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Questions and Answers
What is a primary objective of effective procurement practices?
What is a primary objective of effective procurement practices?
What distinguishes the Corporate Procurement Strategy from the Project Procurement Strategy?
What distinguishes the Corporate Procurement Strategy from the Project Procurement Strategy?
What is a vital component of the procurement plan?
What is a vital component of the procurement plan?
What is the primary purpose of developing a procurement plan?
What is the primary purpose of developing a procurement plan?
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Which item is part of the procurement planning process?
Which item is part of the procurement planning process?
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Which responsibility involves defining project goals and timelines?
Which responsibility involves defining project goals and timelines?
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What typically occurs in centralized procurement?
What typically occurs in centralized procurement?
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What does the Make or Buy Analysis help determine?
What does the Make or Buy Analysis help determine?
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What is included in life-cycle costing?
What is included in life-cycle costing?
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What does risk management involve in a project manager's responsibilities?
What does risk management involve in a project manager's responsibilities?
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What is the purpose of the Work Breakdown Structure (WBS) Dictionary?
What is the purpose of the Work Breakdown Structure (WBS) Dictionary?
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Which factor is NOT typically associated with effective procurement practices?
Which factor is NOT typically associated with effective procurement practices?
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What is a key aspect of qualified sellers identification?
What is a key aspect of qualified sellers identification?
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Why is stakeholder communication important in project management?
Why is stakeholder communication important in project management?
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What role does cost estimating play in the procurement process?
What role does cost estimating play in the procurement process?
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Which statement about source selection criteria is true?
Which statement about source selection criteria is true?
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What can complicate team dynamics when team members have conflicting professional objectives?
What can complicate team dynamics when team members have conflicting professional objectives?
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Which of the following describes the impact of unclear project objectives?
Which of the following describes the impact of unclear project objectives?
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What is a significant complication faced by project workers in terms of performance evaluation?
What is a significant complication faced by project workers in terms of performance evaluation?
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What challenge arises when rewarding project workers?
What challenge arises when rewarding project workers?
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Why may bonus pay create issues within a project team?
Why may bonus pay create issues within a project team?
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What typically characterizes the job roles of project workers?
What typically characterizes the job roles of project workers?
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What issue arises from project workers often working away from home?
What issue arises from project workers often working away from home?
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What is a major barrier to project team development related to role conflicts?
What is a major barrier to project team development related to role conflicts?
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What is a key reason for ensuring accuracy and clarity in project specifications?
What is a key reason for ensuring accuracy and clarity in project specifications?
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Which component is often included as part of the Statement of Work (SOW)?
Which component is often included as part of the Statement of Work (SOW)?
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What role do external agencies play in evaluating technical proposals?
What role do external agencies play in evaluating technical proposals?
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Which of the following is NOT a part of the continuous risk management process?
Which of the following is NOT a part of the continuous risk management process?
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What can result from outdated specifications in government programs?
What can result from outdated specifications in government programs?
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What should be included in a proposal if specifications are not necessary?
What should be included in a proposal if specifications are not necessary?
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In risk management, what does the step of analyzing risks involve?
In risk management, what does the step of analyzing risks involve?
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What is the purpose of developing risk responses in project management?
What is the purpose of developing risk responses in project management?
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What is the primary purpose of a management reserve in a project budget?
What is the primary purpose of a management reserve in a project budget?
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How does the management reserve differ from the distributed budget?
How does the management reserve differ from the distributed budget?
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What could be a consequence of failing to establish authority in project management?
What could be a consequence of failing to establish authority in project management?
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Which of the following is NOT a common source of power problems in project environments?
Which of the following is NOT a common source of power problems in project environments?
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What should a project budget be based on?
What should a project budget be based on?
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Which component is essential for tracing the elements of the project budget?
Which component is essential for tracing the elements of the project budget?
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What is one of the key responsibilities of the project office?
What is one of the key responsibilities of the project office?
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Which of the following statements about the planning cycle of a project budget is true?
Which of the following statements about the planning cycle of a project budget is true?
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What is the primary focus of the planning phase in project management?
What is the primary focus of the planning phase in project management?
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Which phase directly involves carrying out the actual work of the project?
Which phase directly involves carrying out the actual work of the project?
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What is a critical function of the project office?
What is a critical function of the project office?
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During which phase is the project's outcomes tested to ensure they meet specifications?
During which phase is the project's outcomes tested to ensure they meet specifications?
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How does the project office help in maintaining compliance with contractual obligations?
How does the project office help in maintaining compliance with contractual obligations?
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What must occur after successful testing of a project?
What must occur after successful testing of a project?
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Which phase involves in-depth preparation, including resource plans and detailed planning?
Which phase involves in-depth preparation, including resource plans and detailed planning?
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Study Notes
Project Management
- Matrix organizational structure combines functional and product structures, suitable for project-driven companies.
- Project managers report to vice presidents and general managers, responsible for project success.
- Mandatory information sharing, team decision-making, and participant dedication are crucial.
- Effective conflict resolution methods are needed, ensuring synergy through shared responsibilities.
Project Management Skills
- Team building, leadership, conflict resolution, technical expertise, planning, organization, entrepreneurship, administration, and management support.
- Effective resource allocation is essential for optimal results.
Project Team Development Barriers
- Differing outlooks, priorities, and interests of team members, particularly when involving multiple support organizations.
- Role conflicts, ambiguity within the team and external support groups.
- Unclear project objectives, potentially leading to conflict and power struggles.
Financial Compensation and Rewards
- Project workers may require unique compensation due to dual reporting and difficulty measuring performance.
- Consider job role, dual reporting, and difficulty in measuring performance.
Procurement
- Corporate procurement strategy links specific actions to the company's overall strategy, often using centralized decisions for standardization.
- Project procurement strategy focuses on specific project needs, sometimes allowing direct procurement by the project manager.
- Procurement plan outlines requirements, timing, and how purchases will be made.
Procurement Planning Process
- Define goods and services required.
- Develop procurement documents (statements of work, specifications).
- Prepare WBS dictionary for detailed information.
- Make or buy analysis.
- Determine major milestones and schedule.
- Estimate costs and life-cycle costs, considering procurement.
- Find qualified vendors who meet project requirements.
- Determine criteria for selecting vendors and suppliers.
- Identify and prepare a risk register.
Project Manager Responsibilities
- Project planning and scheduling.
- Team leadership and management.
- Budgeting and resource allocation.
- Risk management.
- Stakeholder communication and reporting.
Conflict Resolution Modes
- Confronting (Collaborating): Face-to-face meetings to work through disagreements. Focuses on problem-solving.
- Compromising: 'Give and take' approach, suitable when both sides need concessions.
- Smoothing (Accommodating): Emphasizes agreement to reduce conflict's emotional aspects.
- Forcing (Competing): Imposing a solution; suitable in high-stakes or time-sensitive situations.
- Avoiding (Withdrawing): Sidestepping conflict; appropriate for low-stakes or early-stage disagreements.
Best Practice Considerations
- Sharing knowledge internally (intranet) or selectively (proprietary information).
- Advertising best practices to customers.
- Best practices relate to competitive advantages.
Project Life Cycles
- Conceptualization (defining problem and solutions).
- Feasibility (assessing technical viability).
- Preliminary planning (defining objectives, scope).
- Detailed planning (schedules, budgets).
- Execution (work implementation).
Time Robbers
- Incomplete work, poor communication, inadequate authority, waiting, information, day-to-day, union grievances, casual conversations, misplaced information, shifting priorities, indecision, procrastination.
Project Office Need
- Centralized information hub, internal control, customer reporting, control of time, cost, and performance, documentation, contractual compliance.
Project Budget
- Reasonable, attainable budget based on contractually negotiated costs and statement of work (SOW).
- Budget "log" for traceability.
- Management reserve for unforeseen problems.
Project Manager Authority
- Establishing authority is necessary for effective project management.
- Poor communication, misleading information, antagonism, poor working relationships are consequences of failing to demonstrate leadership and create clear communication channels.
Project Management in Mega vs. Small Projects
- Small companies: project manager often wears multiple hats, multiple projects, limited resources, interpersonal skills, direct communication channels.
- Mega projects: dedicated project managers, singular focus on one project, greater access to resources, communication may be more complex.
Monitoring and Controlling of Risks
- Planning risk response strategies.
- Identifying potential risks.
- Analyzing risks (probability and impact).
- Developing risk responses.
- Monitoring identified risks and responses.
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Description
Test your knowledge on effective procurement practices and their strategic importance in project management. This quiz covers key concepts including procurement planning, risk management, and stakeholder communication. Perfect for students and professionals in project management and procurement fields.
