Chapter 12 Procurement

Question 1

Process Groups of Procurement

Answer 1

Plan Procurement Mgmt
Conduct/Execute Procurements
Control Procurements
Close Procurements

Question 2

What is Procurement Mgmt?

Answer 2

The processes necessary to purchase or acquire products, services or results needed from outside the project team

Question 3

Plan Procurements

Answer 3

Identifies project needs that are to be met by acquiring products, services, or results outside the project organization

Question 4

Outputs of Plan Procurement Mgmt

Answer 4

Procurement Management Plan
Procurement Statement of work
Procurement Documents/Source Selection Criteria
Make-or-Buy Decisions/Change Requests
Project Document Updates

Question 5

What are 3 Contract Types?

Answer 5

Fixed Price Contracts
Cost-Reimbursable Contracts
Time and Material Contracts

Question 6

Types of Fixed Price Contracts

Answer 6

FIrm Fixed Price
Fixed Price Incentive Fee
Fixed Prices with Economic Price Adjustment

Question 7

Types of Cost Reimbursable Contracts

Answer 7

Cost Plus Fixed Fee
Cost Plus Incentive Fee
Cost plus Award Fee

Question 8

Types of Time and Material Contracts

Answer 8

Hybrid containing aspects of both