TOPIC: Free PMP Exam Sample Question of the Week

Question:

You are managing a complex project and some of the project work needs to be outsourced. You have prepared a Procurement Scope of Work document and you are about to advertise the job to obtain vendor proposals. However, you need to have a benchmark document against which you can later compare the vendor proposals. Your primary focus for this activity is to have control over the quoted prices. You will also need this document later to compare whether or not your vendors properly understood the scope of work. Which technique should you use to develop this control document?

A. Expert Judgment
B. Independent Estimates
C. Internet Search
D. Procurement Negotiations

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Hint: You need to have an estimate created for the work to serve as a benchmark against which to compare vendor proposals.

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Answer and Explanation:
The Correct Answer is B.

Independent estimates provide an organization with the ability to obtain an initial estimate of the cost of the work in question. This can serve as a benchmark for proposals submitted by vendors for the same work. Independent estimates can either be created using the organization's internal staff or can be solicited from an expert outside of the organization.