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: | | | |

Question 2. | Question : | (TCO A) In industry, there are four processes one follows in the procurement area of project management. Describe and explain these four processes in the procurement management process for the buyer. | | | Student Answer: | | There are four processes in procurement management; plan, conduct, administer, and close procurement. Plan Procurement Process of documenting project purchasing decision, specifying the approach and identifying potential sellers. The first out of four procurement-related project management processes is in the Planning Process group, and is the process which creates the guidelines for all of the procurement activities on the project. It helps document the project procurement decisions, specifies the approach taken to identify potential sellers and carry out the procurement. Conduct Procurement Process of obtaining quotations, offers, information, and proposals from sellers, and then selecting a seller and awarding a contract. Administer Procurement Process of managing procurement relationship, monitoring performance and making changes and corrections as needed. The buyer