Pmp procurement chapter 12

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Project Procurement Management
Chapter 12

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 What is a Contract
 Types of Contracts
 12.1 Plan Procurement
 12.2 Conduct Procurements
 12.3 Control Procurements
 12.4 Close Procurements
KEY TERMS

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12.1 Plan Procurement Management The process of
documenting project procurement decisions, specifying the
approach, and identifying potential sellers
12.2 Conduct Procurements The process of obtaining seller
responses, selecting a seller, and awarding a contract.
12.3 Control Procurements The process of managing
procurement relationships, monitoring contract performance,
and making changes and corrections as appropriate
.
12.4 Close Procurements The process of completing each
project procurement.

Knowledge
Area
Process
Initiating Planning Executing
Monitoring &
Control
Closing
Processes
• 12.1 Plan
Procurement
Management
• 12.2 Conduct
Procurements
• 12.3 Control
Procurements
• 12.4 Close
Procurements
Enter phase/
Start project
Exit phase/
End project
Initiating
Processes
Closing
Processes
Planning
Processes
Executing
Processes
Monitoring &
Controlling Processes
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What is a Contract
 A Contract is a Legally binding detailed formal
document that refers to an entire agreement
between 2 or more parties.
 All terms & conditions of
a Contract must be met.
 Anything not mentioned in the Contract is not
Legally Binding to anyone.

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Centralized Contracting
ADVANTAGES DISADVANTAGES
Can result in procurement
managers with higher levels of
expertise.
It may be more difficult for the
project manager to obtain
contracting help when needed.
Employees will have continuous
improvement, training, and shared
lessons learned.
Standardized company practices
help improve understanding.
The procurement manager has
less time to spend working on
your project and understanding
its unique needs.Individuals have a clearly defined
career path in procurement.
There is one procurement department, and a procurement
manager may handle procurements on many projects.

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Decentralized Contracting
The project manager has easier
access to contracting expertise
because the procurement manager
is a member of the team.
No "home" department for the
procurement manager to return to
after the project is completed.
The procurement manager has
more loyalty to the project.
More difficult to maintain a high
level of contracting expertise.
( no procurement dep.)
The procurement manager has a
better understanding of the project
and its procurement needs.
Little standardized company
practices
There is one procurement department, and a procurement
manager may handle procurements on many projects.

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Types of Contracts
The three broad categories of contracts are:3
Fixed price
(FP)
Time and material
(T&M)
Or
Unit Price
Cost-reimbursable
(CR)
1. Fixed Price / Lump Sum
/ Firm Fixed Price)
1. Cost Plus Fee ( CPF) /
Cost Plus Percentage of
Costs ( CPPC)
2. Fixed Price Incentive
Fee (FPIF)
2. Cost Plus Fixed Fee
(CPFF)
3. Fixed Price Award Fee
(FPAF)
3. Cost Plus Incentive
Fee (CPIF)
4. Fixed Price with
Economic Price
Adjustment Contracts
(FP-EPA).
4. Cost Plus Award Fee
( CPAF)

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Fixed Piece Contracts
1. Fixed Price / Lump Sum / Firm Fixed Price)
 Well defined sow / scope/ product.
 Fixed total Price.
 Risk is on the seller.
 Any cost increase due to adverse performance is
the responsibility of the seller
 Total cost of project is known before executing.
Example of Fixed Price Contract
Contract = 1,100,000.00 $

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2. Fixed Price Incentive Fee (FPIF)
• gives the buyer and seller some flexibility for deviation
from performance.
• Additional incentives is paid based on seller performance
such as finish faster / cheaper / better
• The final price is calculated by a formula based on the
relationship between the buyer and seller ( ex. 20/80 )
Example : Contract= $1,100,000.
For every month early the project is finished,
an additional $10,000 is paid to the seller.

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3. Fixed Price Award Fee (FPAF)
• The buyer pays a fixed price plus an award amount
(a bonus) based on performance.
• This is very similar to the FPIF contract, except the total
possible award amount is determined in advance.
• Performance criteria should be set in advance for fairly
judgment
Example : Contract= $1,100,000.
For every month performance exceeds. The
planed level by more than 15 %, an additional
is awarded to the seller, with a maximum award
of $50,000.

