MIDTERM 4

Question 1

When you need to purchase, rent or contract with some external resource to meet your project goal.
It also refers to all the actions and strategies related to the cycle of identifying, evaluating and selecting suppliers of production inputs.

Answer 1

PROCUREMENT

Question 2

ROLE OF PROJECT MANAGER IN PROCUREMENT

Answer 2

• they control in the project management process.
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• this is a process they might not own with the same authority as other parts of the project.
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• while the project manager does have the authority to make agreements with contractors on behalf of the company, the project manager is often not the person who administers that contract once in place.
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• project manager have control over the first being the plan purchases and acquisitions, meaning determiningwhat external resources are neededfor the project.

Question 3

PROCUREMENT MANAGEMENT PLAN

Answer 3

• outlines the procurement requirements, guidelines and overall process that’ll be followed by an organization for a particular project.
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• level of complexity and detail of aprocurement management planvaries from one organization to another.

Question 4

PROCUREMENT DOCUMENTS

Answer 4

1) Request for Information (RFI)
—- for formal information-gathering process.
—- directed towards suppliers.
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2) Request for Proposal (RFP)
—- when organization is looking to contract with a vendor/contractor to explain what they want to be done.
—- it captures description, price of doing that work.
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3) Request for Quotation (RFQ)
—- used to ask a vendor or vendors to submit their price quotes for items that will be used in a project or other venture.
—- allows the sender to compare prices with other potential vendors.

Question 5

PROCUREMENT MANAGEMENT PROCESS

Answer 5

1) Plan Procurement Management
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2) Conduct Procurements
—- when you study the bids that come back and determine which one to accept, and fits your logistics management
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3) Control Procurements
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4) Close Procurements
—- This makes sure that there are no outstanding changes related to the value and completion date of the contract

Question 6

For every external contractor, there needs to bea _____________to serve as a document outlining the work being contracted.

Answer 6

Statement of Work (SOW)