Project Procurement Management Notes PMBOK6 -Part 1

Free PMP Flashcards and Notes on Project Procurement Management of PMBOK6 Part 1

Card : 1

Define Seller

A provider or supplier of products, services, or results to an organization.

 

Card : 2

Define Buyer

The acquirer of products, services, or results for an organization

 

Card : 3

Define PROJECT PROCUREMENT MANAGEMENT process

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

 

Card : 4

Define Plan Procurement Management

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

 

Card : 5

Define Conduct Procurements process

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

 

Card : 6

Define Control Procurements process

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

 

Card : 7

Define Close Procurements process

The process of completing each project procurement.

 

Card : 8

What is Contract

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

 

Card : 9

What is Agreements

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.

 

Card : 10

Types of Market Structures

  • Monopoly
  • Oligopoly
  • Monopolistic Competition
  • Perfect Competition

 

Card : 11

Define Plan Procurement Management

Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers

 

Card : 12

What are inputs of Plan Procurement Management?

  • Project Management Plan
  • Requirements Documentation
  • Risk Register
  • Activity Resource Requirements
  • Project Schedule
  • Activity Cost Estimates
  • Stakeholder Register
  • Enterprise Environmental Factors
  • Organizational Process Assets

 

Card : 13

What is Fixed Price Contract

             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

 

Card : 14

What are Different Types of Fixed Price Contracts:

  1. Firm-Fixed-Price Contract (FFP)
  2. Fixed Price Incentive Fee Contract (FPIF)
  3. Fixed-Price with Economic Price Adjustment Contracts (FPEPA)

 

Card : 15

What is Firm-Fixed-Price Contract (FFP)

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

 

Card : 16

What is Fixed Price Incentive Fee Contract (FPIF)

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

 

Card : 17

What is Fixed-Price with Economic Price Adjustment Contracts (FPEPA)

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.

 

Card : 18

What is Cost-reimbursable Contract

The type of contract involving  payment to the seller for the seller’s  actual cost, plus a fee typically representing  sellers profit.

 

Card : 19

Different types of Cost Plus contracts

  • Cost Plus Fixed Fee (CPFF)
  • Cost Plus Incentive Fee (CPIF)
  • Cost Plus Award Fee (CPAF)

 

Card : 20

What is  Cost Plus Fixed Fee Contract (CPFF).

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)

 

Card : 21

What is Cost Plus Incentive Fee Contract (CPIF)

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.

 

Card : 22

What is Cost Plus Award Fee Contracts (CPAF).

                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

 

Card : 23

What is Time and Material Contracts (T&M)

hybrid contractual containing Fixed Price & Cost-reimbursable aspects

 

Card : 24

Tools and Techniques of Plan Procurement Management

  • Make-or-buy Analysis
  • Expert Judgment
  • Market Research
  • Meetings

 

Card : 25

What is Market Research

The process of gathering information at conferences, online reviews, and a variety of sources to identify market capabilities

 

Card : 26

What is Make-or-buy Analysis

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

 

Card : 27

What are output of Plan Procurement Management      

  1. Procurement Management Plan
  2. Procurement Statement Of Work
  3. Procurement Documents
  4. Source Selection Criteria
  5. Make-or-buy Decisions
  6. Change Requests
  7. Project Documents Updates

 

Card : 28

Define Procurement Management Plan

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

 

Card : 29

Define Procurement Statement Of Work

– Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results

 

Card : 30

Define Procurement Documents

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

 

Card : 31

What is Source Selection Criteria?

A set of attributes desired by the buyer, which a seller is required to meet, or exceed to be selected for a contract

 

Card : 32

What is Make-or-buy Decisions

Decisions made regarding the external purchase or internal manufacture of a product.

 

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