RMC Hot Topics 9th Edition Flashcards - Procurement Management: 1-10

1
Q

What is the process of procurement management?

A

Plan Procurement Management

Conduct Procurements

Control Procurements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the inputs to the Plan Procurement Management process?

A

Project charter

Business documents

Project management plan

Project documents:

  • Project team assignments
  • Requirements documentation
  • Resource requirements
  • Risk register
  • Stakeholder register

Enterprise environmental factors

Organizational process assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the key outputs of the Plan Procurement Management process?

A

Procurement management plan

Procurement strategy

Procurement statement of work

Source selection criteria

Make-or-buy decisions

Bid documents

Independent cost estimates

Change requests

Project document updates

Organizational process assets updates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the key outputs of the Conduct Procurements process

A

Selected sellers

Agreements

Change requests

Project management plan updates

Project documents updates

Organizational process assets updates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the key outputs of the Control Procurement process?

A

Closed procurements

Procurement documentation updates

Work performance information

Change requests

Project management plan updates

Project document updates

Organizational process assets updates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is in an agreement?

What is a contract?

A

Agreement: A document or communication that outlines the internal or external relationships and their intentions.

Contract: A type of written or verbal agreement, typically created with an external entity, where there is some exchange of goods or services for some type of compensation (usually monetary); a contract forms the legal relationship between the entities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is the difference between centralized and decentralized contracting?

A

Centralized: There is one procurement department, and the procurement manager handles procurements for many projects.

Decentralized: There is no procurement department or procurement manager assigned, and the project manager may be responsible for the plan, as well as conducting and monitoring work on all procurements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the advantages and disadvantages of centralized contracting?

A

Advantages:

  • Higher level of procurement expert expertise
  • Standardized practices provide eficiency
  • Clear career path in procurement management
  • Continuous improvement, trading, and shared lessons learned

Disadvantages:

  • Procurement manager’s attention is divided among many projects
  • More difficult for the project manager to obtain contracting help when needed
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Described the project manager’s role in procurement.

A

Make sure the contract contains all the scope of work and project management requirements

Incorporate mitigation and allocation of risks into contract

Being involved during contract negotiations to protect the relationship with seller

Protect the integrity of the project and the ability to get the work done

Understand what contract terms and conditions means so you can read and understand contracts

Work with procurement department to manage changes to the contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a qualified seller list?

What is a seller proposal for price quote?

A

Qualified seller list: A list of sellers that have been preapproved

Seller proposal: A seller’s response to the bid document that represents an official offer from the seller; a proposal is usually the response to a request for proposal (RFP); a quote is usually the response to a request for quote (RFQ)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly