Procurement Performance Monitoring

Correct Answer: Risk-based Procurement Management

A complex project that requires rare and specific resources poses significant risk factors, especially in terms of delivery time and cost considerations. 'Risk-based Procurement Management' is therefore the best tool to be used in such a scenario. This method incorporates risk management strategies into procurement to identify and mitigate potential risks that could impact procurement performance. As for the other options, Competitive bidding is more of a procurement strategy rather than a performance monitoring tool. Just in time procurement, mostly used in manufacturing, is a strategy to increase efficiency and decrease waste by receiving goods only as they are needed. This strategy in a high risk and uncertain situation like this is likely to lead to more complications. Lastly, Turnkey procurement could be a good strategy when you want a single point of contact and full responsibility of the vendor, but that does not necessarily mean it is the best tool for risk management in procurement process.

Correct Answer: Review and analyze the contract terms

The best first step when dealing with a vendor who has not adhered to the agreed payment terms is to review and analyze the contract terms. It is essential to understand the exact parameters of the contract and if there are any clauses that might affect the payment term understood initially. Terminating the contract immediately can trigger unwanted legal implications, and it might not solve the current cash flow issue. Decreasing the project budget is not a practical solution; it doesn't address the issue of non-adherence to payment terms and might negatively affect the project's execution. Finally, requesting an accelerated payment schedule may not be feasible or conform to the terms of the contract. Therefore, the first logical step is to review the contract thoroughly.

Correct Answer: Vendor Audits

The most fitting approach for gathering detailed information on the vendor's ability to deliver would be Vendor Audits. This process allows the project manager to assess and ensure quality standards, as well as compliance with agreed-upon terms. Unscheduled meetings might not provide enough insight into the actual working process and practices of the vendor. Reviewing marketing materials are focused more on promoting the vendor and might not represent the vendor's actual ability. Lastly, reviewing the project charter would not provide detailed information about the vendor's ability to meet the project objectives as this document is focused on defining the project, not the vendor.