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Introducing Project Procurement Management - Definitions Project Procurement Management

6 important questions on Introducing Project Procurement Management - Definitions Project Procurement Management

Contract change control system

Defines the procedures for how contracts may be changed. Includes the paperwork, tracking, conditions, dispute resolution procedures, and procedures for getting the changes approved within the performing organization.

Cost plus award fee

This contract requires the buyer to pay for all the project costs and give the seller an award fee based on the project performance, meeting certain project criteria, or meeting other goals established by the buyer. The award fee can be tied to any factor the buyer determines, and the factor doesn't have to be exact.

Fixed price with economic price adjustment contract

A contract for long-term projects that may span years to complete the project work. The contract does define a fixed price, with caveats for special categories of price fluctuation.

Make-or-buy analysis

Used in determining what part of the project scope to make and what part to purchase.

Procurement management plan

This subsidies project plan documents the decisions made in the procurement planning process. It specifies how the remaining procurement activities will be managed.

Qualified seller list

The performing organization may have lists of qualified sellers, preferred sellers, or approved sellers. The qualified sellers list generally includes contact information, history of past experience with the seller, and other pertinent information.

The question on the page originate from the summary of the following study material:

PMP - project management professional study guide | 9780071775915 | Joseph Phillips

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