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PMP > Project Procurement Management > Flashcards

Project Procurement Management Flashcards

1
Q

Plan procurement management

A

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

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2
Q

Conduct Procurement

A

The process of obtaining seller responses, selecting a seller, and awarding a contract

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3
Q

Control Procurement

A

The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate

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4
Q

SOW

A

Statement of work

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5
Q

What are the inputs to plan procurement management?

A

Project charter, business documents, project management plan, project documents, EEFs, OPAs

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6
Q

FFP

A

Firm Fixed Price

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7
Q

FPIF

A

Fixed Price Incentive Fee

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8
Q

Fixed Price Incentive Fee

A

A price ceiling is set and all costs above are the the responsibility of the seller

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9
Q

FPEPA

A

Fixed price with economic price adjustments

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10
Q

Fixed price with economic price adjustments

A

Fixed price contract with a special provision allowing for final adjustments to the contract based on changed conditions (inflation rates)

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11
Q

Fixed price contracts

A

Should be used if the project is not likely to change

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12
Q

Cost-reimbursement contract

A

Should be used if the project is likely to significantly change

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13
Q

CPFF

A

Cost Plus Fixed Fee

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14
Q

Cost Plus Fixed Fee

A

Seller reimbursed for all allowable costs and receives a fixed fee payment calculated as a % of the initial estimated project costs

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15
Q

CPIF

A

Cost Plus Incentive Fee

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16
Q

Cost Plus Incentive Fee

A

Seller reimbursed for all allowable costs and receives a fixed fee payment on achieving performance objectives. Final costs larger than estimated costs shared by buyer and seller

17
Q

CPAF

A

Cost Plus Award Fee

18
Q

Cost Plus Award Fee

A

Seller reimbursed for all allowable costs but the majority of the fee is earned on the satisfaction of broad subjective performance criteria

19
Q

T&M

A

Time and materials contract

20
Q

What are the tools and techniques to plan procurement management

A

Expert judgment, data gathering, data analysis, source selection analysis, meetings

21
Q

What are the 6 methods of source selection analysis?

A

Least cost, qualifications only, quality based/highest technical proposal, quality and cost based, sole source, fixed budget

22
Q

What are the outputs to plan procurement management

A

Procurement management plan, procurement strategy, bid documents, procurement statement of work, source selection criteria, make or buy decisions, independent cost estimates, change requests, project document updates, OPA updates

23
Q

RFI

A

Request for information

24
Q

RFQ

A

Request for quotation

25
Q

RFP

A

Request for proposal

26
Q

What are the inputs to conduct procurement?

A

Project management plan, project documents, procurement documentation, seller proposals, EEFs, OPAs

27
Q

What is the SOW?

A

A document that provides the sellers with clearly stated goals, requirements, and outcomes from which they supply a quantifiable response

28
Q

What is source selection criteria?

A

Describes how bidder proposals will be evaluated, including evaluation criteria and weights

29
Q

What are the tools and techniques to conduct procurement?

A

Expert judgment, advertising, bidder conferences, data analysis, interpersonal and team skills

30
Q

What is an interpersonal and team skill for procurement?

A

Negotiation

31
Q

What are the outputs to conduct procurement?

A

Selected sellers, agreements, change requests, project management plan updates, project document updates, OPA updates

32
Q

What are the inputs to control procurement?

A

Project management plan, project documents, agreements, procurement documentation, approved change requests, work performance data, EEFs, OPAs

33
Q

What are the tools and techniques to control procurement?

A

Expert judgment, claims administration, data analysis, inspection, audits

34
Q

Claims Request

A

When the seller and the buyer can not agree on the compensation for the change or can not agree that the change has occurred

35
Q

What are the outputs to control procurement?

A

Closed procurement, work performance information, procurement document updates, change requests, project management plan updates, project document updates, OPA updates

PMP (12 decks)

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