PMI CAPM (Certified Associate in Project Management) Examination Content OutlinePredictive, Plan-Based MethodologiesHard
A project manager is establishing formal agreements for external goods and services required for the project. These agreements define the relationship, terms, and conditions between the buyer and the seller. Which project procurement management process is primarily concerned with obtaining seller responses, selecting a seller, and awarding a contract?
- APlan Procurement Management
- BControl Procurements
- CConduct Procurements
- DClose Procurements
Show answer & explanationAnswer & explanation
Correct answer: C. Conduct Procurements
Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract. It involves advertising, conducting bidder conferences, evaluating proposals, and negotiating final agreements.
Why the other options are wrong
- A. Plan Procurement Management determines what to procure, when, and how, and identifies potential sellers.
- B. Control Procurements manages procurement relationships, monitors contract performance, and makes changes or corrections as needed.
- D. Close Procurements is the process of completing each project procurement, including administrative closure and formal acceptance.
Conduct Procurements
The process of obtaining seller responses, selecting a seller, and awarding a contract.
- Involves bidder conferences, proposal evaluation, and negotiation.
- Key output is awarded contracts/agreements.
- Occurs during project execution.
Memory trick: Plan to buy, Conduct the buying, Control the buy, Close the buy.