PM - Planning - Module 3
As a project manager, you are about to hire a new vendor; however, there are terms in the contract you are unfamiliar with. Who should you contact to better understand the contract?
A member of the legal team
As a project manager selecting a vendor, you first need to outline the details and requirements of your project in order to solicit bids. Which procurement document helps with this task?
A request for proposal (RFP)
As a project manager setting a budget, you factor in unexpected costs that may arise during the project. What budgeting strategy does this refer to?
Adding a buffer and reserves
As a project manager, you're interested in working with vendors in a way that is collaborative and places an emphasis on relationships. What procurement management process should you choose?
Agile
Once you sign a contract with a vendor, you audit each task, execute quality control, and approve invoices. These are examples of what project manager duty?
Assurance
As a project manager, you host weekly meetings to periodically review vendor performance and work quality. Which procurement process step does this represent?
Controlling
At what phase in the procurement process would a project manager define project resources and make the case for obtaining them?
Initiating
Which of the following should a project manager do to ensure an ethical procurement?
Make sure that various stakeholders adhere to governmental policies and adequate corporate social responsibility.
Which of the following do you consider a direct cost in your budget?
Material costs
As a project manager, the project sponsor gives you cost estimates with a set amount of money to spend. What challenge for effective budgeting does this represent?
Pre-allocated budget
As a project manager, you review your budget and notice one vendor is costing more than anticipated. You shift funds and recalibrate the budget to offset this increased vendor cost. What is the budgeting term for this task?
Reforecasting
At the beginning of your project, you solicit bids from vendors to select the one that is best for the project. Which procurement document should you prepare to fulfill this task?
Request for proposal (RFP)
As a project manager, you determine the cost for items such as software, tools, labor, and equipment. What budgeting term refers to these types of costs?
Resource cost rates
The budgeting process usually takes place at the same time as what other process?
Scheduling
What budgeting challenge arises when changes or growth cause additional work the project manager hadn't planned for?
Scope creep
In the procurement process, what step comes after initiating the process?
Selecting
As a project manager creating a statement of work (SOW), who do you ask for input and technical knowledge?
Subject matter expert (SME)
Which of the following justifies sole-supplier sourcing?
The company is cautious about exposing trade secrets.
Which scenario is an example of planned cost versus actual cost?
When planning your project budget, you document the planned cost of labor. To do this, you use the estimated number of hours your team needs to complete the project. As your project progresses, you document the total hours your team works to determine the total cost of labor for your project. This number may be different from your original cost of labor.
Fill in the blank: Creating a _____ establishes a cost estimate for your project budget and ensures that you calculate the correct expenses for a set period of time.
forecast
