Reference no: EM131253240

1. Why are the project schedule and the project budget inputs of plan procurement?

2. A seller's financial capacity is often one of the buyer's selection criteria. Why is this an important consideration for a buyer?

3. Which has more cost risk to the seller, a fixed-price contract or a cost-reimbursable contract? Why? How might that risk be mitigated?

4. Describe the typical work relationship between a project manager and a contract manager.

5. You have been assigned the task of creating an RFP. Your project sponsor insists you do market research before writing the procurement SOW. How might this market research contribute to the procurement SOW?

6. You have received back the bid proposals from prospective sellers. You are ready for source selection. What is source selection, and why is it important?

7. What are the five ways that a contract can end? Please provide an example of each.

Essay questions

8. According to the PMBOK® Guide, there are four processes in the procurement area. Describe and explain these four processes in the procurement management process from the buyer perspective.

9. You are a project manager at a bidder's meeting. One of the potential sellers asks you a question concerning the project in the hallway leading to the meeting room. Can you answer this question for the seller? What would be your concern if you did answer the question?

10. Fixed-price, cost-reimbursable, and time and material contracts are all potential agreements that could be reached between organizations. Describe each type of contract, and explain the range of risk for each of these types of contracts.

11. You are reviewing procurement models and you notice that there are three types of procurement statements of work. What are the three types of procurement statements of work? When is each appropriate for a given contract?

12. Explain whether procurement documents should be rigorous, flexible, or a combination of the two, and justify your answer.

13. You are the project manager for a major IT project. You believe your contractor in a fixed-price contract is behind schedule. You decide to do an unannounced inspection of the work of the seller on the job site. Would you legally be permitted to do an unannounced inspection of the seller's work?

14. Describe a memorandum of understanding and letter of intent.

15. Under U.S. and international law, all contracts must contain five elements or satisfy five requirements. List and explain each of these five elements.