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PMP Chapter 12

QuestionAnswer
Procurement of risky activities is known as (BLANK). Transference
Contracts can be used as a (BLANK) tool. Risk mitigation
An offer has two parts. What are they? An Offer and Consideration
The WBS & WBS dictionary can help during procurement as it exposes the deliverables and hence all the items needed to create them. Additionally, the (BLANK) can be helpful as it defines the work and requirements. The project scope statement.
Modifications to an existing contract should be processed through the (BLANK). Change Control System
The US backs all contracts through the (BLANK) Court system
A form of unilateral contract is a (BLANK) Purchase Order
The purpose of a contract is to distribute between buyer and seller a reasonable amount of (BLANK) Risk
(BLANK) describes the confidential nature of a contractual agreement between buyer and seller. Privity
True or False - The highest risk of the cost-reimbursable contracts is Cost Plus Fixed Fee. False - The highest risk is the Cost Plus Percentage of Costs
In a (BLANK) contract the seller assumes total cost of any overruns. Lump Sum
These types of contracts are also known as unit price contracts. Many have a "not to exceed" clause to protect the buyer in the case of an overrun Time & Materials Contract
The SOW or Statement of Work is developed from the (BLANK) The scope baseline
What is the make or buy formula? Up Front Cost "Buy" - Up Front Cost Make / Monthy Cost "Buy" - Monthly Cost "Make" = Hours
(BLANK) is communication stating the buyers intent of purchasing from the seller. Letter of Intent
(BLANK) is a sealed request that lists the seller's firm price to complete detailed work. An Invitation for Bid (IFB)
What is the intent of procurement documents? To detail the requirements for work and to ensure complete proposals from sellers.
In which process group does vendor selection occur? Executing
This type of contract is used in stopgap situations. It permits a seller to begin prior to a formal contract being agreed to. Letter contract
Also known as "act of God" or "superior force" (BLANK) is a risk that a project manager has little to no control over. Force Majeure
True or False - when a project scope is fulfilled, the project work is done. True
Created by: lapetti