Project Procurement Management Flashcards
Plan procurement management
The process of documenting project procurement decisions, specifying approach and identifying potential sellers
Conduct Procurement
The process of obtaining seller responses, selecting a seller, and awarding a contract
Control Procurement
The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate
SOW
Statement of work
What are the inputs to plan procurement management?
Project charter, business documents, project management plan, project documents, EEFs, OPAs
FFP
Firm Fixed Price
FPIF
Fixed Price Incentive Fee
Fixed Price Incentive Fee
A price ceiling is set and all costs above are the the responsibility of the seller
FPEPA
Fixed price with economic price adjustments
Fixed price with economic price adjustments
Fixed price contract with a special provision allowing for final adjustments to the contract based on changed conditions (inflation rates)
Fixed price contracts
Should be used if the project is not likely to change
Cost-reimbursement contract
Should be used if the project is likely to significantly change
CPFF
Cost Plus Fixed Fee
Cost Plus Fixed Fee
Seller reimbursed for all allowable costs and receives a fixed fee payment calculated as a % of the initial estimated project costs
CPIF
Cost Plus Incentive Fee
Cost Plus Incentive Fee
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
CPAF
Cost Plus Award Fee
Cost Plus Award Fee
Seller reimbursed for all allowable costs but the majority of the fee is earned on the satisfaction of broad subjective performance criteria
T&M
Time and materials contract
What are the tools and techniques to plan procurement management
Expert judgment, data gathering, data analysis, source selection analysis, meetings
What are the 6 methods of source selection analysis?
Least cost, qualifications only, quality based/highest technical proposal, quality and cost based, sole source, fixed budget
What are the outputs to plan procurement management
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
RFI
Request for information
RFQ
Request for quotation
RFP
Request for proposal
What are the inputs to conduct procurement?
Project management plan, project documents, procurement documentation, seller proposals, EEFs, OPAs
What is the SOW?
A document that provides the sellers with clearly stated goals, requirements, and outcomes from which they supply a quantifiable response
What is source selection criteria?
Describes how bidder proposals will be evaluated, including evaluation criteria and weights
What are the tools and techniques to conduct procurement?
Expert judgment, advertising, bidder conferences, data analysis, interpersonal and team skills
What is an interpersonal and team skill for procurement?
Negotiation
What are the outputs to conduct procurement?
Selected sellers, agreements, change requests, project management plan updates, project document updates, OPA updates
What are the inputs to control procurement?
Project management plan, project documents, agreements, procurement documentation, approved change requests, work performance data, EEFs, OPAs
What are the tools and techniques to control procurement?
Expert judgment, claims administration, data analysis, inspection, audits
Claims Request
When the seller and the buyer can not agree on the compensation for the change or can not agree that the change has occurred
What are the outputs to control procurement?
Closed procurement, work performance information, procurement document updates, change requests, project management plan updates, project document updates, OPA updates
