Chapter 12: Project Procurement Management Part 2
Terms in this set (20)
"A shortage of qualified personnel is one of the main reason that companies outsource. A project may require experts in a particular field for several months and planning for this procurement ensures that the needed services will be available for the project." Which of the following benefits does this characteristic of outsourcing provide an organization?
Provides access to specific skills
Buyers absorb lesser risk with cost-reimbursable contracts than they do with fixed-price contracts
Make-or-buy analysis involves comparing the internal costs of providing a product with the cost of outsourcing
The contractual relationship is a legal relationship, which means it is subject to state and federal contract laws
Reviewing performance records reduce the risk of selecting supplier with a poor track record
Which of the following is true of lump-sum contracts?
They involve a fixed total price for a well-defined product or service
All contracts should include specific clauses that take into account issues unique to the project
The _____ is a description of the work required for a procurement
In project procurement management, the process of conducting procurements is part of the _____ process
In project procurement management, which of the following is an output of the executing process
In project procurement management, a main output of the controlling process is a source selection criteria
A _____ is a document used to solicit proposals from prospective suppliers
Outsourcing suppliers can often provide economies of scale, especially for hardware and software, that may not be available to the client alone. Which of the following benefits does this offer an organization?
Reduction in fixed and recurrent costs
If an organization has no need to buy any products or services from outside the organization, then it has no need to perform any of the procurement management process
In project procurement management, which of the following is one of the main outputs of the conducting procurement process
A selected seller
In project procurement management, which of the following process involve completion and settlement of each contract, including resolutions of any open items?
_____ contracts involve payment to the supplier for direct and indirect actual costs and often included fees
Outputs of the _____ process consist of selected sellers and resource calenders
In a FPI contract, all of the risk is borne by the buyer
A document used to solicit quotes or bids from prospective suppliers is know as a _____
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