Exam 12: Project Procurement Management

With a(n)____ contract,the buyer pays the supplier for allowable performance costs along with a predetermined percentage based on total costs.

Selecting suppliers or sellers,often called ____________________ selection,involves evaluating proposals or bids from sellers,choosing the best one,negotiating the contract,and awarding the contract.

There are ____ main processes of project procurement management.

____ involves completion and settlement of each contract,including resolution of any open items.

An October 2005 Information Technology Association of America (ITAA)-sponsored report stated that spending for global sources of computer software and services is expected to grow at a compound annual rate of about ____ percent.

A(n)____________________ is a contract clause that allows the buyer or supplier to end the contract.

A well-written ____________________-a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them-can clarify responsibilities and sharpen focus on key deliverables of a project.

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.

Many companies are realizing that they can use offshore outsourcing and create more jobs at home.

____ involves determining what to procure,when,and how.

____ involves obtaining seller responses,selecting sellers,and awarding contracts.

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.

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

With a(n)____ contract,the buyer pays the supplier for allowable performance costs along with a predetermined fee and an incentive bonus.

______________________________ includes the processes required to acquire goods and services for a project from outside the performing organization.

The term "e-procurement" often describes various procurement functions that are now done electronically.

Contents of the procurement management plan will vary with project needs.

____________________ can be used in various types of contracts to require the buyer to pay the supplier a predetermined amount per unit of product or service.

What is a SOW? What is a contract SOW?

What are four reasons that many companies are turning to outsourcing?