PMP - Procurement Management review
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What are the three broad categories of contracts recognized by PMI?
- - Fixed Price or Lump Sum
- - Cost Reimbursable
- - Time and Material
Name three types of cost reimbursable contracts. which poses the highest risk for the buyer?
- Cost Plus Fixed Fee (CPFF)
- Cost Plus Incentive Fee (CPIF)
- Cost Plus Award Fee (CPAF)
CPFF poses a greater risk for the buyer
Name three common types of Fixed price contracts. which poses the greatest risk for the seller?
- Fixed Price Economic Price Adjustment
- Fixed Price Incentive Fee (FPIF)
- Firm Fixed Price (FFP)
FFP poses the greatest risk to the seller
Identify 8 negotiating tactics
- 1. Deadline
- 2. Good-cop / Bad-cop
- 3. Fait Accompli
- 4. Missing Man
- 5. Limited Authority
- 6. Delay
- 7. Personal Insults
- 8. Fair and reasonable
During plan contracting what are the ways to originate a contract?
Unilateral: is essentially a purchase order for standardized routine items. Vendors often accept the orders automatically without even signing them in advance
- Bilateral: can be initiated one of three ways
- - IFB - Appropriate for routine items where the buyer's objective is simply to get the best possible price
- RFQ - used for purchase of low monetary value commodity items.
- RFP - used for complex, non-standard items of relatively high monetary value
What are source selection criteria?
- As an output from plan procurements, these criteria are used to rate or score proposals. The criteria may be objective or subjective and can include
- - Price
- - Life Cycle Cost
- - Understanding of Need
- - Technical Capability
- - Management approach
- - Financial Stability
- - Previous performance record
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