CAPM (Certified Associate in Project Management) Practice Exam

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What tool or technique is used in plan procurement management to assess whether to purchase goods externally or produce them internally?

Market research
Meetings
Make-or-buy analysis
Expert judgment

The correct answer is: Make-or-buy analysis

Make-or-buy analysis is the best tool or technique to determine whether to purchase goods externally or produce them internally. The process involves assessing the cost, time, and capabilities of both options to determine which one will provide the best value for the project. Market research may be used to gather information on potential vendors, but it does not involve a comparison between external and internal production. Meetings and expert judgment may be used as part of the make-or-buy analysis, but they are not the specific tool or technique used for this purpose.