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Project Management > Procurement > Flashcards

Procurement Flashcards

1
Q

What is project procurement management?

A

The processes required to develop and administer agreements such as contracts, purchase orders, memoranda of agreements, service level agreements

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2
Q

Who are the parties involved in procurement processes?

A

The buyer and seller

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3
Q

What is the role of the project manager in project procurement management?

A

Preparing requests for proposals, negotiating contracts, selecting a seller. Collaborate with legal, technical and financial departments.

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4
Q

What is another name for sellers?

A

Bidders

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5
Q

What are the processes in project procurement management?

A

Plan procurement management
Conduct procurements
Control procurements

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6
Q

What are some trends and emerging practices in project procurement management?

A 
Advances in tools
More advanced risk management
Changing contracting processes
Logistics and supply chain management
Technology and stakeholder relations
Trial engagements
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7
Q

What are some tailoring considerations for project procurement management?

A

Complexity of procurement
Physical location
Governance and regulatory environment
Availability of contractors

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8
Q

What are questions to ask when tailoring considerations for project procurement management?

A

“Is there one main procurement or multiple procurements at different times with different sellers?”
“Are the buyers and sellers in the same location? Are they in different time zones, countries or continents?”
“Are local laws and regulations integrated into the organizations procurement policies?”
“Are there available contractors who can perform the work?”

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9
Q

What are considerations for agile environments for project procurement management?

A

The supplier might become part of the development team to respond quickly to the needs of the project. Collaborative working relationship can lead to a shared risk model.

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10
Q

What is the purpose of the plan procurement management process?

A

Documents project procurement decisions, specifying the approach and identifying potential sellers. Determines whether to acquire goods or services from outside the project.

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11
Q

What are the steps of procurement?

A

Prepare the procurement statement of work (SOW) or terms of reference (TOR)
Prepare a high level cost estimate
Advertise the opportunity
Identify a short list of qualified sellers
Prepare and issue bid documents
Prepare and submit proposals by the seller
Conduct a technical and quality based evaluation
Perform a cost evaluation
Prepare the final combined quality and cost evaluation to select the winning proposal
Finalize negotiations and sign a contract

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12
Q

What is a statement of work?

A

A narrative description of products, services or results to be delivered by the project. Developed from the project scope baseline.

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13
Q

What are bids?

A

Bid documents are used to solicit proposals from sellers. Used when the seller selection decision is based on price.

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14
Q

What is a proposal?

A

Generally used when considerations other than price are important, such as technical capability or technical approach.

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15
Q

What is a fixed price contract?

A

Involves setting a fixed price for a defined result.

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16
Q

What is a firm fixed price?

A

The price for goods is set and is unlikely to change

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17
Q

What is a fixed price incentive fee?

A

Allows for deviation of the price of the goods depending on the performance of the seller.

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18
Q

What is a fixed price with economic price adjustments?

A

Allows for adjustments to the contract price due to changed conditions.

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19
Q

What are cost-reimbursable contracts?

A

Involves payments to the seller for all costs incurred while completing the work, plus a fee representing seller profit.

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20
Q

What is a cost plus fixed fee?

A

A seller is reimbursed for all costs and received a fixed fee payment

21
Q

What is a cost plus incentive fee?

A

A seller is reimbursed for all costs and receives a predetermined incentive fee

22
Q

What is a cost plus award fee?

A

A seller is reimbursed for all costs but the fee is based on satisfaction criteria

23
Q

What is a time and materials contract?

A

A hybrid type of contract with aspects of both cost reimbursable and fixed price contracts. Often used for the acquisition of experts and any other outside support when a precise statement of work cannot be quickly prescribed.

24
Q

What are some criteria used for source selection?

A 
Capability and capacity
Product cost and life cycle cost
Delivery dates
Technical expertise and approach
Specific relevant experience
25
Q

What is a make or buy analysis?

A

The act of choosing between manufacturing a product in house or purchasing it from an external supplier

26
Q

What are some procurement strategies or delivery methods for professional services?

