Which of the following processes is included in the next process after procurement management planning? A contract __ presents the lowest risk to the buyer. T/F: With a REIT contract, the buyer bears all the risks. T/F: All contracts must include specific clauses that take into account the specific issues that are specific to the project. Once completed, the project is automatically added to the completion process group. T/F: In the unit price, the total value of the order is based on the quantities needed to complete the job. The results of the _____ process consist of selected sellers and resource calendars. In a ___ contract, the buyer pays the supplier the eligible performance costs as well as a predetermined royalty and an incentive premium. T/F: Buyers take less risk with refundable contracts than with fixed-price contracts. Exercise Describe the work that must be done during the conclusion of the contract. “Outsourcing to provide extra labor in times of high workload can be much more economical than trying to fill entire projects with in-house resources.” What are the following benefits that this outsourcing feature offers to organizations? T/F: Procurement audits are often conducted during contract closure to determine the knowledge gained throughout the procurement process. T/F: The fees in a CPFF contract vary constantly, even if the scope of a contract remains the same. T/F: Risk and stakeholder registers are the results of the procurement planning process.

In project procurement management, the ___ process is to determine what, when and how to obtain The source selection process is to evaluate vendors` proposals, select the best ones, negotiate and assign the ______. Which of the following processes in project procurement management involves the execution and execution of each contract, including the resolution of open items? When a statement of work is used in a contract to describe only the work required for that particular contract, it is referred to as a(n) ___. The process of selecting suppliers or sellers is called ______. Contract A(n) _____ contains a special provision for predefined final adjustments to the contract price due to changes in conditions such as inflation. The conclusion of the contract requires more records and must be more formal than is generally necessary for the conclusion of the administration in order to guarantee the protection of the legal interests of both parties. Think about it for the exam! Three types of refundable contracts include cost plus incentive fees, costs plus fixed fees, and ______. The costs for which the Contractor assumes overall responsibility for each additional dollar of contract costs are called a(n) _____. Tools used to sign a contract include procurement audits, ____ and a records management system. _____ refers to the process of acquiring goods and/or services from an external source. A(n) _____ is a contractual clause that allows the buyer or supplier to terminate the contract. Procurement service descriptions are the result of the _____ project procurement management process. This process consists of terminating all the loose purposes of the contract.

Be prepared to answer a maximum of six questions on this topic. Entering into the contract is part of the narrow project process described in the Integration section. Be sure to re-read this part of the Integration chapter while reading this section. T/F: In project procurement management, one of the main results of the control process is a source selection criterion. The contract should contain provisions to stop the work before it is completed. Termination may be for cause or for convenience. The buyer may terminate a contract for cause if the seller violates the contract (e.B does not provide). The buyer can also terminate the contract because he no longer wants to do the work (termination for convenience). It is rare to allow the seller to terminate a contract, but it may be suitable for some projects.

T/F: Project procurement management essentially consists of two processes: procurement evaluation and procurement control. Outsourcing providers can often provide economies of scale, especially for hardware and software that may not be available to the customer on their own. What are the following benefits to an organization? “The lack of qualified personnel is one of the main reasons why companies outsource. A project may require experts in a particular field for several months, and planning for this procurement ensures that the services needed for the project are available. “What are the following benefits that this outsourcing property of an organization offers? T/F: A single contract can include all three categories of contracts. _____ Contracts involve payment to the supplier of actual direct and indirect costs and often include fees. T/F: The contractual relationship is a legal relationship, that is, it is subject to state and federal contract laws. A ___ decision is a decision in which an organization decides whether it is in its best interest to manufacture certain products or provide certain services within the organization, or whether it is preferable to purchase them from an external organization. Which of the following results is one of the key outcomes of the procurement process in project procurement management? Now that you know a lot about procurement, test your knowledge by filling out the diagram below. Note the word “ACTIONS.” For the exam, you need to know, among other things, what to do at each stage and what the results are. T/F: If an organization does not need to purchase products or services outside the organization, it does not need to perform procurement management processes. All contracts must be concluded, regardless of the circumstances in which they cease, are terminated or concluded.

The closure brings added value to the fulfillment organization and the customer and should not be eliminated under any circumstances. You will see situational questions in the review that ask if the project is complete. The audit also questions the difference between the administrative conclusion and the conclusion of a contract. Which of the following project procurement management processes includes managing supplier relationships, monitoring contract execution, and making changes as needed? In project procurement management, the procurement execution process is part of the _____process. Exercise 2 Here is another exercise. You need to understand the role of the project manager in contracts to pass the exam. After reading this lesson, how would you describe the role of the project manager? Answer 2 _____ Management includes the processes required to purchase goods and services for a project outside the delivery organization. T/F: An FP-EPA contract carries the least risk for a supplier. A contract service description is a type of _____ statement that describes the work in such detail that potential suppliers can determine whether they can provide the necessary goods and services and determine a reasonable price. “Most companies are not in business to provide IT services, but many have devoted valuable time and resources to IT functions, although they should have instead worked on important skills such as marketing, customer service, and new product design. Outsourcing helps solve this problem. » What are the main advantages of outsourcing in such a scenario? T/F: The final procurement process includes updating records to reflect final results and archiving information for future use.

From the buyer`s point of view, _____ is the least desirable of all contracts, since the supplier has no incentive to reduce costs. _____ Contracts are a mix of fixed-price and refundable contracts. Exercise 1 Recreate the procurement management process, including expenses, in the following form. Review your answers to the content of this lesson when you are finished. Even with a reading of this course, you should get most of the promotions and expenses correctly. The second and third time you read the lesson, you should be almost 100% accurate. This exercise is about remembering important parts of procurement management, not memorizing. Create the chart three times and you should know it well enough for the exam. Here`s a trick to understand the process without memorizing the whole thing – just know the expenses! If a question describes an activity and that activity occurs after the quote is created and before the contract is signed, it must take place in the context of selected sellers.

If it takes place after the signing of the contract, but before the work is essentially completed, it must be carried out during the management of the contract. .