Term
| From a buyer’s perspective, the seller's profit in a fixed price contract is |
|
Definition
|
|
Term
| Changes to the project schedule can be an output of this Procurement management process |
|
Definition
Administer Procurement Process
During this process the project manager is actually monitoring the seller’s performance. Based on that review, the project manager may decide that the schedule should be adjusted. |
|
|
Term
| One way to ensure that the seller is not padding profit into the costs on a cost plus fixed fee contract is to |
|
Definition
|
|
Term
| The project manager must evaluate the fee he is paying to a seller for a contract during this process or procurement management |
|
Definition
| Conduct procurement process |
|
|
Term
| Auditing the seller’s cost submittals occurs during this process of procurement managment |
|
Definition
|
|
Term
| Procurement audits occur in this process of procurement management |
|
Definition
|
|
Term
| Is this contracting environment, there is one procurement department, and a procurement manager may handle procurement on many projects |
|
Definition
| Centralized contracting environment |
|
|
Term
| Because they are part of a department that focuses on procurements, this type of contracting environment is thought to result in procurement managers with higher levels of expertise |
|
Definition
|
|
Term
| This type of contracting environment will provide its employees with continuous improvement, training, and shared lessons learned |
|
Definition
| Centralized contracting environment |
|
|
Term
| Standardized practices allow efficiency and help improve understanding in this type on contracting environment |
|
Definition
|
|
Term
| In this type of contracting environment, individuals have clearly defined career paths |
|
Definition
|
|
Term
| In this type of contracting environment, it may be more difficult for the project manager to obtain help when needed |
|
Definition
| Centralized contracting environment |
|
|
Term
| In this contracting environment, the project manager has easier access to contracting expertise because the procurement manager is part of the project team |
|
Definition
| Decentralized contracting environment |
|
|
Term
| In this contracting environment, the procurement manager has more loyalty to the project |
|
Definition
|
|
Term
| In this type of contract environment, there is no home for the procurement manager when the project is completed |
|
Definition
|
|
Term
| Under this type of contract, the seller is most concerned about the project’s scope |
|
Definition
|
|
Term
| In the plan procurements process, the RFP is considered to be one of these documents |
|
Definition
|
|
Term
| The manager creates RFP’s in this process of procurement management |
|
Definition
| Plan procurement management |
|
|
Term
| You are in a bind an need to secure a contractor quickly, you decide to use a contractor that you have had success with on a completely different contract. You should take this into account before you chose this contractor |
|
Definition
| A contractor’s success in completing one type of contract does not mean that the contractor has the qualifications to complete a completely different type of contract |
|
|
Term
| When proprietary data is involved, the make or buy analysis should sway toward |
|
Definition
|
|
Term
| Client's or customer's formal notice to a contractor to cease or hold work on a contract. If not followed by an order to resume work, it amounts to termination of the contract. |
|
Definition
|
|
Term
| When a seller is operating outside of the terms of a contract, this can be issue to temporarily halt work until the seller’s efforts are brought back inline. This method maintains the original contract and does not terminate it. |
|
Definition
|
|
Term
| During procurement management, if the seller has more expertise than the buyer, the procurement statement of work should describe these qualities of the deliverable as opposed to a complete list of work |
|
Definition
|
|
Term
| This type of contract is the riskiest for the buyer, because if the project costs are much higher than the original estimates, the buyer has to swallow them while the seller keeps getting paid |
|
Definition
|
|
Term
| This type of contract is the riskiest for the seller because there is one price no matter what happens. So if it turns out that there’s a lot more work than expected or the price of materials goes up, then the seller eats those costs. |
|
Definition
|
|
Term
| So if it turns out that there’s a lot more work than expected or the price of materials goes up, then the seller eats those costs in this type of contract |
|
Definition
|
|