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4. Fixed Price with Economic Price Adjustment Contracts
(FP-EPA).
• Used whenever the seller’s performance period spans a
considerable period of years.
•The FP-EPA contract is intended to protect both buyer and
seller from external conditions beyond
their control. Such as inflation changes, or cost increases
Contract $1, l 00,000,
but a price increase will be allowed in year two to
account for increases in specific material costs.

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Cost-reimbursable (CR)
1. Cost + Fee ( CPF).
Cost Plus Percentage of Costs ( CPPC).
• Involves payments to the seller for all legitimate actual
costs incurred for completed work, plus a percentage of
costs as a fee.
• It is bad for the buyers.
2. Cost Plus Fixed Fee.(CPFF).

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3. Cost Plus Incentive Fee (CPIF).
4. Cost Plus Award Fee ( CPAF).
Cost + additional fee bases on manager satisfaction
(performance criteria)
Contract = $500,000
target cost plus $50,000 target fee. The buyer and
seller share any cost savings or overruns at 80% to
the buyer and 20% to the seller.

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This type allows for a simpler
procurement statement of work.
requires auditing the seller's
invoices.
It usually requires less work to
define the scope for a cost-
reimbursable contract
than for a fixed-price contract.
This contract type requires more
work for the buyer to manage.
A cost-reimbursable contract is
generally less costly than fixed
price because the seller does not
have to add as much for risk.
The seller has only a moderate
incentive to control costs.
The total price is unknown.

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Time and material (T&M) / Unit Price
• Used for service efforts in which the level of effort
cannot be defined at the time the contract is awarded.
•To make sure the costs do not become higher than
budgeted, the buyer may put a "Not to Exceed" and time
limits clause in the contract.
•Often used for staff augmentation, acquisition of experts,
outside support
Example:
Contract = $1K per day plus expenses or material cost.
Contract = $1K per day plus material at $5 per linear meter of wood.

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Purchase Order
• A purchase order is the simplest type of fixed-
price contract
• This type of contract is normally unilateral
(signed by one party) instead of bilateral (signed by
both parties.
Cost Contract
• A cost contract is one in which the seller
receives no fee (profit). It is appropriate for
work performed by nonprofit organizations.

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Fixed Price
FFP
FPIF
Time and Materials
Cost Reimbursable
CPIF
CPFF
CPF
CPPC
SELLER
RISK
BUYER
RISK
Low
High
T&M can be a high
risk for buyer if
contract does not
include a “total not-
to-exceed” (NTE)
Contract Types vs. Risk
Low
High

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• Price : the amount the seller charges the buyer.
• Profit (fee) : planned into the price the seller provides the
buyer. Sellers usually have an.
• Cost : how much an item costs the seller to create, develop,
or purchase. A buyer's costs.
• Target price: used to compare the end result (final price)
with what was expected (the target price). Target price is a
measure of success.
• Sharing ratio : Incentives are usually expressed as a ratio:
e.g., 90/ 10. This sharing ratio describes
how the cost savings or cost overrun will be shared. (buyer/seller).
• Ceiling price: the highest price the buyer will pay. it's a way
for the buyer to encourage the seller to control costs.

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PTA - Point of Total Assumption
 Only applies to Fixed Price incentive fee contracts.
 Refers to the amount above which the seller bears all the
loss of a cost overrun
 Costs that go above the PTA are assumed to be due to
management
CP = Ceiling Price TP = Target Price
BSR = Buys Share Ratio TC = Target Cost
CP –TP
BSR
+ TC

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Question
In cost plus incentive fee contract, the cost is estimated at
$210,000 and the fee at $25,000. The project is complete,
and the buyer has agreed that the costs were, in fact,
$200,000. Because the seller's costs came
in lower than the estimated costs, the seller shares in the
savings: 80 % to the buyer and 20 % to the seller.
Calculate the final fee and final price?

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Target cost $210,000
Target fee $25,000
Target price $235,000
Sharing ratio 80/20
Actual cost $200,000
Final fee
$210,000 - $200,000 = $10,000
$10,000 x 20% = $2,000
$25,000 target fee + $2,000 = $27,000 fee
Final price $200,000 + $27,000 = $227,000

12.1- Plan Procurement
Management
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12.1 Plan Procurement Management
• The process of documenting project procurement
decisions, specifying the approach, and identifying
potential sellers
• Identifies products or services that can be acquired from
outside the project organization Vs needs that can be
accomplished from within the organization.

