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Procurement Management Flashcards

7 cards from real PMP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Procurement Management flashcards as text

  1. Which procurement document is MOST appropriate when the buyer wants vendors to propose innovative solutions?

    Answer: Request for Proposal (RFP)

    An RFP allows vendors to propose their own approach and solution, making it ideal when innovation and technical approach matter more than just price.

  2. A project manager is closing a contract and discovers the vendor met all deliverables but a key stakeholder is dissatisfied. What should the project manager do?

    Answer: Close the contract since requirements were met, then address satisfaction through lessons learned

    If contractual obligations were met, the contract should be formally closed; stakeholder satisfaction issues should be documented in lessons learned for future procurements.

  3. What distinguishes a Firm Fixed Price (FFP) contract from a Fixed Price with Economic Price Adjustment (FP-EPA)?

    Answer: FP-EPA includes pre-defined adjustments for inflation or economic conditions over long contract periods

    FP-EPA contracts include pre-defined clauses that allow price adjustments based on external economic factors, useful for multi-year contracts.

  4. A project manager discovers a potential conflict of interest when a team member evaluating proposals has a personal relationship with one of the vendors. What is the BEST course of action?

    Answer: Remove the team member from the evaluation process and document the action

    Removing the team member from evaluation and documenting the conflict of interest protects procurement integrity and is the most direct corrective action.

  5. Which process involves tracking contract performance, making payments, and managing changes to ensure both buyer and seller meet obligations?

    Answer: Control Procurements

    Control Procurements monitors contract performance, processes payments, manages changes, and ensures both parties fulfill their obligations.

  6. A vendor claims they are entitled to additional payment because the project manager's instructions caused a delay. The vendor's claim is submitted in writing. This is known as:

    Answer: A constructive change

    A constructive change occurs when buyer actions or instructions (even informal) cause the seller to perform work beyond the contract scope, entitling them to additional compensation.

  7. In an Agile procurement environment, which approach is MOST commonly used to engage vendors?

    Answer: Time and Material contracts with defined sprints and outcomes

    T&M contracts with sprint-based delivery align with Agile's iterative nature, providing flexibility while maintaining defined outcomes per iteration.