proj 598 quizz

Topics: Project management, Procurement, Fixed price Pages: 3 (821 words) Published: May 31, 2014
Proj 598 Quiz Mohammad Week3

Week 3 : Types of Contracts - Quiz

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Question 1. 1. (TCO B) All of the below would be considered good selection criteria for a buyer to use to select a seller, except (Points : 10)        managerial approach of seller, capacity of seller to do the work, and buyer’s ability to create a WBS.        proprietary rights of buyer, life cycle cost of product, and warrantee offered by seller.        past work done by seller, intellectual property rights, and references associated with a given seller.        technical capability of seller, understanding of work by seller, and business type of seller.

Question 2. 2. (TCO A) According to the PMBOK® Guide, there are four processes in the procurement area. Describe and explain these four processes in the procurement management process for the buyer. (Points : 30)       

      1)Plan Procurement Management: This is simply the process of all the decisions that are made in project procurement in which all approach specifications and all potential sellers are documented. 2)Conduct Procurements: This is simply the process of getting and obtaining all the sellers responses and selecting the best one that the best could help our project. Here the contract is being awarded as well. 3)Control Procurements: This basically is the process of managing the procurement relationships and monitoring all the activities and contract performances to see if there is a need for any changes or correction in the contract. 4)Close Procurements: This is the process of completing each project procurement according the way they were planned.

All these four process interact with each other and with other process in other knowledge areas in a project.

Question 3. 3. (TCO C) Compare and contrast a firm fixed-price contract to a time and materials contract. When would each be appropriate for a given project? (Points : 30)       
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