Chapter 8: Planning and Procuring Resources

Question 1

What is the Resource Management Plan?

Answer 1

The Resource Management Plan details how physical and team resources will be identified, acquired, managed, and controlled throughout the project.

Question 2

What is the Acquire Resources process?

Answer 2

Acquire Resources is the process of obtaining team members, facilities, equipment, and other resources necessary for project completion.

Question 3

What is the difference between physical and team resources?

Answer 3

Physical resources include tangible assets like equipment and materials, while team resources refer to the human resources assigned to the project.

Question 4

What is a RACI chart?

Answer 4

A RACI chart is a matrix that identifies who is Responsible, Accountable, Consulted, and Informed for each task or deliverable in the project.

Question 5

What is the purpose of a Resource Breakdown Structure (RBS)?

Answer 5

The RBS is a hierarchical breakdown of project resources, similar to a WBS, but focusing on physical and human resources.

Question 6

What is resource leveling?

Answer 6

Resource leveling is a technique used to adjust project schedules to accommodate resource constraints, ensuring that resources are not over-allocated.

Question 7

What is resource smoothing?

Answer 7

Resource smoothing adjusts the schedule to level resources without changing the project’s critical path or delaying the project.

Question 8

What is the Procurement Management Plan?

Answer 8

The Procurement Management Plan details how project procurement processes will be planned, conducted, and controlled.

Question 9

What is the Plan Procurement Management process?

Answer 9

Plan Procurement Management involves identifying the project’s procurement needs and determining how contracts will be managed.

Question 10

What are the three primary types of procurement contracts?

Answer 10

Fixed-price contracts, cost-reimbursable contracts, and time and materials (T&M) contracts.

Question 11

What is a fixed-price contract?

Answer 11

A fixed-price contract sets a specific price for the deliverables, regardless of the actual costs incurred by the vendor.

Question 12

What is a cost-reimbursable contract?

Answer 12

A cost-reimbursable contract reimburses the vendor for allowable costs, plus an additional payment that represents profit or a fee.

Question 13

What is a time and materials (T&M) contract?

Answer 13

A T&M contract combines fixed rates for labor and materials with time-based billing, often used when scope is not fully defined.

Question 14

What is the difference between a request for proposal (RFP) and a request for quotation (RFQ)?

Answer 14

An RFP is used when seeking solutions from vendors, while an RFQ is used to obtain pricing for specific deliverables.

Question 15

What is a make-or-buy analysis?

Answer 15

A make-or-buy analysis determines whether it is more cost-effective to produce a deliverable in-house or to procure it from an external source.

Question 16

What is the Conduct Procurements process?

Answer 16

Conduct Procurements is the process of obtaining seller responses, selecting a vendor, and awarding contracts.

Question 17

What is source selection criteria?

Answer 17

Source selection criteria are standards used to evaluate vendor proposals and select the best-fit vendor for project procurement needs.

Question 18

What is the Control Resources process?

Answer 18

Control Resources is the process of ensuring that project resources are available as planned and used effectively.

Question 19

What is the purpose of the Team Charter?

Answer 19

The Team Charter outlines the team’s values, agreements, and operating guidelines, helping to establish norms for team behavior and collaboration.

Question 20

What is the negotiation process in resource procurement?

Answer 20

The negotiation process involves reaching mutually acceptable agreements with vendors or external suppliers for resources, often including terms and conditions.

Question 21

What is virtual team management, and why is it important?

Answer 21

Virtual team management involves overseeing teams distributed across different locations, often relying on technology for communication and collaboration.

Question 22

What is the difference between a sole source and a single source in procurement?

Answer 22

Sole source refers to a procurement situation where only one vendor can provide the required goods or services, while single source refers to choosing to procure from one vendor despite multiple options.

Question 23

What is the role of a procurement statement of work (SOW)?

Answer 23

The SOW is a detailed description of the work to be performed by the vendor, outlining deliverables, timelines, and performance criteria.

Question 24

What is staff acquisition?

Answer 24

Staff acquisition is the process of recruiting and selecting project team members, either from within the organization or externally.

Question 25

What is resource forecasting?

Answer 25

Resource forecasting involves predicting the resource needs of the project to ensure that the right resources are available when needed.

Question 26

What is enterprise environmental factors (EEF) in resource management?

Answer 26

EEF refers to the external and internal factors that influence resource acquisition, such as market conditions, organizational culture, and availability of skilled labor.

Question 27

What is a procurement risk?

Answer 27

Procurement risk refers to uncertainties related to contracts and procurement activities, such as vendor reliability, quality issues, and delays.

Question 28

What are the key considerations when closing procurements?

Answer 28

Key considerations include verifying that all contract terms have been fulfilled, resolving any outstanding issues, and formally closing the contract with the vendor.