The Project Notebook

PMP® Challenge Question – 6/15

Here’s the question posed on 6/1:

What do we call the narrative description of services to be supplied as part of a contract?

Without the aid of multiple choices, this may appear difficult to answer, but there is one simple answer! Its a Statement of Work or SOW.

Summer Break for PMP Challenge Questions — this feature will be on summer break until 9/1. See you back then! In the meantime, please continue to check for our weekly posts and updates.

PMP® Challenge Question – 6/1

The question posed for today is “What does RACI stand for?”

RACI is a technique which can be used for creating a RAM or Responsibility Assignment Matrix. The letters stand for Responsible, Accountable, Consulted, and Informed. Some articles about RACI add “VS” for Verifies and Signs Off.

Well that one was easy!

Here’s a question for 6/15:

What do we call the narrative description of services to be supplied as part of a contract?

Check back on 6/15 for the answer!

PMP® Challenge Question – 5/15

In our last challenge on 4/15, the question was: Explain the function of sum of the years depreciation.

This method requires that you first determine the number of years over which the asset will be depreciated. The amount of annual depreciation is then a fraction. The denominator of the fraction is the sum of the years. So if the number of years is 4, the denominator is 1+2+3+4=10. The year numbers are the numerators in reverse order. So the first year, the depreciation is 4/10, the second year is 3/10, and so on.

Now here’s the challenge for 6/1: What does RACI stand for?

PMP® Challenge Question – 4/15

Happy Tax Day! Just a little late with the post since I took the day off in celebration. On 4/1, I asked what does each abbreviation stand for:

CR – Cost Reimburseable. This is a contract where the seller is reimbursed for their costs. There is usually a fee or some other payment representing the profit.
CPFF – Cost Plus Fixed Fee. The contract is a variant of cost reimburseable with a fixed fee component. This type of contract tends to favor the buyer.
FPFT – Fixed Price, Fixed Time. This is a contract in which the seller absorbs all the risk by guaranteeing a price and time to complete.
CPRC – Oops? Did you think this stood for something? Its not a valid procurement abbreviation.

Now for the 4/15 challenge:

Explain the function of sum of the years depreciation.

Good luck with the challenge!

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