Project Procurement Management Flashcards
7 cards from real CAPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Project Procurement Management flashcards as text
Which of the following is NOT an input to the Plan Procurement Management process?
Answer: Selected Sellers
Selected Sellers is an output of the Conduct Procurements process, not an input to Plan Procurement Management.
In procurement management, what is a 'Make-or-Buy Analysis'?
Answer: A process of deciding whether project work should be done internally or outsourced to external vendors
Make-or-Buy Analysis determines whether it is more beneficial and cost-effective for the project team to do the work themselves or to procure it from an outside source.
What is the primary difference between a Fixed Price Incentive Fee (FPIF) contract and a Firm Fixed Price (FFP) contract?
Answer: FPIF contracts include performance incentives that can adjust the final price, while FFP has a single fixed price
FPIF contracts have a fixed ceiling price but include performance targets; meeting or exceeding targets adjusts the final fee within the fixed ceiling.
Which procurement document is BEST used when the buyer wants sellers to propose creative solutions to a problem?
Answer: Request for Proposal (RFP)
An RFP is used when the buyer needs sellers to propose solutions, as it evaluates approach and methodology in addition to price.
What is 'Procurement Audit' as used in the Close Procurements process?
Answer: A structured review of the procurement process to identify lessons learned and improve future procurements
A procurement audit is a structured review of the entire procurement process from planning through control, capturing lessons learned for future projects.
What is the Point of Total Assumption (PTA) in a Fixed Price Incentive Fee (FPIF) contract?
Answer: The cost point above which the seller assumes all additional cost overruns without additional compensation
The PTA is the cost level beyond which the seller bears 100% of additional costs because the contract price is capped at the ceiling price.
A project manager discovers that a vendor is consistently delivering materials two days late, causing schedule delays. Which Control Procurements tool should be used first?
Answer: Performance Reviews
Performance Reviews compare actual vendor delivery performance against the contract requirements to identify variances and trigger corrective actions.