Knowledge Checks - Chapter 12 Flashcards
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
centralized
The five elements of a contract are __, __, __, __, and __ __
offer, acceptance, capacity, consideration, legal purpose
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
make-or-buy
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
decentralized
The three fundamental procurement statements of work types are; __, __, and __
performance, functional, design
Two forms of non-competitive procurement are called __ __ and __ __
sole source, single source
A non-legally binding document in which the buyer states they intend to hire the seller is called a __ __ __
letter of intent
Another term for a teaming agreement is called a __ __
joint venture
The three basic forms of contract are __ __, __ __, and __ __ __
fixed price, cost reimbursable, time and materials
The concept of __ __ __ addresses the total cost of ownership of a product or service
life cycle costing
The key outputs of the Conduct Procurements process is the __ __ __ and __ __
procurement contract award, selected sellers
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 __
privity
The __ __ __ __ occurs on fixed price incentive fee contracts in which the seller assumes all additional costs for delivering a product of the project
point of total assumption
The RFP is best used for a __ contract, while the IFB or RFB is best used for a __ __ contract
cost reimbursable, fixed price
The key output of the Plan Procurements process is the__ __ __ __
procurement statement of work
A __ __ invites all bidders to a Q&A session in which bidders can ask clarifying questions regarding the buyers RFP
bidders conference
A __ __ establishes minimum criteria to eliminate non-qualified vendors
screening system
Fait Accompli, deadline, missing man and limited authority are all examples of __ __ tactics
contract negotiation
A __ __ is usually implemented as a grid that lists all the proposal criteria, and assigns a numeric weight to each of the criteria
weighting system
__ closure always occurs before __ closure when completing a project or project phase
contract, administrative
Force majeure, assignment, escrow, time is of the essence, retainage and confidentiality are all contract elements generally grouped in a category called __ __ __
terms and conditions
A key output of the Administer Procurements process is __ __
change requests
A contract __ __ system defines the process by which procurements can be modified
change control
Technical Capability, management approach and technical approach are some of the elements that are assessed in __ __ criteria
vendor evaluation
