Extra Credit Week 4

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Keiser University *

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4583

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Economics

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Jan 9, 2024

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Uploaded by SargentFalcon600

1 Chapter 13 Discussion Question 1 The project team needs several key inputs before planning procurements. These are the main things they should have: 1. Project scope: The team needs a clear understanding of the project scope, including deliverables, schedules, and specific requirements. This will help them determine what goods, services, or resources should be purchased. 2. Procurement policy and procedures: The team must have access to the organization's procurement policies and procedures. This will guide them in selecting suppliers, negotiating contracts, and effectively managing the procurement process. 3. Stakeholder requirements: Understanding the needs and expectations of stakeholders is essential when planning acquisitions. The team should gather input from relevant stakeholders to ensure the procurement strategy aligns with their requirements. 4. Budget and funding: The project team should have a clear understanding of the available budget and funding sources for the project. This information will help them determine procurement options that are feasible within the financial constraints of the project. 5. Market research: Conducting market research is important to identify potential suppliers, understand market conditions, and obtain information on pricing and availability. This research will inform the team's decisions when selecting suppliers and negotiating contracts. 6. Risk Assessment: The team must evaluate the potential risks associated with the procurement process. This includes identifying risks related to supplier selection, contract negotiation, quality control, and delivery. By identifying and addressing these risks early on, the team can mitigate potential issues and ensure successful acquisitions. Chapter 14 Exercise 3

2 The schedule performance index (SPI) of a project indicates the efficiency of the project in terms of completing scheduled activities on time. An SPI of 85 percent means the project is slightly behind schedule. To understand the impact of this SPI, let's analyze it: 1. If the SPI is 100 percent, it means the project is on schedule. An SPI greater than 100 percent indicates that the project is ahead of schedule, while an SPI less than 100 percent means the project is behind schedule. 2. In this case, with an SPI of 85 percent, the project is slightly behind schedule. This could be due to delays or inefficiencies in completing activities. Now, let's move on to the project cost performance index (CPI): 1. The cost performance index (CPI) measures the efficiency of the project in terms of budget utilization. A CPI of 107 percent suggests that the project is performing well in terms of cost control. 2. If the CPI is 100 percent, it means the project is on budget. A CPI greater than 100 percent indicates that the project is under budget, while a CPI less than 100 percent means the project is over budget. 3. In this case, with a CPI of 107 percent, the project is performing better than expected in terms of budget utilization. This means that the project is currently under budget. In summary, based on the information provided, the project is slightly behind schedule with an SPI of 85 percent but is performing well in terms of budget control with a CPI of 107 percent.

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