Procurement Flashcards
1
Q
What are the advantages and disadvantages of centralized versus de-centralized procurement?
A
mulcahy 465
2
Q
What are three types of procurement statements of work?
A
- performance
- functional
- per design
3
Q
What are the four elements of a contract?
A
- offer and acceptance
- activities must be legal
- parties must have authority
- consideration
4
Q
What are the different types of contract & when should they be used?
A
FP FPIF FPAF FPEPA T&M CR CPF / CPPC CPFF CPIF CPAF
5
Q
What is point of total assumption? Why?
A
seller bears all cost of overrun
• mismanagement
6
Q
What are the principal considerations for selecting contract type?
A
- what is being purchased
- the completeness of the statement of work
- level of effort and expertise buyer can devote to managing the seller
- whether the buyer wants to offer incentives
- marketplace
- industry standards for contract type
