PMP Study Deck - Procurement Flashcards
1
Q
Design SOW
A
The buyer provides exact details of what they want
2
Q
Functionality SOW
A
The buyer provides the seller with a description of the functionality needed
3
Q
Types of Fixed Price Contracts
A
Three types:
Firm Fixed Price (Lump Sum)
Fixed Price Incentive Fee
Fixed Price Economic Price Adjustment
4
Q
Types of Cost- Reimbursable Contracts
A
Four Types: Cost Plus Fixed Fee Cost Plus Incentive Fee Cost Plus Award Fee Cost Plus Percentage of Cost
5
Q
T&M Contract
A
Hybrid with aspects of both cost-reimbusable and of fixed price.
6
Q
PTA
A
Point of Total Assumptions
Need more info
7
Q
Types of Bid Documents
A
Four Types: RFP RFQ RFI IFB
8
Q
Bidder Conferences
A
Is defined as the meeting between the buyer and sellers before the submission of proposals or bids. It is a process of selecting vendors that can provide the services and goods to a particular project.
