Proj598-Week-3-Quiz1 Essay

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1. | Question : | (TCO B) All of the below would be considered good selection criteria for a buyer to use to select a seller, except | | | Student Answer: | | proprietary rights of buyer, overall cost, and warrantee offered by seller. | | | | 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. | | | | managerial approach of seller, capacity of seller to do the work, and ability of seller to make a reasonable make-or-buy decision. | | Instructor Explanation: | PMBOK® Guide, Chapter 12 | | | | Points Received: | 10 of 10 | | Comments: | | | | …show more content…

The process involves monitoring performance, managing interfaces if there are multiple providers, making changes and corrections, and processing interim payments (often called progress payments which are based on the seller's progress in completing the work). In some cases, contract administration involves managing the early termination of a contract (for cause, for convenience or for default). Close Procurement The process of completing each project procurement. It supports the CLOSE PROJECT or PHASE Process. Contract closure supports the close project or phase. It involves product verification (was the work completed correctly?) and administrative closeout (updating and archiving of records). Early termination is a special case of contract closure and can result from a mutual decision, from default by one of the parties, or for convenience of the buyer. The rights of the parties should be defined in a terminations clause in the contract. The buyer provides formal, written notice that the contract has been completed. | | Instructor Explanation: | See the PMBOK® Guide, Chapter 12.Plan procurements
Conduct procurements
Control procurements
Closeout procurements Students must list and explain what occurs in each process. | | | | Points Received: | 30 of 30 | | Comments: | | | |

Question 3. | Question : | (TCO C) Compare and contrast a firm fixed-price contract with a cost-plus contract. When would each be appropriate for

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