The contractual relationship is a legal relationship, which means it is subject to state and federal contract laws.
Make-or-buy analysis involves comparing the internal costs of providing a product with the cost of outsourcing.
Project procurement management consists primarily of two processes: assessing procurements and controlling procurements.
In an FPI contract, all of the risk is borne by the buyer.
A key factor in evaluating bids, particularly for projects involving information technology, is the past performance record of the bidder.
In project procurement management, a main output of the controlling process is a source selection criteria.
Risk registers and stakeholder registers are outputs of the planning procurement process.
All contracts should include specific clauses that take into account issues unique to the project.
While outsourcing, organizations should protect strategic information because it can become vulnerable in the hands of suppliers.
A single contract can include all three categories of contracts.
“Outsourcing to provide extra workers during periods of peak workloads can be much more economical than trying to fill entire projects with internal resources.” Which of the following advantages does this characteristic of outsourcing provide organizations?
Provides a company flexibility in staffing
In project procurement management, which of the following is one of the main outputs of the conducting procurement process?
A selected seller
A drawback of outsourcing is that:
it can make an organization become overly dependent on particular suppliers.
In project procurement management, the process of conducting procurements is part of the _____ process.
A(n) _____ contract carries the least risk for suppliers.
“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
In which of the following contracts does the buyer pay the supplier for allowable performance costs along with a predetermined percentage based on total costs?
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
A(n) _____ is a document used to solicit proposals from prospective suppliers
The procurement statements of work are an output of the _____ process of project procurement management.
With a(n) _____ contract, the buyer pays the supplier for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs.
Which of the following is true of lump-sum contracts?
They involve a fixed total price for a well-defined product or service.
“Most organizations are not in business to provide information technology services, yet many have spent valuable time and resources on information technology functions when they should have instead worked on important competencies such as marketing, customer service, and new product design. Outsourcing helps tackle this problem.” Which of the following benefits does outsourcing primarily provide in such a scenario?
Helps focus on an organization’s core business
From the buyer’s perspective, the _____ is the least desirable among all contracts because the supplier has no incentive to decrease costs.
Outputs of the _____ process consist of selected sellers and resource calendars.
The first step in project procurement management is:
planning procurement management.
Which of the following processes of project procurement management involves managing relationships with sellers, monitoring contract performance, and making changes as needed?
In project procurement management, an output of the _____ monitoring and controlling process.
In project procurement management, the process of _____ involves obtaining seller responses, selecting sellers, and awarding contracts.
Which of the following is an output of the contract closure process?
Updates to organizational process assets
In project procurement management, which of the following processes involve completion and settlement of each contract, including resolution of any open items?
In project procurement management, which of the following is an output of the executing process?
The _____ is a description of the work required for a procurement.
In project procurement management, the process of _____ involves determining what to procure, when, and how.
planning procurement management
In a(n) _____ contract, the buyer pays the supplier for allowable performance costs along with a predetermined fee and an incentive bonus.
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