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This is a Group Assignment Question 1 Describe the main processes of project procurement management. (15 marks) Question 2 Explain four (4) advantages that outsourcing offers which is encouraging many companies to adopt it? (10 marks) Question 3 The US $200,000 contract for a 10 month project specifies that the seller will bill the buyer at $20,000 per month. Last month, vendor made a good progress and achieve 1.5 times the scope it was expected to achieve in last month. Therefore vendor bills the buyer $30,000 instead of $20,000. What should the buyer do? (5 marks) Question 4 A cost-plus-incentive-fee (CPIF) contract has an estimated cost of $300,000 with a predetermined fee of $30,000 and a share ratio of 80/20. The actual cost of the project is $260,000. How much profit does the seller make? (5 marks) Question 5 A cost-plus-percentage-cost (CPPC) contract has an estimated cost of $240,000 with an agreed profit of 10% of the costs. The actual cost of the project is $260,000. What is the total reimbursement to the seller? ( 5 marks) Assignment 2-15\% This is a Group Assignment Question 1 Describe the main processes of project procurement management. (15 marks) Question 2 Explain four (4) advantages that outsourcing offers which is encouraging many companies to adopt it? (10 marks) Question 3 The US $200,000 contract for a 10 month project specifies that the seller will bill the buyer at $20,000 per month. Last month, vendor made a good progress and achieve 1.5 times the scope it was expected to achieve in last month. Therefore vendor bills the buyer $30,000 instead of $20,000. What should the buyer do? ( 5 marks) Question 4 A cost-plus-incentive-fee (CPIF) contract has an estimated cost of $300,000 with a predetermined fee of $30,000 and a share ratio of 80/20. The actual cost of the project is $260,000. How much profit does the seller make? ( 5 marks) Question 5 A cost-plus-percentage-cost (CPPC) contract has an estimated cost of $240,000 with an agreed profit of 10% of the costs. The actual cost of the project is $260,000. What is the total reimbursement to the seller? ( 5 marks)