Subtitles of the Movie

In this movie, we'll take a look at the workbook exercises relating to the select sellers process. I'll go through the correct answers with you in this movie, which will be the final movie of this process and section. Beginning with question one, what is the purpose of this process? The purpose is to review offers from potential sellers, choose among sellers and negotiate a written contract with each seller. Next you're asked to fill in as many inputs, tools and techniques and outputs as you can recall for questions two, three and four. As you can see on your screen, there are several items within this process, including several important outputs. But don't let this long list overwhelm you. In fact, notice how the primary processes are easy to remember. The first is obvious. In the select sellers process, you result in the selected sellers. Once you've selected the sellers, a contract will be negotiated and the contract management plan will be created to manage that contract. For the tools and techniques, you have all the methods that relate to selecting sellers. And the inputs are made up of several key outputs that were generated from the previous three processes. Moving on to question five, what is a weighing system? This is a method that quantifies the qualitative data for an unbiased review of the potential sellers. Question six is a fill-in-the-blank. Independent estimates are a way of blank quotes provided by perspective sellers. The answer is checking, so the statement now read independent estimates are a way of checking quotes provided by perspective sellers. Next, name two examples of what may be addressed during contract negotiations. I had mentioned ten during the process review and what you may have noted from. These include responsibilities, authorities, applicable terms and law, technical and business management approaches, proprietary rights, contract financing, technical solutions, overall schedule, payments and price. Question eight asks match the following definitions with the terms. Let's go through what these are. For screening system, the first one, the answer is C; it establishes a set of minimum requirements of performance for one or more of the evaluation criteria. For contract negotiation, the answer was E; to clarify the structure and requirements of the procurement contract so that a mutual agreement is reached before signing the contract. Expert judgment is A; multi-discipline review team with expertise in the areas covered within the procurements documents and contracts. Seller rating systems is D; perspective sellers receive a rating that's developed by the buyer's organization and uses information such as the seller's past performance, quality ratings, delivery performance and contractual compliance. And lastly we have proposal evaluation techniques, which is B; where the buyer evaluates potential sellers using objective and subjective components. Question nine says a contract can be a complex document or a blank. The answer is purchase order. Question ten: several components that may be included within a contract were covered during the process review. Name at least three. Once again, we have several that you could have chosen from. I'll breeze through this list. We have section headings, statement of work, schedule, period of performance, roles and responsibilities, pricing and payment, inflation adjustments, acceptance criteria, warranty, product support, limitation of liability, fees, retainage, penalties, incentives, insurance, performance bonds, subcontractor approval, change request handling and lastly, termination and disputes resolution. And the final question, number 11, what does the contract management plan do? It administers the contract and is prepared based on items specified by the buyer within the contract. That concludes this review on the workbook exercises relating to the select sellers process.