About PMP Masterclass Module 25 – PMP Procurement Management Knowledge Area
Welcome Back - this is yet another detailed Module consisting of seven video lessons, despite there being just three PMBOK processes. The subject matter here is based on formal procurement procedures used within the USA with a heavy bias on the tools and techniques that need to be mastered.
There are many contract types that need to be learned as well as math calculations and formula to remember.
Don't worry however, As I have included many fully calculated examples that I take you through during the video lessons - as well as providing you with numerous Handbook 16 exercises, exam questions and answers to get you fully up to speed...
Module Content
Procurement is the set of processes performed to obtain goods, services or scope from outside the (buyers) organization. The procurement management approach should be formal.
The project manager must determine a strategy for conducting procurements and the type of contracts to be used. Project management best practices currently favors buying externally rather than building internally.
Here I describe the procurement management plan and source selection analysis and review the key points of procurement.
Here, we cover Plan Procurement Management Tools. Source Selection Criteria. The source selection criteria are determined before the seller is selected and may, or may not, be shared with the prospective sellers.
The Point of Total Assumption is the point in the contract where a subcontractor/seller assumes responsibility for all additional costs. Used to calculate how risk is allocated between the Buyer and Seller – Particularly when using Fixed Price Incentive Fee contracts.
Fixed Price contracts are used for acquiring goods or services with well-defined specifications or requirements.
Conduct Procurements carry out the Project Procurement Plan, selects one or more sellers and award the procurement, usually in the form of a contract.
Control procurement is Monitoring the vendor’s performance and ensuring that all contract requirements are being met.
You will learn how the use of agile leads to a more collaborative relationship between all parties with a focus on contracts allowing some form of adaptive scope. Indeed, on hybrid projects you may use a combination of predictive and agile procurement.
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