M2 - Terminology

Question 1

What is Tailoring?

Answer 1

Determining the appropriate combination of processes, inputs, tools, techniques, outputs, and life cycle phases to manage a project.

Question 2

Centralized procurement

Answer 2

a system in which one department manages the purchasing of goods and services for the entire organization.

Question 3

Supply chain

Answer 3

The sequence of processes involved in the production and distribution of a commodity

Question 4

Procurement strategy

Answer 4

The approach by the buyer to determine the project delivery method and the type of legally binding agreement(s) be used to deliver the desired results.

Question 5

Project procurement management

Answer 5

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

Question 6

Conflict of interest

Answer 6

a situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity.

Question 7

Sourcing

Answer 7

selecting and vetting vendors to provide goods and/or services

Question 8

Purchasing

Answer 8

buying goods or services