A contract…
a. Is a legally-binding agreement signed by the buyer and seller
b. Obligates the seller to provide specific products, services, or results
c. Obligates the buyer to provide specific monetary or other consideration d. Defines such things as responsibilities, authority, technical and project
management approaches, financing, schedule, and payments.
e. All of the above are part of a contract
Project Procurement Management
- _ is the implementation method where the old system is shut down and the new system is turned on at an agreed upon date.
- The inability to switch vendors or reintegrate the outsourced activity is an example of the following common outsourcing mistake.
- Failure to include costs of searching for the vendor, writing the contract, or managing the vendor relationship are examples of the following common outsourcing mistake.
- Not actively managing the vendor could lead to the following common outsourcing mistake.
- Not retaining organization-specific knowledge is an example of the following common outsourcing mistake.
- Not establishing an appropriate balance of power between the client and vendor is an example of the following common outsourcing mistake.
- Performing due diligence to evaluate the financial strength of the vendor as a going concern helps protect against _
- Not verifying the prospective vendor’s qualifications as well as their experience and financial strength is an example of the following common outsourcing mistake.
- Outsourcing core business functions is an example of the following common outsourcing mistake.
- Which of the following is NOT a common outsourcing mistake?
- _ provides greater flexibility by allowing specific processes to be kept internal while allowing other processes to be outsourced.
- Which of the following approaches provides flexibility to choose which project processes and deliverables should be from external sources and which should be internal to the organization?
- Which of the following would an organization employ if an organization employ if all project products and services were from external sources?
- _ has caused a lot of controversy because of the perception that jobs within one country are replaced by lower wage jobs in another, leading to higher domestic unemployment.
- _ takes advantage of labor arbitrage by procuring a product or service from a company that operates in another country.
- Which of the following would an organization employ if it outsourced a particular business function or department like information technology, accounting, research and development?
- _ is when an organization turns over processes such as Accounting, Human Resources, or Research and Development to an outside organization that specializes in these processes.
- Which of the following would an organization employ if all project deliverables and activities were the responsibility of an internal project team?
- _ is the procurement of products or services from an external vendor, supplier, or manufacturer.
- Cost-plus-fee, cost-plus-fixed-fee, and cost-plus-incentive-fee are all types of a
- Under this type of contract, a payment or reimbursement is made to seller to cover the sellers direct and indirect costs along with an additional fee added on as a profit to the seller.
- A __ is when a consulting firm bills the client for developing an application based on the amount of time and cost of materials to complete the work.
- Under this type of contract, the buyer pays the seller for the time and materials required to complete the work and the unit rates are set.
- A _ is when a consulting firm develops an application for a client at a negotiated price.
- A type of contract where the fixed price is negotiated or set as the final price for a specific product or service describes a: