Plan Procurement Management

Correct Answer: Statement of Work (SOW)

The Statement of Work (SOW) is the best choice because it is a document that clearly lays out the needs and expectations of the project for potential suppliers. It would outline the system requirements and deliverables related to the helpdesk software. A Request for Information (RFI) is not the best choice as it is more typically used for doing initial research, not outlining specific project requirements. The Project Charter is an internal document used to authorize the project and does not contain the detailed requirements potential suppliers would need. The Procurement Management Plan focuses on how procurement will be managed and controlled, not on specific requirements of the product or service being procured.

Correct Answer: Create a procurement management plan

The best next step when you must acquire services from a third party vendor is to create a procurement management plan. A procurement management plan sets out the approach for acquiring the services needed from external vendors. The plan outlines the steps that must be followed, who is involved, what each party's responsibilities are, how risks will be handled, and what controls are in place to ensure successful procurement. This plan comes before choosing a vendor from the list since it ensures a systematic selection process that aligns with the company's policies. Begin contract negotiations and Ensuring the project scope is complete are indeed important steps but they come after devising an effective procurement plan.

Correct Answer: Ensuring a cap is set to prevent endless increase in the project cost.

The correct answer is 'Ensuring a cap is set to prevent endless increase in the project cost'. This is due to the nature of Time and Material contracts, as they can lead to an endless increase in the project cost if no cap is set, since the contractor is paid for actual work based on agreed hourly rates. 'Negotiating a fixed price for the entire project' is not the best approach as it contradicts the principle of time and material contract. 'Ensuring the contractor completes the project in shortest possible time' is also not the best answer, as the quality of work should not be compromised over time. Finally, 'Verifying that the contractor has necessary manpower for the project' is an important consideration but does not directly address the main concern of controlling costs in a Time and Material contract.