During the implementation phase for an IT project. You found the budget of one of supplied software packages became much more than you expected. What should have done to prevent this situation?
Make or buy decision
Inspection and audit
Work Performance Data is an important input to the Control Procurements process. Which of the following is not a component of Work Performance Data?
Data regarding supplier’s conformance to quality standards
Data regarding incurred or committed costs on each supplier contract
Data on supplier invoices and respective payments
Data on completed deliverables
You recently took over a project as the project manager. This is your first project management assignment. The project sponsor is very supportive and is helping you out in successfully managing the project. Recently, some bad quality deliverables were received on the project, and the project sponsor suggested that you to periodically review the vendors progress to deliver project scope and quality, within cost and on schedule, as compared to the contract. Which of the following statements is true in this context?
The sponsor has asked you to carry out regular procurement performance reviews
The sponsor has asked you something that is not a good project management practice
The sponsor has asked you to carry out regular trend analysis
The sponsor is giving you a bigger workload so that you can perform better on the next assignment
A buyer and seller set the rates for junior engineers, senior engineers, architects, and other predefined roles. In what type of contract would this be applicable?
Fixed-price with economic price adjustment contract
Time and material contract
Fixed-price incentive contract