Procurement Management Plan

Correct Answer: Seller Performance Evaluation Document

The 'Seller Performance Evaluation Document' is the appropriate report in this context since it specifically assesses the performance of the seller in a project. Such a report would help the procurement department in evaluating how well the seller is performing in a project. On the other hand, a 'Monthly Financial Report' mainly focuses on the financial aspect of a project rather than sellers performance. A 'Project Status Report' gives an overall view of the project's speed and progress, not specifically about procurement performance. The 'Work Performance Report' is more related to the performance of the whole project team rather than the seller or vendor alone.

Correct Answer: Perform an impact analysis on the project

In Project Management, a change in the project scope, such as an unexpected regulatory issue, requires immediate attention and analysis to determine its impact on the project. Therefore, the first step should be to 'Perform an impact analysis on the project.' before making any other decisions. An impact analysis helps to identify the potential effects of the change within the project life cycle involving time, cost, risk, and resources, thus informing the best course of action. Requesting additional budget, changing the procurement strategy without assessment, or terminating the contract with the vendor are premature actions. They may or may not be necessary and should only be considered after conducting the impact analysis.

Correct Answer: Review the contract and discuss the change with appropriate stakeholders

The best action to take in this case is to review the contract and discuss the change with appropriate stakeholders. The vendor's proposed change could have numerous implications on the project, including costs, quality, and other scheduled tasks, which need to be reviewed. It's also possible that other stakeholders may object to the change for their own reasons. Therefore, as a project manager, you should review the contract and engage the key stakeholders before making a decision. The other options are not advisable because: Changing the project schedule without considering the implications on other aspects of the project and without discussing with the stakeholders is imprudent. Rejecting the vendor's claim outright without considering the potential benefits to the project is not a wise decision. Negotiating a lower price without evaluating the impact on the quality and other aspects of the project is not the best action to take in this scenario.