Midterm

Topics: Project management, Procurement, Contractual term Pages: 18 (4428 words) Published: June 22, 2014
 1.
Question :
(TCO 2) A firm should concentrate on its _____ processes while outsourcing its _____ processes.

 
Student Answer:

overhead, core
 

core, non-core
 

non-core, overhead
 

non-core, core

 
Instructor Explanation:
Page 2

 
Points Received:
5 of 5
 
Comments:

 2.
Question :
(TCO 5) To assess the impact of a contract on both the buyer and seller, an analysis of exposure can be completed. Categories analyzed in this exposure analysis include all of the following except: ______.

 
Student Answer:

terms with no quantifiable impact
 

key contract terms
 

significant contract terms
 

informational terms from the RFP

 
Instructor Explanation:
Page 112

(TCO 7) Issuing an RFP to only one vendor may be appropriate when: _____.

 
Student Answer:

the buyer does not have easy access to the information regarding certain vendors (sellers) that are interested in the work  

the buyer has no comparative data or pricing
 

the vendor is not flexible or competitive
 

the buyer is under considerable and real pressures to get the deal done

 
Instructor Explanation:
Textbook, page 33

 
Points Received:
5 of 5
 
Comments:

 4.
Question :
(TCO 6) The Term, Contracting Party, Integration, Retained Assets, and Performance Standards are all: _______.

 
Student Answer:

key terms to the Contract Pricing Options
 

key terms in a Cost Proposal
 

key terms in a Request for Information
 

key terms in the BPO Agreement
 
Instructor Explanation:
See Appendix 5.1 in Textbook

(TCO 3) What activities is the contract administrator responsible for in a contract situation? What about the project manager?

 
Student Answer:
 
Contract Managers Responsibilities include: • Contracts (various: including formal, short form, and annual contracts)—drafting, evaluation, negotiation and execution: — non-disclosure agreements, sales / purchasing agreements, sub-contracts, consulting agreements, licensing agreements, master agreements, review of customer proposed terms and conditions; — Distribution agreements (resellers, agents, joint marketing etc.); — Commercial and public (federal, state and local municipalities) contracting. • Serve as the point of contact for customers on contractual matters. Act as contractual “middleman” between company employees and customers, ensuring timely review and approval / reconciliation of variations. • On all standard and non-standard contracts, provide redlined recommendations and often negotiate directly with our customer’s attorneys or purchasing staff until consensus has been reached • Maintain contractual records and documentation, such as receipt and control of all contract correspondence, customer contact information sheets, contractual changes, status reports and other documents for all projects. • As needed, provide guidance on contract matters to project managers, including training to new project managers and other employees in contracting procedures. • Develop and implement procedures for contract management and administration in compliance with company policy. As appropriate, contribute to or influence company policies. • Monitor compliance by company employees with established procedures. • Work with risk management department to coordinate contractual insurance requirements. • Work with finance to ensure adherence to broader finance and risk requirements such as revenue recognition, pricing and discounting policies, export controls and so on. May include “financial engineering” and understanding / evaluating the economic impact of terms and term options. • Support product management/marketing to ensure company products and services are offered with appropriate, competitive terms and conditions. • Monitor competitive terms. Monitor customer satisfaction with our terms and conditions and contracting practices. Recommend changes. •...
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