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12.1 Plan Procurement Management Inputs
1. Project
Management Plan
Project Scope Statement
WBS
WBS Dictionary
2. Requirements Documentation
3. Risk Register
4. Activity Resource Requirements
5. Project Schedule
6. Activity Cost
Estimates
evaluate the reasonableness of the bids or
proposals received
7. Stakeholder Register
8. EEF 9. OPA

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12.1 Plan Procurement Management T & T
1. Make or Buy Analysis:
• Purchase or make - Purchase or renting/leasing.
• Determine whether a product or service needs to
be procured or can be produced by the project team.
Reasons to Buy:
Capacity and Capability
Exploit Opportunity
Shift risk (cost, time, or scope)
Reasons to Make:
Idle resources
Want to control
Confidential information

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Question
You are trying to decide whether to lease or buy an item for
your project. The daily lease cost is $120. To purchase the
item, the investment cost is $1,000 and the daily maintenance
cost is $20. How long will it take for the lease cost to be the
same as the purchase cost?
Answer
Let D equal the number of days when the purchase and
lease costs are equal.
$120D = $1,000 + $20D
$120D $20D = $1,000
$100D = $1,000
D= 10

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12.1 Plan Procurement Management Outputs
1. Procurement Management Plan
• Types of contracts to be used
• Risk Management Issues
• Procurement Processes
• Standardized Procurement Documents
• Responsibilities
• Pre-qualified sellers
• Scheduled dates for deliverables
• Managing multiple providers

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2. Procurement Statement of Work
• Specifications, quality levels, quantity desired and other
requirements.
• Describes the procurement item in sufficient detail to
allow sellers to determine if they are capable of
providing the item.
3. Make or Buy Decision
4. Change Requests
5. Project Document Updates

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6. Procurement Documents
• Are used to solicit proposals, quotes, and bids from sellers
• Request for Information ( RFI )
• Request for Proposal (Tender) RFP. request a detailed
proposal on how the work will be accomplished, who will do
it, resumes, company experience.
• Invitation for bid (IFB, or request for bid, RFB) IFBs usually
just request a total price to do all the work.
• Request for Quotation RFQ : price quote per item, hour, or
foot (T&M contracts).

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7. Source Selection Criteria
• The project team must be prepared to compare the proposals
received in an unbiased manner based on identified & documented
selection criteria to rate or score proposals.
Includes but not limited to:
 Past performance
 Understanding of need
 Overall or life cycle cost
 References
 Technical capability and approach
 Risk
 Management approach
 Financial stability and capacity

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Types of Procurement Statements of Work
Performance Functional Design
This type conveys what
the final product
should be able to
accomplish.
This type conveys the
end purpose or result
This type precisely
conveys what work is
to be done.
Used in Information
systems, information
technology, research
and development
Used in Information
systems, information
technology, research
and development
Commonly used in
construction and
equipment purchasing
(Ex. I want a car goes
from 0 to 100 km in 4
seconds )
(Ex. I want a car with 2
cup holders and a
small TV screen)

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12.2 Conduct Procurement.
 Obtaining seller responses, selecting a seller,
and awarding a contract.
 The key benefit is to provide alignment of internal and
external stakeholder expectations through established
agreements.

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12.2 Conduct Procurement Inputs
1. Procurement Management Plan
3. Source Selection Criteria
4. Seller Proposals
5. Project Documents
6. Make or Buy Decisions
7. Procurement Statement of Work
8. OPA

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12.2 Conduct Procurement T & T
1. Bidder Conferences
 Also known as contractor, vendor, or pre-bid
conferences.
 The purpose of these conferences is to clarify any of
the information not clearly stated in the RFP.
 Creates a clear and common understanding of the
procurement.
 Proposals received will be more clearly aligned with
project requirements, due to the fact that bidder
conferences make the requirements clear.

