1. How does outsourcing increase accountability? 2. What type of contract has th

Question

1.            How does outsourcing increase accountability?

2.            What type of contract has the least amount of risk for the buyer?

3.            What do the letters RFP stand for?

4. What is the first step or process in project stakeholder management?

5. What strategy would you use to manage stakeholders with high interest and high power?

6. What type of document can you prepare to clarify stakeholders’ rankings of project scope, time, cost and other constraints?

7.            What are the most important success criteria for information technology projects according to the Standish Group?

8.            If a project has a 50 percent probability of making $100 and a 50 percent probability of making no money at all, what is its expected monetary value?

9.            What does risk mitigation mean? Provide an example of how to mitigate risk in a project.

Essay:

10.          Why do you think that many books and people do not spend much time discussing the topic of

              procurement management?

Explanation / Answer

1. Outsourcing increases accountability as contracts are involved and contracts are legal binding.

2. Firm-fixed price has the least amount of risk for the buyer.

3. RFP stands for Request for Proposal.

4. Identify, Recognize and Acknowledge Stakeholders.

5. Stakeholders with high power and high interest should be managed with the utmost care.

6. Expectations Management Matrix

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