Project Procurement Management – PMBOK 5.0 | Lecturio
Über den Vortrag
Der Vortrag „Project Procurement Management – PMBOK 5.0 | Lecturio“ von Whizlabs Software ist Bestandteil des Kurses „Project Management Professional - Training“. Der Vortrag ist dabei in folgende Kapitel unterteilt:
- Introduction
- Plan Procurement Management
- Contract types
- Conduct Procurement
- Control Procurement
- Close Procurements
Quiz zum Vortrag
“Vendor conference” is held during which of the following processes?
- Conduct Procurements
- Plan Procurement Management
- Control Procurements
- Close Procurements
In which of the following contract types, the cost-risk is solely on the buyer?
- Cost Reimbursable
- Fixed Price
- Time & Material
- Purchase order
In which of the following contract types, the cost-risk is solely on the seller?
- Fixed Price
- Cost Reimbursable
- Time & Material
- Purchase order
We are facing frequent downtime with a particular application. The application maintenance team suspects that the problem is related to the infrastructure on which they don’t have much expertise. It has been decided to outsource the fixing job to another organization, which’d first identify the root cause of the frequent downtime and then would work to resolve the issue permanently. What’s the most suitable contract type in this scenario?
- Time & Material
- Cost Reimbursable
- Fixed Price
- Purchase order
The Project manager prepares a detailed “contract system of work” to be attached with the contract for a part of the project he’s accountable for. He also gets the SOW reviewed by the SMEs to ensure that there’s nothing amiss. This would be most applicable in case of which type of contract?
- FFP
- CPAF
- CPIF
- Time and Material
The completion date for the Project is moved up to six months earlier than planned, in order to launch the product ahead of a competitor. The project manager considers outsourcing the execution part of the project. What is the best suitable contract in this case?
- CPAF
- FFP
- CPIF
- Time and Material
Which of the following would you consider the least during a Make or Buy decision?
- Availability of suitable vendors in the market
- Existing Project Management Information Systems
- Cost to Quality
- Efforts needed to integrate Suppliers’ products with your product.
A procurement decision can be made considering which of the following risk response strategies?
- Transfer
- Mitigate
- Accept
- Avoid
You have engaged a contractor on a cost reimbursable basis. The quality of work has been good. However the bills raised by contractor are different from your earlier projections during the Contract finalization. Which of the following is the best action for the Project Manager?
- Switch to a FP contract whenever possible.
- Apply stringent audit process for completed deliverable.
- Scrutinize the bills raised by the contractor.
- Switch to a CPIF contract and motivate the contractor to cut cost.
You are providing a service to your customer under a contract. In between the contract, the buyer’s organization has intimated that it will not proceed ahead with the Project, due to some funding limitations. Which is the best course of action from your end?
- Review the termination clause in the contract.
- Perform Contract/Administrative closure
- Refer to the SOW for payment clauses.
- Perform Contract negotiations
You have entered into a FFP contract with a vendor, while you continue to observe the vendor’s performance under the contract. Which one of the following measures is less suitable during Control Procurements?
- EAC
- SPI
- Milestones achieved.
- SV
All work has been completed under a contract and the payments have been made by the buyer. The seller has contractually closed the project without documenting the lessons’ learnt. What’s the status of the project?
- Administrative closure pending
- Incomplete
- Complete
- Null & Void
What objective is met in a FPIF contract, that’s not met in FP contract?
- Synchronization of objectives
- Better quality of the product/services
- Schedule compression
- Cost saving
The primary objective of contract negotiation is to:
- Protect the relationship with the seller.
- Synchronization of objectives
- Obtain a fair price.
- Obtain maximum benefits out of the vendor.
“Make or Buy decisions” are taken as part of which of the following processes?
- Plan Procurement Management
- Conduct Procurements
- Control Procurements
- Close Procurements
In which contract type the project manager from the buyer’s side is most concerned about making sure that the costs charged are applicable to the project?
- Cost Reimbursable
- Fixed Price
- Time & Material
- Purchase order
You are trying to decide whether to lease an item for your project. The daily lease cost is $100. To purchase the item, the investment cost is $2,000 and the daily maintenance cost is $10. During the execution phase, this item would be required for 210 days. Is it a good option to buy the item or to lease the item?
- lease the item
- buy the item
- Can’t be determined
- The lease cost is same as purchase cost
The vendor has raised a number of paid change requests since a FFP contract was awarded to him. The project manager from the buyer’s side had originally considered these as part of the project. Which document, if created properly, would have avoided this situation?
- The contract SOW
- The Procurement management plan
- The project scope statement
- The Scope management plan
In case of a FP contract, the total profit for the seller is:
- Unknown till the end of the project
- Proportional to the number of days spent
- A fixed value as defined in the contract
- Always lower than the CPFF projects
In case of a T&M contract, the total profit for the seller is:
- Proportional to the number of days spent
- Unknown till the end of the project
- A fixed value as defined in the contract
- Always lower than the CPFF projects
Dozent des Vortrages Project Procurement Management – PMBOK 5.0 | Lecturio
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Auszüge aus dem Begleitmaterial
... - Must be involved in the creation of contracts. - Identify risks and incorporate mitigation and allocation of risks into the contract. - Fit the schedule for completion of the procurement process into the schedule for the project. - Be involved during contract negotiation. - Protect the integrity of the project to get the work done. - Protect the relationship with the seller. ...
.. A contract typically includes: - SOW - Schedule/period of performance - Roles and responsibilities - Pricing and payment criteria - Acceptance criteria - Warranty and product support clauses - Limitation of liability - Fees, penalty, incentive related clauses - Change request handling procedures - Payment procedures - Termination and dispute handling mechanism - The buyers must select the appropriate type of contract for what they are buying. Contract types: There are three different contract types to choose from, depending on the nature of the project being outsourced. - cost reimbursable contract - CPFF (cost plus fixed fee) - CPPC (cost plus percentage cost) - CPIF (cost plus incentive fee) ...
... If the project is completed sooner, the seller will receive an additional amount, say $10,000. CPAF (Cost plus award fee): Buyer will pay all costs plus an apportionment of bonus based on performance (similar to CPIF). Fixed price contract: In this type of a contract, one fixed price is agreed for all the work. Buyer has least cost risk and risk of cost going higher is borne by the seller. This type is most appropriate if buyer can describe complete scope of work. ...
... - States if independent estimates will be used during proposal evaluation. Also includes: - The reporting requirements vis-à-vis procurement department ...
... When proposals from multiple vendors are received, evaluation criteria are applied to select the most suitable vendor of the lot. Evaluation criteria are used to score the proposals and may be subjective or objective in nature. It can be limited to price if the procurement item is readily available. ...
... - Watch for seller charges that were not part of the original plan. - Re-estimate the cost of the project. Time & Material Contract: - Provide day-to-day direction to the seller. - Attempt to get concrete deliverables. - Make sure the number of hours spent on work is reasonable. - Watch for situations when switching to a different form of contract makes sense. ...
... Contract closure is done when a contract ends or when a contract is terminated before the work is completed. There are two types of the closure procedures. ..
