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A Comprehensive Guide to Source Selection Criteria (PMI-PMBOK 7th Edition)

What is Source Selection Criteria?
The source selection criteria is a procurement planning tool outlined in the Project Management Body of Knowledge (PMBOK) Guide. It is a set of attributes or requirements - such as cost, quality, reputation, and capacity - that guide organizations in choosing a supplier or contractor.

Why is it Important?
Source selection criteria is vital as it ensures a transparent, objective, and effective procurement process. It enables organizations to choose a supplier that best fits their needs and mitigates the risk of procurement failure.

How does it Work?
After identifying potential suppliers, organizations assess and rank each one based on the defined source selection criteria. The supplier with the highest ranking is usually selected for procurement.

When answering questions on source selection criteria in an exam, remember the following:
Examination Tips:
1. Understand the Definition: Be familiar with the concept of source selection criteria and each of its attributes.
2. Real-World Scenario Questions: Imagine practical scenarios and how the criteria would be applied in each case.
3. Knowledge Application: Know how to apply the criteria in rank of suppliers - since questions may require direct application.
4. PMBOK Guide: Lastly, always refer back to the PMBOK guide to reinforce your understanding of the concept and how it should be applied.

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Source Selection Criteria practice test

Source selection criteria are the factors used by a project team to evaluate and compare prospective suppliers or vendors before awarding a contract. These criteria can include price, technical capabilities, quality, delivery schedules, past performance, and reputation, among others. By carefully considering these factors, project teams can choose the most suitable supplier or vendor to fulfill their project requirements, which in turn can help ensure timely delivery, quality standards compliance, and cost control while reducing potential risks associated with poor vendor performance.

Time: 5 minutes   Questions: 5

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Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 10928 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!