PMI Scheduling Professional Certification (PMI-SP) Practice Exam

What is a procurement management plan?

1. A document outlining communication strategies

2. A guideline for stakeholder engagement

3. A plan detailing how procurements will be managed

4. A schedule for project deliverables

The correct answer is: A plan detailing how procurements will be managed

A procurement management plan is a comprehensive document that specifies how procurements will be handled throughout the project lifecycle. This includes details such as the procurement processes to be followed, the criteria for selecting vendors, how contracts will be managed, and the roles and responsibilities for procurement activities. By providing a structured approach to procurement, the plan ensures that all necessary goods and services are acquired in a timely manner and that relationships with vendors are managed effectively. This plan is crucial for minimizing risks associated with procurement, such as delays or cost overruns, and helps ensure that project objectives are met on schedule and within budget. The other options focus on aspects that, while important in their own right, do not specifically address the management of procurements. For example, communication strategies and stakeholder engagement guidelines are related to project communication and involvement, while a schedule for project deliverables focuses on the timeline of project outputs rather than the procurement process itself.