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PMP & CAPM
Exam Preparation
March 5, 2013

Sessions
1. About the exam
2. Integration & Scope Management
3. Time & Cost Management
4. Quality & HR Management
5. Communication & Risk
Management
6. Procurement Management

Last Session Key point

• Process groups: IPEMCC
• 9 Knowledge Area: ISTiCoQuHurCoRiP
• Project Integration Management
– DevPC.PMP.DirManPex.MoConPW.PerICC.CloPP
• Project Scope Management
– CoDeWoBVCon

Last Session Key point – cont’d

• Project Time Management (DeSeReDDevCon)
• Project Cost Management (EsCDeBCon)
• Project Quality Management (PlanQAQC)
• Project Human Resources (Plan ADM)
• Project Communication Management (IdS
Plan DisInt ManSEx RepPer)
• Project Risk Management (PlanR IdR QQ Rp
MC)

Project Procurement Management
• Plan Con Ad Close

• To acquire / purchase products, services, or
results needed from outside the project team
• Includes contract management
• Contracts: legal document between buyer and
seller, represents a legally binding agreement
which obligates the seller to provide the
specified products, services, or results and
obligates the buyer to provide monetary or
other valuable consideration


• A complex project may involve managing
multiple contracts or subcontracts
simultaneously or in sequence
• Seller = contractor, subcontractor, vendor,
supplier, service provider
• Buyer = client, customer, prime contractor,
acquiring organization, purchaser, requestor


• This chapter assumes as buyer and seller is
external provider


• Plan Procurements
• Documenting project purchasing decisions
• Specify purchasing approach
• Identifying potential sellers
• Answers, “Should we acquire it externally?, What
to require, How to require, How much and When
to acquire”


• Plan Procurements


• Plan Procurements – I
• Scope baseline (…)
• Requirement documentation
• Teaming agreements
• Joint ventures, partnerships, or other
form of agreements between defined
parties


• Plan Procurements – I (cont’d)
• Risk register
• Risk related contract decisions
• Activity resource requirements
• Project schedule
• Activity cost estimates
• Cost performance basline
• EEF


• Plan Procurements – TT
• Make-or-buy analysis
• Expert judgment
• Contract types
Fixed-price contract
Cost-reimbursable contract
Time and material


• Plan Procurements – TT (cont’d)
• Contract types (cont’d)
Fixed-price contract
– Firm fixed price (FFP)  buyer preffered
– Fixed price incentive fee (FPIF)
 Set price ceiling
 Price is based on seller’s performance
related to cost, schedule, or technical
performance


Fixed-price contract (cont’d)
– Fixed price with economic price adjustment
(FP-EPA)  usually a very long project
 Takes inflation and commodities cost,
into account
 Relies on financial index


Cost reimbursable contract
– Cost plus fixed fee (CPFF)
– Cost plus incentive fee (CPIF)
 Seller can reimburse allowable costs
 Based on seller’s performance
 Utilizes sharing formula, e.g.: 80/20


Cost reimbursable contract (cont’d)
– Cost plus award fee (CPAF)
 Subjective determination of seller
performance by buyer
 Not a subject for appeals


Time and Material
– A hybrid type
– Used when a precise statement of work
cannot be quickly prescribed
– A form of cost reimbursable if it is left open
ended
– A form of fixed price if buyer limits
parameters and apply unit labor cost


• Plan Procurements – O
• Procurement management plan
 Contract type, risk management issue
 Evaluation criteria, multiple contracts criteria
 Constraints and assumptions, etc


• Plan Procurements – O (cont’d)
• Procurement statement of work
 Developed from project scope baseline and
defines only a portion of project scope to be
included in related contract
 Must be in sufficient detail so that prospective
sellers can determine their capability to
provide such product, service, or results


• Procurement statement of work (cont’d)
 Includes specifications, quantity, quality
levels, performance data, performance
period, work location, etc
 Must be clear, complete, and concise
 Multiple products / services can be grouped
into single SOW
 Is subject to change until a contract is awarded


• Make-or-buy decisions
 May include decision to require insurance
policies or performance bonds to address
some identified risks
• Procurement documents
 Quotation, bidding
document, tender, RFP, RFQ, RFI, etc


• Source selection criteria


• Source selection criteria (cont’d)


• CR


• Conduct Procurements
• To obtain seller’s response
• Selecting a seller
• Awarding a contract


• Conduct Procurements – I
• PMP
• Procurement document
• Source selection criteria
• Qualified seller list
• Seller proposals
• Project documents
• Make-or-buy decisions


• Conduct Procurements – I (cont’d)
• Teaming agreement
• OPA


• Conduct Procurements – TT
• Bidder conferences
 To ensure buyer and seller have a clear and
common understanding of the procurement
 No sellers received preferential treatment
 Every prospective sellers hear individual
questions and the answers from buyers
• Proposal evaluation techniques


• Conduct Procurements – TT (cont’d)
• Independent estimates
• Expert judgment
• Advertising
• Internet search
• Procurement negotiations


• Conduct Procurements – O
• Selected sellers
• Procurement contract award


• Conduct Procurements – O (cont’d)
• Resource calendars
• CR
• PMP U
• PD U


• Administer Procurements
• Process of managing procurement
relationships, monitoring contract
performance, making changes / corrections
• To ensure both parties meet their contractual
agreements and their own legal rights are
protected
• Might be carried out by separate function of the
organization


• Applied project management processes (but not
limited to):
 Direct and manage project execution
 Report performance
 Perform quality control
 Perform integrated change control
 Monitor and control risk


• Also includes monitoring payments to sellers
• Document seller’s performance / evaluation
• Contracts can be amended at any time prior to
contract closure by mutual consent


• Administer Procurements – I
• Procurement documents
• PMP
• Contract
• Performance report
• Approved CR
• WPI


• Administer Procurements – TT
• Contract change control system
• Procurement performance review
• Inspection and audit
• Performance reporting
• Payment system
• Claims administration
• Records management system


• Administer Procurements – O
• Procurement documentations
• OPA U
• CR
• PMP U


• Close Procurements
• Completion of project procurement
• Includes administrative activities
• Finalizing open claims, update
information to project records
• In multi phase project, close procurement
only applicable to given phase of the
project


• Close Procurements
• Early termination also triggers close
procurements


• Close Procurements – I
• PMP
• Procurement documentation


• Close Procurements – TT
• Procurement audit
• Negotiated settlement
• Record management system


• Close Procurements – O
• Closed procurements
• OPA U

Sample Questions

1. Which of the following is a false statement about
project risks?
A. A risk arises out of uncertainty.
B. A risk can only have a negative effect on a project.
C. Identified risks are usually listed in a document
called the risk register.
D. Risks can be categorized by developing a risk
breakdown structure (RBS).

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