A

Buyer/seller provider with no subcontracting
Buyer/seller provider with subcontracting allowed
Joint venture between buyer and services provider
Buyer/services provider acts as the representative

27
Q

What are some procurement strategies or delivery methods for industrial or commercial construction?

A 
Turnkey
Design build
Design bid build
Design build operate
Build own operate transfer
28
Q

What are some types of contract payments?

A 
Lump sum
Firm fixed price
Cost plus award fees
Cost plus incentive fees
Time and materials
Target cost
29
Q

Describe information for procurement phases.

A

Sequencing or phasing of the procurement, a description of each phase and the objectives of each.
Performance indicators and milestones
Criteria for moving from phase to phase
Monitoring and evaluation plan for tracking progress
Process for knowledge transfer for use in subsequent phases

30
Q

What is the procurement management plan?

A

An output of the plan procurement management process. Contains activities to be undertaken during the procurement process.

31
Q

What are the inputs to the plan procurement management process?

A 
Enterprise environmental factors
Organizational process assets
Project documents
Project charter
Project management plan
Business documents
32
Q

What are the outputs to the plan procurement management process?

A 
Organizational process assets updates
Project documents updates
Source selection criteria
Procurement strategy
Make or buy decision
Procurement management plan
Bid documents
Independent cost estimate
Procurement statement of work
Change requests
33
Q

What are some tools and techniques used in the plan procurement management process?

A 
Source selection analysis
Expert judgement
Data gathering 
Data analysis
Meetings
34
Q

What is the conduct procurements process?

A

Involves obtaining responses to bids and proposals, selecting a vendor, and awarding the contract.

35
Q

What is the role of the project manager during the conduct procurement process?

A

Help the procurement department as a facilitator for the project and give recommendations, write the requirements (SOW) for the supplier, conducts site visits, get status reports,

36
Q

What is advertising for procurements?

A

Communicating with users or potential users of a product, service or result.

37
Q

What is procurement negotiation?

A

Clarifies the structure, rights and obligations of the parties and other terms of the purchases so that mutual agreement can be reached prior to signing the contract

38
Q

Who should lead procurement negotiations?

A

A member of the procurement team that has the authority to sign contracts.

39
Q

What are the inputs to the conduct procurements process?

A 
Project management plan 
Seller proposals
Project documents
Procurement documentation
Enterprise environmental factors
Organizational process assets
40
Q

What are the outputs to the conduct procurements process?

A 
Project management plan updates
Selected sellers
Agreements
Organizational process assets updates
Project documents updates
Change requests
41
Q

What are tools and techniques used in the conduct procurements process?

A 
Expert judgement
Interpersonal and team skills
Bidder conferences
Data analysis
Advertising
42
Q

What are bidder conferences?

A

Ensures that all prospective bidders have a clear understanding of the procurement and no bidders receive preferential treatment

43
Q

What is the control procurements process?

A

Managing procurement relationships, monitoring contract performance, making changes as appropriate, and closing out contracts

44
Q

What is the role of the project manager in the control procurements process?

A 
Collect data and manage project records
Refine procurement plans and schedules 
Set up for gathering, analyzing, and reporting procurement related project data
Monitor procurement environment 
Pay invoices
45
Q

What are contested changes?

A

Requested changes where the buyer and seller cannot reach an agreement on compensation for the change or cannot agree that a change has occurred

46
Q

How are procurement contracts closed?

A

The buyer provides the seller with formal written notice that the contract has been completed.

47
Q

What are inputs to the control procurements process?

A 
Procurement documentation 
Organizational process assets
Agreements
Project management plan
Enterprise environmental factors
Project documents
Work performance data
Approved change requests
48
Q

What are the outputs to the control procurements process?

A 
Organizational process assets updates
Change requests
Work performance information
Closed procurements
Procurement documentation updates
Project management plan updates
Project documents updates
49
Q

What are tools and techniques used in the control procurements process?

A 
Audits
Inspection
Data analysis
Expert judgement
Claims administration

Project Management (13 decks)

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