Procurement Knowledge Area

  1. advertising
    is a technique whereby the buyer publishes requirements in a newspaper, trade publication or the internet. Municipalities or government entities traditionally publish or post pending contracts to ensure that the general public is made aware of an opportunity to bid
  2. analytical techniques
    is a project management tool (EXAMPLE- Benefit Measurement Methods, Three-Point Estimates, etc.) encompassing various methods that are used to thoroughly assess different aspects of a project like stakeholder engagement levels
  3. artifacts
    are previous project documents that were archived for future reference. Documents include contracts, invoices, bills, project plans, meeting minutes, lessons learned, peer reviews and all organizational process assets pertaining to the project
  4. bidder?s conference
    permits the project team to identify prospective sellers and confer with them details pertaining to the project. This conference or ?walkthrough? ensures that all potential bidders receive the same information and clarity on the seller?s expectations
  5. bidders
    are typically more than one organization that can provide similar products and services that have a vested interest in entering into a contractual arrangement with the buyer
  6. build vs. buy vs. lease decision
    is a decision to make or develop a component of a project as compared to outright purchasing, licensing, leasing, or procuring the component can be thought of as a very simple decision to make
  7. change requests
    are part of the formal written process of making a minor or major change to project areas. Without these documents, a change cannot be implemented to any part of the project
  8. Close Procurement
    is a procurement process that takes place at the completion of each project procurement activities
  9. Conduct Procurements
    incorporate risk management to ensure that resources required for the project are readily available when needed
  10. Conduct Procurements process
    covers the acquisition of seller responses to proposals, selecting the service provider and developing a contract for the services required of the project
  11. Contract Change Control System
    is typically a system that is managed outside the PMO and is administered by either a vendor management organization or a group that administers contracts for the organization, such as a legal department. This system incorporates paperwork and project artifacts relative to requirements defined by the project, it can include tracking capabilities, dispute resolution, processes and procedures and review and approval details required for authorizing changes to a contract
  12. contracts
    represent binding agreements that obligate a seller to provide products and services, which are of value to the buyer
  13. Control Procurement
    pertains to managing relationships, managing contract productivity and applying changes or corrections as needed
  14. Control Procurements
    is the process of overseeing procurement relationships monitoring the performance of contractual activities and ensuring that changes and corrections to contract work take place as needed. This process ensures that the seller and buyer performance meet the requirements according to the terms and conditions of the agreement or contract
  15. corrective action
    is a documented process to help drive project activities back into alignment with the project's critical path and project management plan
  16. cost plus fixed fee (CPFF)
    is a type of cost-reimbursable contract where the buyer reimburses the seller for the seller?s allowable costs, plus a fixed amount of profit
  17. Cost reimbursable contracts
    require payments to the seller for all costs incurred to complete work plus an additional fee that represents the sellers? profit
  18. earned value
    is a measurement of the project's progress to date or the value of the work completed to date
  19. Enterprise Environmental Factors
    are internal or external factors based on an organization?s culture that can impact, negatively or positively, project management options, such as industry or regulatory standards, organizational culture or structure and global trends or known practices.
