5. The scope of a project can change throughout the duration of the project, but it is mission critical to outline requirements during the initial phase.

6. The WBS (work breakdown structure) outlines project risk.

7. Having a contingency plan is not important for project managers.

8. In project teams, everything will always run smoothly.

9. Milestones are events that represent a point in a project of special significance (example: a customer deliverable).

10. Total cost of ownership (TCO) represents the entire cost of a project. Components of this include fees for the product, maintenance, product customizations, and support.

11. A company should ALWAYS build their own software instead of buying a commercial off the shelf (COTS) product.

12. A Request for Proposal (RFP) represents a more detailed requirements document that allows prospective bidders (vendors) to provide a cost proposal and solutions for the reported needs of the organization.

13. Due diligence is a waste of time, and should never be performed.

14. Selecting a vendor is mission critical, and building the initial relationship with a vendor can provide years of mutual valuable return for both the vendor and consumer.