CompTIA Updated PK0-005 Exam Questions and Answers by frances

A time and materials contract is a type of contract where the buyer pays the seller for the actual time and materials used during the project. This type of contract is suitable when the scope of work is uncertain or likely to change, and the vendor cannot provide accurate estimates. The document also specifies the resources involved and the rates the vendor will charge for the work12.

The project manager should validate against the scope statement and ask for sign-off after a system was implemented and testing was successfully completed. The scope statement is a document that defines and documents the project scope, objectives, deliverables, requirements, assumptions, and constraints. The scope statement can help to establish a common understanding and agreement between the project manager and the stakeholders on what the project aims to achieve and deliver. Validating against the scope statement means checking whether the project deliverables meet the agreed-upon scope criteria and quality standards. Asking for sign-off means requesting formal acceptance and approval of the project deliverables from the stakeholders.

When an organization lacks the internal resources or expertise to develop a specific feature, subcontracting is an effective procurement method. This involves hiring an external entity to perform the work, thereby filling the skill gap.

The CompTIA Project+ PK0-005 exam objectives, under Domain 1.11: Explain important project procurement and vendor selection concepts, list subcontracting as a procurement method:

"Resource procurement methods: Build, Buy, Lease, Subscription/pay-as-you-go."

CompTIA Project+ PK0-005 Exam Objectives

Subcontracting falls under the 'Buy' category, where services are procured externally to meet project requirements.