  20. expert judgment
    is knowledge functioning as a project management tool that aids the project manager and project team by providing necessary details and skills on different subject matters
  21. Fixed-Price contracts
    set a fixed total price for a defined product or service. These contracts typically benefit the buyer because the overall risks relevant to project costs are assumed by the seller
  22. fixed-price plus incentive contract
    is a type of contract that sets a specific, firm price for the goods or services rendered (like the fixed-price contract) and includes an extra incentive for exceeding agreed-upon performance criteria
  23. independent estimates
    are an approach to selecting sellers. An independent estimator, from outside the organization is commissioned to provide a benchmark that can be used to compare proposals submitted by sellers
  24. knowledge area
    defines a collection of information, skills, and techniques on a specific topic. The number of knowledge areas adjusts as PMI? sees fit
  25. lessons learned
    is a document part of organizational process assets that describes all of the positive and negative lessons and knowledge gained throughout a project that could be helpful to know or apply in the future
  26. lifecycle
    focuses on the entire process of building project deliverables
  27. make vs. buy decisions
    is a decision to make or develop a component of a project as compared to outright purchasing, licensing, leasing, or procuring the component can be thought of as a very simple decision to make
  28. organizational process assets
    are an accumulation of tools, processes, and techniques that are retained by the business in order to standardize processes and practices
  29. payment systems
    serve to ensure that payments to the seller are approved and occur only after the buyer certifies that the work provided was completed to the degree of satisfaction that warrants payment
  30. Performance Reporting
    provides work performance data and details supplied by sellers and compared to contract based requirements
  31. Plan Procurements
    is the process of detailing and documenting project requirements and decisions. The plan process also provides details relevant to the project team's approach to procurement activities, as well as identifying contract participants which would be buyers or sellers
  32. preventive action
    is a documented process that will provide direction and guide resources to prevent a deliverable from going off track or not conforming to project requirements
  33. procurement agreements
    contain conditions and other buyer specific details in regard to seller requirements
  34. procurement documents
    are typically organizational process assets that pertain to contractual relationships and procedures required by the organization for procurement work. They aid in forming the purchaser-supplier relationships defining the requirements or acceptable criteria for the product or service
  35. procurement management plan
    is a subsidiary plan of the project management plan that is used to describe how the project team will obtain goods and services from vendors or service providers that are typically outside of the organization. It describes how the procurement process will be managed relevant to project deliverables from project initiation through to closure
  36. procurement negotiations
    are used to clarify terms and conditions within a contractor agreement
  37. procurement performance reviews
    are structured reviews that that the sellers performance into consideration as they deliver project work as it pertains to the scope and quality requirements
  38. program management office (PMO)
    oversees multiple programs that capitalize on similar resources and have projects funded from specific areas
  39. project deliverables
    refer to the services or products produced when the project is completed for the project sponsor
  40. project management office (PMO)
    provides organizational focus for the management of projects within a performing organization using program and/or portfolio structures to manage project relationships
  41. project management plan
    is the document detailing all aspects of a project including baselines that are referenced throughout the project?s lifecycle to keep the project on track
  42. Project Procurement Management
    incorporates processes required to acquire goods and services or results provided by a third party. Within procurement management the organization driving the project may be either the buyer or the seller of goods and services. Project procurement management incorporates contract management and change control activities needed for the proper administration of contracts and purchase orders authorized by the project team
  43. project risk management
    is the process of conducting risk management planning, identification, analysis, response planning and controlling risks within a project
  44. project
    is a temporary endeavor with a defined beginning and end, undertaking to meet unique goals and objectives, typically to bring about beneficial change or added value
  45. quality management knowledge area
    incorporates risk activities to ensure that quality assurance and quality planning are delivering the level of quality expected. Qualitative and quantitative analysis helps identify risk and determine whether corrective or preventive measures are necessary
  46. records management systems
    are used by project managers to provide oversight for artifacts and to manage contract and procurement documentation
  47. RFI
    is a request for information, bids or tender offers
  48. RFP
    is a request for proposal
  49. RFQ
    is a request for quotation
  50. seller proposals
    provide the necessary details any feedback from the seller?s perspective that can determine feasibility and capabilities of a seller are relevant to the project needs
  51. source selection criteria
    permits the project team to define what they believe is necessary of the seller in order to be considered a viable entity for contract work
  52. stakeholder management knowledge area
    is the knowledge area including the inputs, tools and techniques, and outputs involved in identifying stakeholders, planning stakeholder management, and managing and controlling stakeholder engagement
  53. stakeholder management plan
    is a document entailing the details and plans on how to effectively manage stakeholder engagement
  54. stakeholder register
    is a communication tool that a project manager can customize. Helps provide the answers up front in regard to engaging and coordinating efforts amongst stakeholders
  55. stakeholders
    are identified individuals who have influence and impact in a project?s outcome. They can either be internal or external to an organization
  56. statements of work
    are developed by the vendors that provide explicit details that correlate to actions and interactions intended to be delivered throughout the project lifecycles
  57. work breakdown structure (WBS)
    gives the project manager and team the ability to decompose project-based features to their lowest elements that can be monitored, managed, measured, and delivered upon. Details developed within the WBS permit the project manager to determine the project's critical path and schedule, and provide a tool to develop and deliver project metrics
Card Set
Procurement Knowledge Area
LearnSmart PMP Course glossary items Procurement Knowledge Area