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Caitlin's PMP 2024 > Planning: Procurement and Stakeholder Management > Flashcards

Planning: Procurement and Stakeholder Management Flashcards

1
Q

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

A

Project Procurement Management

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2
Q

The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers

A

Plan Procurement Management

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3
Q

The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.

A

Benefits Management Plan

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4
Q

A component of the PMP that describes how the scope will be defined, developed, monitored, controlled, and validated.

A

Scope Management Plan

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5
Q

A component of the PMP that describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives.

A

Quality Management Plan

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6
Q

The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product

A

Make-or-Buy Analysis

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7
Q

Decisions made regarding the external purchase or internal manufacture of a product.

A

Make-or-Buy Decisions

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8
Q

A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract.

A

Source Selection Criteria

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9
Q

Buyer asks a specific seller for a proposal with no competition from other vendors

A

Sole Source

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10
Q

Often used interchangeably with bid

A

Tender

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11
Q

Signifies a contractual relationship between two parties

A

Privity

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12
Q

A contract clause allowing for non-performance when unforeseeable and uncontrollable events occur (natural disasters, riots, etc.)

A

Force Majeure

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13
Q

Organization has a purchasing and/or legal department to handle contracts

A

Centralized Purchasing

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14
Q

The PM may be doing most of the work to negotiate, sign and manage contracts

A

Decentralized Purchasing

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15
Q

Contract type where the risk is on the seller.

Buyers need to precisely specify the products or services being procured.

A

Fixed price contracts

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16
Q

Contract type where the risk tends to be on the buyer.

The seller recovers all legitimate costs incurred, plus a fee which represents the seller’s profit.

A

Cost-reimbursable contracts

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17
Q

Contract type where the risk is on the buyer as they can be left open ended and may be subject to a cost increase.

They are often used for staff augmentation and when a precise SOW cannot be quickly prescribed.

A

Time and materials contracts

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18
Q

The point where the seller assumes responsibility for all cost overruns.

A

Point of Total Assumption

(reminds me of medical insurance’s deductible)

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19
Q

Maximum price the buyer agrees to pay

(Point of Total Assumption terminology)

A

Ceiling Price

20
Q

Initially-negotiated figure for estimated contract costs

(Point of Total Assumption terminology)

A

Target Cost

21
Q

The initially-negotiated profit

(Point of Total Assumption terminology)

A

Target Profit or Fee

22
Q

Target cost plus the target profit

(Point of Total Assumption terminology)

A

Target Price

23
Q

The ratio used to determine how under-runs or overruns increase or decrease profit (buyer/seller)

(Point of Total Assumption terminology)

A

Share Ratio

24
Q

Calculation for Point of Total Assumption

A

PTA = ( (Ceiling Price - Target Price) / Buyer’s share ratio) + Target Cost

25
Q

Analyzing how the winning seller will be chosen;

determine if the lowest price, quals, technical approach or if a sole source will be used

this information should be included in the bid documents

A

Source Selection Analysis

26
Q

A formal request for preliminary information for the purpose of evaluating potential bids for services

A

Request for Information (RFI)

27
Q

An invitation to contractors to submit a proposal on a specific project (generally the same thing as RFQ);

The IFB or RFQ is generally focused on pricing alone, and not on ideas or concepts

A

Invitation for Bid (IFB)

28
Q

Informs vendors of customer needs and expectations

Organized typically into three areas: Technical, Administrative, and Financial Requirements

Typically used for more complex technical solutions

A

Request for Proposal (RFP)

29
Q

Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results

Developed from the project scope baseline

A

Procurement SOW

30
Q

The risk is highest for the ___ in a firm fixed contract.

A

Seller

31
Q

Purpose being to document project procurement decisions, specify the approach, and identify potential sellers

A

Plan Procurement Management

32
Q

Purpose being to monitor the status of the project, to update the project costs and manage changes in the cost baseline.

A

Control Costs

33
Q

Purpose being to manage procurement relationships, monitor contract performance, and make changes and corrections to contracts as appropriate

A

Control Procurement

34
Q

Purpose being to obtain seller responses, select a seller, and award a contract

A

Conduct Procurement

35
Q

Contract type that is riskier for the seller since unexpected cost overruns will not be compensated

A

Fixed Price Contract

36
Q

Contract type that is riskier for the buyer as the contract can be left open ended and may be subject to a cost increase

A

Time and Materials Contract

37
Q

Contract type that is riskier for the buyer as the seller recovers all cost incurred, plus a fee for the work performed

A

Cost-Reimbursable Contract

38
Q

Contract type that is riskier for the buyer as the seller recovers all costs incurred, plus a fee for the work performed

A

Cost Plus type of contract

39
Q

The process of developing approaches to involve stakeholders based on the analysis of their needs, interests, and potential impact on the project

A

Plan Stakeholder Engagement

40
Q

A comprehensive list of changes submitted during the project and their current status

A

Change Log

41
Q

A data representation that analyzes current engagement levels of various stakeholders relative to what those levels need to be.

A

Stakeholder Engagement Assessment Matrix

42
Q

Name the five engagement levels in the Stakeholder Engagement Assessment Matrix.

A

Unaware, Resistant, Neutral, Supportive, and Leading

43
Q

Purpose being to develop appropriate management strategies to effectively engage stakeholders throughout the project life cycle.

A

Plan Stakeholder Engagement

44
Q

Purpose being to address stakeholder needs, address issues as they occur and ensure stakeholders are appropriately engaged in the project activities

A

Manage Stakeholder Engagement

45
Q

Purpose being to monitor overall project stakeholder relationships and adjust strategies and plans for engaging stakeholders

A

Monitor Stakeholder Engagement

46
Q

Purpose being to monitor the status of the project and product scope and managing changes to the scope baseline

A

Control Scope

Caitlin's PMP 2024 (16 decks)

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