Knowledge Checks - Chapter 12

Question 1

Several disadvantages of __ contracting is that the procurement lead may be working on multiple projects, so it may be difficult for the PM to obtain help

Answer 1

centralized

Question 2

The five elements of a contract are __, __, __, __, and __ __

Answer 2

offer, acceptance, capacity, consideration, legal purpose

Question 3

One of the key tools in the Plan Procurements process that analyzes whether to do the work in house versus having a third party provide the product or service is called a __ __ __ analysis

Answer 3

make-or-buy

Question 4

Some advantages of __ contracting are that the PM has easier access to procurement expertise and that the procurement manager has more loyalty to the project

Answer 4

decentralized

Question 5

The three fundamental procurement statements of work types are; __, __, and __

Answer 5

performance, functional, design

Question 6

Two forms of non-competitive procurement are called __ __ and __ __

Answer 6

sole source, single source

Question 7

A non-legally binding document in which the buyer states they intend to hire the seller is called a __ __ __

Answer 7

letter of intent

Question 8

Another term for a teaming agreement is called a __ __

Answer 8

joint venture

Question 9

The three basic forms of contract are __ __, __ __, and __ __ __

Answer 9

fixed price, cost reimbursable, time and materials

Question 10

The concept of __ __ __ addresses the total cost of ownership of a product or service

Answer 10

life cycle costing

Question 11

The key outputs of the Conduct Procurements process is the __ __ __ and __ __

Answer 11

procurement contract award, selected sellers

Question 12

The prime contractor can use sub-contractors. Since the sub is contracted to the prime and not to the buyer, the buyer has no contractual control over the sub. This is called __

Answer 12

privity

Question 13

The __ __ __ __ occurs on fixed price incentive fee contracts in which the seller assumes all additional costs for delivering a product of the project

Answer 13

point of total assumption

Question 14

The RFP is best used for a __ contract, while the IFB or RFB is best used for a __ __ contract

Answer 14

cost reimbursable, fixed price

Question 15

The key output of the Plan Procurements process is the__ __ __ __

Answer 15

procurement statement of work

Question 16

A __ __ invites all bidders to a Q&A session in which bidders can ask clarifying questions regarding the buyers RFP

Answer 16

bidders conference

Question 17

A __ __ establishes minimum criteria to eliminate non-qualified vendors

Answer 17

screening system

Question 18

Fait Accompli, deadline, missing man and limited authority are all examples of __ __ tactics

Answer 18

contract negotiation

Question 19

A __ __ is usually implemented as a grid that lists all the proposal criteria, and assigns a numeric weight to each of the criteria

Answer 19

weighting system

Question 20

__ closure always occurs before __ closure when completing a project or project phase

Answer 20

contract, administrative

Question 21

Force majeure, assignment, escrow, time is of the essence, retainage and confidentiality are all contract elements generally grouped in a category called __ __ __

Answer 21

terms and conditions

Question 22

A key output of the Administer Procurements process is __ __

Answer 22

change requests

Question 23

A contract __ __ system defines the process by which procurements can be modified

Answer 23

change control

Question 24

Technical Capability, management approach and technical approach are some of the elements that are assessed in __ __ criteria

Answer 24

vendor evaluation