Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the purpose of the procurement management plan?
What is the purpose of the procurement management plan?
- To determine whether to build or buy a solution (correct)
- To document the project scope and requirements
- To manage the project team and stakeholders
- To outline the project schedule and budget
Which type of contract is where the client pays a fixed price regardless of the effort or time required?
Which type of contract is where the client pays a fixed price regardless of the effort or time required?
- Fixed-price contract (correct)
- Rental or leasing contract
- Time and materials contract
- Cost-reimbursable contract
How does a cost-reimbursable contract affect the profit of the contractor as the effort increases?
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 (correct)
- The contractor's profit increases as the effort increases
- The contractor's profit is unaffected by the effort
- The contractor's profit decreases as the effort increases
What is the main purpose of a make-or-buy analysis in procurement planning?
What is the main purpose of a make-or-buy analysis in procurement planning?
Signup and view all the answers
Which type of contract is where the client pays for the time spent and the materials used?
Which type of contract is where the client pays for the time spent and the materials used?
Signup and view all the answers
What is the first step in procurement management?
What is the first step in procurement management?
Signup and view all the answers
At what stage should you determine the types of contracts suitable for your project?
At what stage should you determine the types of contracts suitable for your project?
Signup and view all the answers
What is the purpose of the procurement management plan?
What is the purpose of the procurement management plan?
Signup and view all the answers
At what stage do you send out contract requirements to potential sellers?
At what stage do you send out contract requirements to potential sellers?
Signup and view all the answers
What is the final step in procurement management?
What is the final step in procurement management?
Signup and view all the answers
