Chapter 12- Procurement Management Flashcards

1
Q

contract

A

mutually binding agreement that obligates the seller to provide a specified product or service or result and obligates the buyer to pay for it

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2
Q

Plan procurement management

A

Process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit it determines whether to acquire outside support, and if so, what to acquire, have to acquire, how much is needed and when to acquire it.

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3
Q

Plan procurement management ITTO

A
INPUTS
Project management plan
Requirements documentation
Risk register
Activity resource requirements
Project schedule
Activity cost estimates
Stakeholder register
Enterprise and environmental factors
Organisational process assets
TT
Make or buy analysis
Experts judgment
Market research
Meetings
OUTPUTS
Procurement management plan
Procurement statement of work
Procurement documents
Source selection criteria
Make or but decisions
Change requests
Project documents updates
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4
Q

Fixed -price contracts

A

Firm Fixed Price contracts (FFP)
Fixed Price Incentive Fee contracts ( FPIF)
Fixed Price with Economic Price Adjustment contract ( FP-EPA)

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5
Q

Cost reimbursable contract

A

Cost Plus Fixed Fee contracts (CPFF)
Cost Plus Incentive Fee contracts (CPIF)
Cost Plus Award Fee Contracts (CPAF)

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6
Q

Procurement statement of work

A
Describes the procurement item in sufficient detail to allow perspective sellers to determine if they are capable of providing the products, services or result.
May include:
Specifications
Quantity desired
Quality levels
Performance data
Period of performance
Work location
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7
Q

Procurement documents

A

Request for proposal
Invitation for Bid
Request for Quotation

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8
Q

Source selection criteria

A
Understanding of need
Overall or lifecycle cost
Technical capability
Risk
Management approach
Technical approach
Warranty
Financial capacity
Production capacity and interest
Business size and type
Past performance of sellers
References
Intellectual property rights
Proprietary rights
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9
Q

Conduct Procurement

A

Process of obtaining seller responses, selecting a seller, and awarding a contract. The key benefit of this process is that it provides alignment of internal and external stakeholders expectations through established agreements.

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10
Q

Plan procurement management ITTO

A
INPUTS
Procurement management plan
Procurement documents
Source selection criteria
The seller proposals
Project documents
Make or buy decisions
Procurement statement of work
Organisational process assets
TT
Bidder conference
Proposal evaluation techniques
Independent estimates
Experts judgment
Advertising
Analytical techniques
Procurement negotiations
Outputs
Selected sellers
Agreements
Resource calendars
Change requests
Project management plan updates
Project document updates
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11
Q

Bidder conference

A

Meetings between the buyer and all prospective sellers prior to submittal of a bid or proposal.

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12
Q

Control procurements

A

Process of managing procurement relationships, monitoring contract performance, and making changes and corrections to contracts as appropriate. Key benefit: it ensures that both the sellers and buyers performance meets procurement requirements according to the terms of the legal agreement.

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13
Q

Control procurements ITTO

A
INPUTS
Project management plan
Procurement documents
Agreements
Approved change requests
Work performance reports
Work performance data
TT
Contract change control system
Procurement performance reviews
Inspections and audits
Performance reporting
Payment systems
Claims administration
Records management system
OUTPUTS
Work performance information
Change requests
Project management plan updates
Project documents updates
Organisational process assets updates
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14
Q

Contract change control system

A

Defines the process by which the procurement can be modified. It includes paperwork, tracking systems, dispute resolution procedures, and approval levels necessary for authorizing changes.

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15
Q

Claims administration

A

The process of processing, adjudicating and communicating and contract claims.

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16
Q

Claim

A

A request, demand, or assertion of rights by a seller against a buyer, for vice versa, full consideration, compensation or payment under the terms under the legally binding contract, such as for a disputed change.

17
Q

Close procurements

A

Process of completing each procurement. The key benefit of this process is that the documents agreements and related documentation for future references.

18
Q

Close procurements ITTO

A

INPUTS
Project management plan
Procurement documents

TT
Procurement audits
Procurement negotiations
Records management system

OUTPUTS
Closed Procurements
Organisational process assets of a