Meetings conducted with all prospective sellers and buyers prior to submittal of a bid or proposal are called?

In project procurement management, regardless of the document complexity, a contract is:

Zip Cars Inc. is working on building a low-cost automobile, which is targeted at lower economic groups. The research engineers overshoot their budget and schedule when designing the engine and the rest of the structure of the automobile. However, the design is ready and now Zip Cars Inc. is ready to conduct procurements. To compensate for the money and time lost due to the delay in the design phase, the head of engineering has called all of his trusted advisors for brainstorming session to generate ideas for reducing the costs of the project from now on. The following are some suggestion made during the brainstorming session: (I). Give more weight to the cost element while negotiating with the vendors for the plastic spares which are less critical. (II). Give more weight to preferred vendors while negotiation with the vendors for all spares. (III). Offer a percentage of profit to the vendors instead of payments for the spares. In which phase of the project and knowledge area of the PMBOK Guide will these ideas be implemented?

Which of the following is a tool or technique of the Close Procurement process?

Brittany has been chosen as the project manager for a project that will supply specialized furniture to all of the hospitals in the state of Nevada. She decides that Cost Plus Incentive Fee contracts would best suit the organizational requirements. In addition, it is decided that if the total project cost is less than the original estimated cost, then the cost savings would be shared with the sellers on an 80/20 basis. As part of the execution phase of the procurement process, which of the following activities will Brittany NOT perform?

You are managing a construction project and are planning to contract out some work packages from your WBS to another company because your team lacks the expertise to perform this work. This work is critical to the success of your project and you want to retain tight control of the outsourced project activities. Which of the following would best help you to retain control and maintain your influence on the outsourced work?

Which of the following documents usually requires the most extensive approval process?

You are the project manager dealing with the setup of 100 telecom towers across major parts of your city. As part of the project, you will need to identify vendors who will be building the base for each tower. Although there are vendor details in your organizational database, the data is not good enough for you to go ahead and select potential vendors. You are part of the vendor selection committee and you call for a pre-bid conference. After the conference each vendor submits their individual bids, which are then scrutinized against the evaluation criteria. The process helps you and the evaluation committee selects potential vendors who are able to produce the deliverables according to the requirements. Which of the following have you demonstrated have you demonstrated by performing these steps?

You are administering a contract on your project. Your sponsor asks you to give him a list of invoices paid to the seller. He wants a report containing information about the total dollar amount collected by the seller as part of project execution. What documentation would you review to gather this information?

You are a project manager at a school and you are in charge of special projects dealing with curriculum upgrades. Although you are not a PMP, you do volunteer at the registration desk once a month at the local PMI chapter dinner meetings. You set up a bidder conference for a new project and afterwards, one of the vendors approaches you at your office to discuss how he can convince you to award him the contract. As an incentive he offers you a free trio to Bali for you and your family and a fee equal to 10% of the total contract price if you select him as the vendors for the project. According to the PMI Code and Professional Conduct, what should you do in this situation?

Jennifer has been hired by a top CRM company to lead a project involving training the staff of a call center in handling difficult customers. As the training department already has too much work and does not have the capacity to handle any additional training. Jennifer decides to outsource the training and selects the most qualified seller. A formal contract document is prepared and is mutually agreed upon. One of her senior managers suggests using Records Management System as a central repository for all of this information. What is the primary objective of a Records Management System?

You are working on a project to deliver textile spinning machinery to a major textile mill in Manchester, England. The suppliers from different countries have been awarded contracts to supply different equipment. Since time is critical factor in supplying this equipment, each supplier was offered an 8% reward for supplying it before the deadline and a 0.25% per day penalty for supplying it late, up to a maximum 1 month. While closing the project procurements, you receive an email from a supplier saying that he has delivered 6 days late due a major earthquake in the region, which caused all of the trucking companies to stop their operations for more than a week. He request that this be considered “force majeure” and that no penalties be deducted from his final payment. You go back to his contract and realize that the supplier didnt have a force majeure clause in their proposal or in the final contract. What should you do?

Which of the following is not a tool or technique of the Conduct Procurement process?

You managed a project for a custom motorcycle manufacturing firm to design and fabricate a motorcycle with a 1500cc engine and a custom design with a gold paint and leather upholstery. The project involved a lot of supplies and you clarified the structure and other requirements with the vendors before the final contract. Fortunately everything you needed was delivery satisfactory. When the motorcycle was almost finished you performed the project closure activities. This included setting outstanding issues directly with each of the vendors. All the contracts are now closed. Which of the following is the closest description to the vendor management activity that you performed?

Which of the following is not an input to the Conduct Procurement process?

Which of the following is an output of the Close Procurement process?

You are managing a turbine installation project abroad. This is the first time your company is executing this type of project so you are completing it for your customer at a very low cost in order to promote your product. Because of this, you also have limited human resources available and you are considering hiring a local contractor company to provide some of these services. This problem is that you have no specific knowledge of either the labor force skills or the economy of this local market.one of your senior managers is s citizen of the country where you are going to execute your project and you have consulted him to help you make this decision. Which of the following techniques are you using in this scenario?

Lauren chief parts supplier has not been supplying quality even after a series of rejections and warnings. She has now lost hope that the vendor will ever deliver quality deliverables. What should Lauren do now?

The rights and responsibilities of the parties in the event of an early termination are contained in which clause of the contract?