Question 1. Describe and explain the four processes in the procurement management process from the buyer perspective, as shown in the PMBOK Guide.

Question 2. You are a project manager at a bidder's meeting. One of the potential sellers asks you a question concerning the project in the hallway leading to the meeting room. Can you answer this question for the seller? What would be your concern if you did answer the question?

Question 3. Fixed-price, cost-reimbursable, and time and material contracts are all potential agreements that could be reached between organizations. Describe each type of contract, and explain the range of risk for each of these types of contracts.

Question 4. You are reviewing procurement models and you notice that there are three types of procurement statements of work. What are the three types of procurement statements of work? When is each appropriate for a given contract?

Question 5. Describe the buyer's plan procurement process of the contract management process as it relates to creating a RPF. Give an  example of the activity that takes place in each step.

Question 6. Describe and compare and contrast the buyer's and seller's actions in the control procurement phase of the contract management process. Give an example for each.

Question 7. Describe a memorandum of understanding and letter of intent.

Question 8. Under U.S. and international law, all contracts must contain five elements or satisfy five requirements. List and explain each of these five elements.