Which Process of Project Procurement Management Involves Managing Relationships with Sellers

question 15

Multiple Choice

 Which process of project procurement management involves managing relationships with sellers, monitoring contract performance, making changes as needed, and closing contracts?

• A) negotiating procurements
• B) settling contracts
• C) deciding on the services to procure
• D) controlling procurements

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Definitions:

Expected Cost

The forecasted cost of completing a project or producing a product, taking into account all known variables and potential risks.

Waiting-Line System

A model used to analyze the flow of customers, tasks, or items through a queue or waiting period, optimizing service efficiency.

M/M/1

A basic model in queueing theory representing a system with a single server, where arrivals and service times are both exponential (Markovian), and there is a single queue.

Arrival Rate

In queuing theory, the average rate at which tasks, customers, or entities arrive at a service station or system.