Project Procurement Management Quiz

Means acquiring goods and/or services from an outside source

Is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them

Acquiring goods and services for a project from outside the performing organization

General management technique used to determine whether an organization should make or perform a particular product or service inside the organization or buy from someone else

Type of contract were it involves a fixed total price for a well-defined product or service

Involve payment to the seller for direct and indirect costs

Hybrid of both fixed price and cost reimbursable contracts, often used by consultants

Require the buyer to pay the seller a predetermined amount per unit of service

Is the cost at which the contractor assumes total responsibility for each additional dollar of contract cost

The buyer pays the supplier for allowable performance costs plus a predetermined fee and an incentive bonus

The buyer pays the supplier for allowable performance costs plus a fixed fee payment usually based on a percentage of estimated costs

The buyer pays the supplier for allowable performance costs plus a predetermined percentage based on total costs

Is a description of the work required for the procurement

Used to solicit proposals from prospective sellers

Used to solicit quotes or bids from prospective suppliers

Is a document prepared by sellers providing pricing for standard items that have been clearly defined by the buyer