CAPM (Certified Associate in Project Management) Practice Exam

What is Project Procurement Management responsible for?

1. The management of project team recruitment and organization

2. Monitoring and controlling project expenses and budget

3. The life cycle of the procurement contracts

4. Developing and maintaining relationships with external stakeholders

The correct answer is: The life cycle of the procurement contracts

Project Procurement Management is responsible for managing the life cycle of procurement contracts. This involves processes such as solicitation, vendor selection, contract negotiation, and contract administration. It focuses on ensuring that the project acquires necessary goods and services from external sources in a cost-effective and timely manner. This area of project management is crucial for successful project execution and delivery. Options A, B, and D do not directly relate to Project Procurement Management. - Project team recruitment and organization fall under Human Resource Management. - Monitoring and controlling project expenses and budget are part of Cost Management. - Developing and maintaining relationships with external stakeholders are part of Stakeholder Management.