Project Procurement Management Notes PMBOK6 -Part 1
Free PMP Flashcards and Notes on Project Procurement Management of PMBOK6 Part 1
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A provider or supplier of products, services, or results to an organization.
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The acquirer of products, services, or results for an organization
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Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.
Organization can be seller or buyer
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The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers
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The process of obtaining seller responses, selecting a seller, and awarding a contract.
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The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate
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The process of completing each project procurement.
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A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it
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Any document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, etc.
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- Monopoly
- Oligopoly
- Monopolistic Competition
- Perfect Competition
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Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers
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- Project Management Plan
- Requirements Documentation
- Risk Register
- Activity Resource Requirements
- Project Schedule
- Activity Cost Estimates
- Stakeholder Register
- Enterprise Environmental Factors
- Organizational Process Assets
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An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it
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- Firm-Fixed-Price Contract (FFP)
- Fixed Price Incentive Fee Contract (FPIF)
- Fixed-Price with Economic Price Adjustment Contracts (FPEPA)
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A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs
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A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria
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A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.
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The type of contract involving payment to the seller for the seller’s actual cost, plus a fee typically representing sellers profit.
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- Cost Plus Fixed Fee (CPFF)
- Cost Plus Incentive Fee (CPIF)
- Cost Plus Award Fee (CPAF)
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A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable cost (allowable cost are defined by the contract) plus a fixed amount of profit (fee)
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A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable cost Íž(allowable cost are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
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A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit
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hybrid contractual containing Fixed Price & Cost-reimbursable aspects
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- Make-or-buy Analysis
- Expert Judgment
- Market Research
- Meetings
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The process of gathering information at conferences, online reviews, and a variety of sources to identify market capabilities
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The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product
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- Procurement Management Plan
- Procurement Statement Of Work
- Procurement Documents
- Source Selection Criteria
- Make-or-buy Decisions
- Change Requests
- Project Documents Updates
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A component of the project or program management plan that describes how a project team will acquire goods and services from outside the performing organization
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– Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results
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The documents utilized in bid and proposal activities, which include the buyers invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal, and seller’s responses
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A set of attributes desired by the buyer, which a seller is required to meet, or exceed to be selected for a contract
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Decisions made regarding the external purchase or internal manufacture of a product.
Related Notes And Flash Cards
Project Management Framework-Notes Part1
Role of Project Manager Part 1
Project Life Cycle and Project Phases Part 1
Project Integration Management Notes PMBOK6 -Part 1
Project Integration Management Notes PMBOK6 -Part 2
Project Scope Management Notes PMBOK6 -Part 1
Project Cost Management Notes PMBOK6 -Part 1
Project Cost Management Notes PMBOK6 -Part 2
Project Quality Management Notes PMBOK6 -Part 1
Project Procurement Management Notes PMBOK6 -Part 1
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