Procurement Management Process Overview

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What is the purpose of the procurement management plan?

To determine whether to build or buy a solution

Which type of contract is where the client pays a fixed price regardless of the effort or time required?

Fixed-price contract

How does a cost-reimbursable contract affect the profit of the contractor as the effort increases?

The contractor's profit stays the same as the effort increases

What is the main purpose of a make-or-buy analysis in procurement planning?

To evaluate the cost of building versus buying a solution

Which type of contract is where the client pays for the time spent and the materials used?

Time and materials contract

What is the first step in procurement management?

Planning what needs to be contracted

At what stage should you determine the types of contracts suitable for your project?

During the project planning phase

What is the purpose of the procurement management plan?

To detail how the procurement process will be managed

At what stage do you send out contract requirements to potential sellers?

After the procurement management plan is created

What is the final step in procurement management?

Closing out the contract and completing paperwork

Learn about the logical order of steps in procurement management, from planning the contract needs to monitoring performance and closing out the contract. Click play on the audio player to listen along as you read this section.

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