Exam 12: Project Procurement Management

 The process of choosing suppliers or sellers is known as _____.

 In project procurement management, a main output of controlling procurements is a source selection criteria.

 A(n) _____ type of e-procurement that sends requests for information and prices to suppliers and receives the response of suppliers using Internet technology.

 Project procurement management consists primarily of two processes: assessing procurements and controlling procurements.

 A(n) _____ is a document used to solicit proposals from prospective suppliers.

 _____ contracts are a hybrid of fixed-price and cost-reimbursable contracts.

 A(n) _____ system provides the ability to easily organize, find, and archive procurement-related documents.

 _____ contracts involve payment to the supplier for direct and indirect actual costs and often include fees.

 Controlling procurement also involves _____, which is sometimes referred to as contract closure.

 In project procurement management, which process involves obtaining seller responses, selecting sellers, and awarding contracts?

 In project procurement management, obtaining seller responses, selecting sellers, and awarding contracts is part of the _____ process.

 The procurement statements of work are an output of the _____ process of project procurement management.

 _____ refers to the process of acquiring goods and/or services from an outside source.

 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 processes.

 The closing procurements process involves updating records to reflect final results and archiving information for future use.

 Reviewing performance records reduces the risk of selecting a supplier with a poor track record.

 A key factor in evaluating bids, particularly for projects involving information technology, is the past performance record of the bidder.

 A(n) _____ decision is one in which an organization decides if it is in its best interests to make certain products or perform certain services inside the organization, or if it is better to buy them from an outside organization.

 Outsourcing suppliers can often provide economies of scale, especially for hardware and software, that may not be available to the client alone. Which benefit does this offer an organization?

 A contract statement of work is a type of _____ statement that describes the work in sufficient detail to allow prospective suppliers to determine if they can provide the required goods and services and to determine an appropriate price.