PM 598 FINAL EXAM KELLER,
(TCO A) All the below are tools and techniques of conduct procurement, except (Points : 5)
bidder’s conferences, negotiations, and advertising.
analytical techniques, expert judgments, and evaluation techniques.
estimates, bidder’s conferences, and evaluation techniques.
negotiations, make-or-buy decisions, and advertising.
(TCO A) All the below are tools and techniques of control procurement, except (Points : 5)
claims administration, payment systems, and procurement SOW.
performance reviews, record management systems, and change control systems.
change control systems, payment systems, and inspections and audits.
records management systems, claims administration, and performance reporting.
(TCO B) Proper selection criteria are critical for a successful project. All of the below would be considered good selection criteria for a buyer to use to select a seller, except (Points : 5)
managerial approach of seller, references of seller, and ability of seller to make a reasonable make-or-buy decision.
past work done by seller, intellectual property rights, and risk associated with a given seller.
technical capability of seller, understanding of work by seller, and business type of seller.
financial capacity of seller, overall cost, and warranty offered by seller.
(TCO A) Why are the project schedule and the project budget inputs of plan procurement? (Points : 8)
Firstly, Project schedule is because to track the duration and time for project task that need to be performed.
Secondly, by seeing the schedule the we can decide for “make or buy” decision or other procurement related decision for project budget inputs of plan procurement.
(TCO B) You are creating your SOW for inclusion into the RFP. You wish to include both qualitative and quantitative evaluation criteria in the RFP. Describe qualitative versus quantitative evaluation criteria. (Points : 12)
Qualitative evaluation criteria:
This evaluation is based on the result or the score of the outcomes. Like buyer can set criteria that vendor company at least work with 10 clients and 8 projects.
Quantitative evaluation criteria:
It’s the hard selection of criteria emotional responses and valued judgment.
Like the vendor company did the compelling project in last few years.
(TCO C) Awards and incentives are commonly used in contracts. Are these simply just two different way of saying the same thing, or are awards and inventive contracts different? (Points : 12)
Awards and incentives are commonly used in contracts to compensate contractors who perform above an established baseline in the contract.
Award fee is used to motivate contractors to perform over and above set criteria. The fee is based on goals or objectives that may be more subjective. An amount of money is determined and set aside by the project team to be earned by contractor(s) in terms of excellent performance. Meanwhile, an incentive fee is used to encourage performance in areas critical to the project for instance, in reducing project costs.
(TCO C) From the viewpoint of the buyer, why are award fees and incentive fees important in contracts? (Points : 12)
From the buyer’s point of view, awards and incentives are important as a means to motivate contractors to perform over and above project requirements.