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12.2 Conduct Procurement T & T
2. Proposal Evaluation Techniques
3. Independent Estimates
4. Expert Judgment
5. Advertising
6. Analytical Techniques
7. Procurement Negotiations

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• Attacks "If your organization cannot manage the details of its own
operations, perhaps it should get out of the business!“
• Personal insults "If you do not understand what you are doing,
perhaps you should find another job!“
• Good guy/bad guy One person is helpful to the other side, while
another is difficult to deal with.
• Deadline "We have a flight leaving at 5 p.m. today and must finish
negotiations before that time.
• Lying lying may be obvious or hidden.
• Limited authority "I can't agree to shorten the schedule by six months.
I have only been authorized to offer three months.
Negotiation tactics

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• Missing man "Only my boss can agree to that request, and he isn't
here. Why don't we agree to only what I can agree to.
• Fair and reasonable "Let's be fair and reasonable. Accept this offer as
it stands.
• Delay "Let's revisit this issue the next time we get together." This may
also take the form of never actually getting down to negotiating until the
last day of a planned visit.
• Extreme demands "As the buyer you will have to pay for all of the
risks for this work. It is not our responsibility to plan for risks!“
• Withdrawal This can either be an emotional withdrawal or a physical
withdrawal and can show less interest.
• Fait accompli This is a done deal. "These government terms and
conditions must be in all our contracts.

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12.2 Conduct Procurement Outputs
1. Selected Sellers
2. Agreements
3. Resource Calendars
4. Change Requests
5. Project Management Plan Updates
6. Project Document Updates
(SOW and Requirements Documentation)

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Agreements include:
• SOW
• Acceptance How will you specifically know if the work is acceptable?
• Changes How will changes be made
• Confidentiality What information must not be made known or given to
third parties?
• Material breach This breach is so large that it may not be possible to
complete the work under the contract.
• Dispute resolution.
• Force majeure
• Incentives.
• Liability.
• Independent contractor.
• Intellectual property.
• Liquidated damages.
• Payments method.
• Retention
• Warranties

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What Do You Need to Have a Legal
Contract?
• An offer
• Acceptance
• Consideration (Something of value, not necessarily
money)
• Legal capacity (Separate legal parties, competent parties)
• Legal purpose (You cannot have a legal, enforceable
contract for the sale of illegal goods or services)

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• Single Source
In this type of procurement, you contract directly with
your preferred seller without going through the full
procurement process.
• Sole Source
In this type of procurement, there is only one seller.
This might be a company that owns a patent.

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12.3 Control Procurement.
The process of managing procurement relationships, monitoring
contract performance, and making changes and corrections as
appropriate

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12.3 Control Procurement Inputs
1. Project Management Plan
3. Agreements
4. Work Performance Reports
5. Approved Change Request.
6. Work Performance Information

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12.3 Control Procurement T & T
1. Contract Change Control System
2. Procurement Performance Review
3. Inspections and Audits
4. Performance Reporting
5. Payment Systems.
6. Claims Administration: (disputes)
7. Record Management System

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12.3 Control Procurement Outputs
1. Work Performance Information
2. Change Requests
3. Project Management Plan Updates
4. Project Documents Updates
5. OPA.

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12.4 Close Procurement.
• The process of completing each project procurement.
• Accept deliverables.
• Procurements are closed:
When a contract is completed.
When a contract is terminated before the work is completed

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what work must be done during procurement closure
• Product validation
• Procurement negotiation
• Financial closure
• Procurement audit
• Update to records
• Final contract performance reporting
• Lessons learned
Administrative closure
• Check completion or exit criteria for project or phase.
• Transfer the product to next phase.
• Collect records.

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Organizational Process Assets Updates
• Procurement file. A complete set of indexed contract
documentation, including the closed contract
• Deliverable acceptance. Documentation of formal
acceptance of seller-provided deliverables may be
required to be retained by the organization.
• Lessons learned documentation.
• Close Procurements occurs before Close Project or
Phase . Close Procurements is done once for each
procurement, at the end of the contract.
• All procurements are closed before the project is
closed.

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Questions
1. Once signed, a contract is legally binding unless:
A. One party is unable to perform.
B. One party is unable to finance its part of the work.
C. It is in violation of applicable law.
D. It is declared null and void by either party's legal counsel.

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Questions
1. Once signed, a contract is legally binding unless:
A. One party is unable to perform.
B. One party is unable to finance its part of the work.
C. It is in violation of applicable law.
D. It is declared null and void by either party's legal counsel.
Answer : C

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Questions
2. With a clear procurement statement of work, a seller
completes work as specified, but the buyer is not pleased
with the results. The contract is considered to be:
A. Null and void.
B. Incomplete.
C. Complete.
D. Waived.

