procurement planning

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5
Q

__________________: documenting product
requirements and identifying potential sources

A

Solicitation planning

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6
Q

____________: obtaining quotations, bids, offers, or
proposals as appropriate

A

Solicitation

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7
Q

________________ choosing from among potential
vendors

A

Source selection:

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8
Q

______________: managing the relationship
with the vendor

A

Contract administration

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9
Q

_______________completion and settlement of the
contract

A

Contract close-out

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10
Q

Project Procurement Management Processes

A

Procurement planning
Solicitation planning
Solicitation
Source selection
Contract administration
Contract close-out

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11
Q

_________________involves identifying
which project needs can be best met by using
products or services outside the organization.

A

Procurement planning

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12
Q

Procurement planning It includes deciding

A

whether to procure
how to procure
what to procure
how much to procure
when to procure

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13
Q

T/F: Several organizations, even competitors, have
found that it makes sense to collaborate on
procurement for some projects

A

T

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14
Q

Fact: Kodak worked with several competitors to
develop the Advantix Advanced Photo System

A
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15
Q

Procurement Planning Tools and Techniques

A

Make-or-buy analysis

Experts

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16
Q

_________________: determining whether a
particular product or service should be made or
performed inside the organization or purchased
from someone else. Often involves financial
analysis

A

Make-or-buy analysis

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17
Q

________, both internal and external, can provide
valuable inputs in procurement decisions

A

Experts

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18
Q

Slid9,10

A
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19
Q

Types of Contracts

A

Fixed price or lump sum
Cost reimbursable
Time and material contracts
Unit price contracts

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20
Q

_________________: involve a fixed total price
for a well-defined product or service

A

Fixed price or lump sum

21
Q

______________: involve payment to the seller for
direct and indirect costs

A

Cost reimbursable

22
Q

______________________: hybrid of both fixed
price and cost reimbursable, often used by consultants

A

Time and material contracts

23
Q

___________________: require the buyer to pay the
seller a predetermined amount per unit of service

A

Unit price contracts

24
Q

Cost Reimbursable Contracts

A

Cost plus incentive fee (CPIF)
Cost plus fixed fee (CPFF)
Cost plus percentage of costs (CPPC)

25
Q

Solicitation planning involves preparing several
documents:

A

Request for Proposals
Requests for Quotes

26
Q

____________: used to solicit proposals from
prospective sellers where there are several ways to meet
the sellers’ needs

A

Request for Proposals

27
Q

_______________: It is a document issued when an
organization wants to buy something and chooses to
make the specifications available to many other
companies so they can submit competitive bids. It is
used to solicit quotes for well-defined procurements

A

Requests for Quotes

28
Q

Fact: Invitations for bid or negotiation and initial contractor
responses are also part of solicitation planning

A
29
Q

_____________ involves obtaining proposals or
bids from prospective sellers

A

Solicitation

30
Q

Organizations can advertise to procure goods
and services in several ways

A

– approaching the preferred vendor
– approaching several potential vendors
– advertising to anyone interested

31
Q

Fact: A bidders’ conference can help clarify the buyer’s expectations

A
32
Q

Source selection involves

A

– evaluating bidders’ proposals
– choosing the best one
– negotiating the contract
– awarding the contract

33
Q

Fact:
• It is helpful to prepare formal evaluation
procedures for selecting vendors

• Buyers often create a “short list”

A
34
Q

Many dot-com companies were created to meet
potential market needs, but many went out of
business, mainly due to ..

A

poor business planning,
lack of senior management operations
experience, lack of leadership, and lack of
visions. Check the stability of suppliers

35
Q

T/F: Even well-known suppliers can impede project
success.

A

T

36
Q

Fact: Be sure to write and manage contracts well with
all suppliers .

A
37
Q

_____________ ensures that the
seller’s performance meets contractual
requirements

A

Contract Administration

38
Q

Fact: Contracts are legal relationships, so it is
important that legal and contracting
professionals be involved in writing and
administering contracts

A
39
Q

T/F: Many project managers interest in contractual
issues, which can result in serious problems

A

F: ignore contractual

40
Q

Slid21

A
41
Q

Contract close-out includes

A

– product verification to determine if all work was completed correctly and satisfactorily
– administrative activities to update records to reflect final results
– archiving information for future use

42
Q

Fact: Procurement audits identify lessons learned in
the procurement process

A
43
Q

Slid 23

A
44
Q

__________ : something that encourages you to do something.

A

Incentive

45
Q

__________: An amount of money that is paid at one time, not on separate occasions.

A

Lump-sum

46
Q

____: To offer to pay a particular price for something.

A

Bid

47
Q

_____________: To pay back money to somebody which they have spent or lost.

A

Reimburse

48
Q

___________: To ask somebody for something, such as support, money, or information.

A

Solicit

IS351 (6 decks)

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