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Questions
2. With a clear procurement statement of work, a seller
completes work as specified, but the buyer is not pleased
with the results. The contract is considered to be:
A. Null and void.
B. Incomplete.
C. Complete.
D. Waived.
Answer : C

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Questions
3. A project manager for the seller is told by her
management that the project should do whatever possible to
be awarded incentive money. The primary objective of
incentive clauses in a contract is to:
A. Reduce costs for the buyer.
B. Help the seller control costs.
C. Synchronize objectives.
D. Reduce risk for the seller by shifting risk to the buyer.

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Questions
3. A project manager for the seller is told by her
management that the project should do whatever possible to
be awarded incentive money. The primary objective of
incentive clauses in a contract is to:
A. Reduce costs for the buyer.
B. Help the seller control costs.
C. Synchronize objectives.
D. Reduce risk for the seller by shifting risk to the buyer.
Answer : C

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Questions
4. A seller is working on a cost-reimbursable (CR) contract
when the buyer decides he would like to expand the scope of
services and change to a fixed-price (FP) contract. All of the
following are the seller's options EXCEPT:
A. Completing the original work on a cost-reimbursable basis and
then negotiating a fixed price for the additional work.
B. Completing the original work and rejecting the additional work.
C. Negotiating a fixed-price contract that includes the work.
D. Starting over with a new contract.

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Questions
4. A seller is working on a cost-reimbursable (CR) contract
when the buyer decides he would like to expand the scope of
services and change to a fixed-price (FP) contract. All of the
following are the seller's options EXCEPT:
A. Completing the original work on a cost-reimbursable basis and
then negotiating a fixed price for the additional work.
B. Completing the original work and rejecting the additional work.
C. Negotiating a fixed-price contract that includes the work.
D. Starting over with a new contract.
Answer : D

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Questions
5. 1he sponsor is worried about the seller deriving extra
profit on the cost plus fixed fee (CPFF) contract. Each month
he requires the project manager to submit CPI calculations
and an analysis of the cost to complete. The project manager
explains to the sponsor that extra profits should NOT
be a worry on this project because:
A. The team is making sure the seller does not cut scope.
B. All costs invoiced are being audited.
C. There can only be a maximum 10 percent increase if there is an
unexpected cost overrun.
D. The fee is only received by the seller when the project is
completed.

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Questions
5. 1he sponsor is worried about the seller deriving extra
profit on the cost plus fixed fee (CPFF) contract. Each month
he requires the project manager to submit CPI calculations
and an analysis of the cost to complete. The project manager
explains to the sponsor that extra profits should NOT
be a worry on this project because:
A. The team is making sure the seller does not cut scope.
B. All costs invoiced are being audited.
C. There can only be a maximum 10 percent increase if there is an
unexpected cost overrun.
D. The fee is only received by the seller when the project is
completed.
Answer : B

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Questions
6. In a fixed-price (FP) contract, the fee or profit is:
A. Unknown.
B. Part of the negotiation involved in paying every invoice.
C. Applied as a line item to every invoice.
D. Determined with the other party at the end of the
project.

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Questions
6. In a fixed-price (FP) contract, the fee or profit is:
A. Unknown.
B. Part of the negotiation involved in paying every invoice.
C. Applied as a line item to every invoice.
D. Determined with the other party at the end of the
project.
Answer : A

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Questions
7. A project performed under a cost-reimbursable contract
has finally entered the Close Procurements process. What
MUST the buyer remember to do?
A. Decrease the risk rating of the project.
B. Audit seller's cost submittals.
C. Evaluate the fee she is paying.
D. Make sure the seller is not adding resources.

70
Questions
7. A project performed under a cost-reimbursable contract
has finally entered the Close Procurements process. What
MUST the buyer remember to do?
A. Decrease the risk rating of the project.
B. Audit seller's cost submittals.
C. Evaluate the fee she is paying.
D. Make sure the seller is not adding resources.
Answer : B

71
Questions
8. The sponsor and the project manager are discussing what
type of contract the project manager plans to use on the
project. The sponsor points out that the performing
organization spent a lot of money hiring a design team to
come up with the design. The project manager is concerned
that the risk for the buyer be as small as possible. An
advantage of a fixed-price contract for the buyer is:
A. Cost risk is lower.
B. Cost risk is higher.
C. There is little risk.
D. Risk is shared by all parties.

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Questions
8. The sponsor and the project manager are discussing what
type of contract the project manager plans to use on the
project. The sponsor points out that the performing
organization spent a lot of money hiring a design team to
come up with the design. The project manager is concerned
that the risk for the buyer be as small as possible. An
advantage of a fixed-price contract for the buyer is:
A. Cost risk is lower.
B. Cost risk is higher.
C. There is little risk.
D. Risk is shared by all parties.
Answer : A

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Questions
9. Your company has an emergency and needs contracted
work done as soon as possible. Under these circumstances,
which of the following would be the MOST helpful to add to
the contract?
A. A clear procurement statement of work.
B. Requirements as to which subcontractors can be used.
C. Incentives.
D. A force majeure clause.

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Questions
9. Your company has an emergency and needs contracted
work done as soon as possible. Under these circumstances,
which of the following would be the MOST helpful to add to
the contract?
A. A clear procurement statement of work.
B. Requirements as to which subcontractors can be used.
C. Incentives.
D. A force majeure clause.
Answer : C

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Questions
10. During which procurement processes does procurement
negotiation occur?
A. Plan Procurement Management and Close Procurements
B. Control Procurements and Close Procurements
C. Conduct Procurements and Control Procurements
D. Conduct Procurements and Close Procurements

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Questions
10. During which procurement processes does procurement
negotiation occur?
A. Plan Procurement Management and Close Procurements
B. Control Procurements and Close Procurements
C. Conduct Procurements and Control Procurements
D. Conduct Procurements and Close Procurements
Answer : D

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Questions
11. Your program manager has come to you, the project
manager, for help with a bid for her newest project. You
want to protect your company from financial risk, and you
have limited scope definition. What is the BEST type of
contract to choose?
A. Fixed price (FP)
B. Cost plus percentage of cost ( CPPC)
C. Time and material (T &M)
D. Cost plus fixed fee ( CPFF)

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Questions
11. Your program manager has come to you, the project
manager, for help with a bid for her newest project. You
want to protect your company from financial risk, and you
have limited scope definition. What is the BEST type of
contract to choose?
A. Fixed price (FP)
B. Cost plus percentage of cost ( CPPC)
C. Time and material (T &M)
D. Cost plus fixed fee ( CPFF)
Answer : D

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Questions
12. Close Procurements is different from Close Project or
Phase in that Close Procurements:
A. Occurs before Close Project or Phase.
B. Is the only one to involve the customer.
C. Includes the return of property.
D. May be done more than once for each contract.

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Questions
12. Close Procurements is different from Close Project or
Phase in that Close Procurements:
A. Occurs before Close Project or Phase.
B. Is the only one to involve the customer.
C. Includes the return of property.
D. May be done more than once for each contract.
Answer : A

81
Questions
13. You have just started work on a procurement when
management decides to terminate the contract. What should
you do FIRST?
A. Go back to the Plan Procurement Management process.
B. Go back to the Conduct Procurements process.
C. Finish the Control Procurements process.
D. Go to the Close Procurements process.

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Questions
13. You have just started work on a procurement when
management decides to terminate the contract. What should
you do FIRST?
A. Go back to the Plan Procurement Management process.
B. Go back to the Conduct Procurements process.
C. Finish the Control Procurements process.
D. Go to the Close Procurements process.
Answer : D

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Questions
14. What type of contract do you NOT want to use if you do
not have enough labor to audit invoices?
A. Cost plus fixed fee ( CPFF)
B. Time & material (T &M)
C. Fixed price (FP)
D. Fixed price incentive fee (FPIF)

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Questions
14. What type of contract do you NOT want to use if you do
not have enough labor to audit invoices?
A. Cost plus fixed fee ( CPFF)
B. Time & material (T &M)
C. Fixed price (FP)
D. Fixed price incentive fee (FPIF)
Answer : A

85
Questions
15. Which of the following is an advantage of centralized
contracting?
A. Increased expertise
B. Easier access
C. No home for the procurement manager
D. More loyalty to the project

86
Questions
15. Which of the following is an advantage of centralized
contracting?
A. Increased expertise
B. Easier access
C. No home for the procurement manager
D. More loyalty to the project
Answer : A

Pmp procurement chapter 12

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Pmp procurement chapter 12