Chapter 12 in the Pinback guy 6 edition is on Project procurement management.
Not every project procurers but as a candidate for the PMP Exam you need to be familiar with the procurement
management processes.
So this is a chapter that sometimes beats up project managers especially if they don't normally do procurement
many project managers defer procurement to a centralized contracting or a procurement administrator
in their organization.
So if you don't regularly do procurement don't ignore this chapter.
You need to spend a little bit extra time here and really know these processes for procurement.
So the three processes will address in the Pinback guide six Ed. chapter 12 is project procurement management
which we begin with creating a plan.
So plan procurement management and then conducting procurements and controlling procurements.
So these are the three processes we need to know.
So plan you're going to create a procurement management plan.
Then you follow the plan and you'll conduct it.
This is how you begin interacting with sellers getting a bid or a quote or a proposal.
We'll talk about terms of reference or statements of work and then controlling that procurement about
making sure that both parties are living up to the terms of the contract that it's not just the project
manager that both the vendor the buyer and the seller live up to the terms procurement will also touch
base.
We talk about time and cost because you may have a lead time to procure.
And obviously with cost because this affects your project budget in chapter 9 on resource management
we talked about physical resources in acquiring those physical resources.
So again we'll be coming back to procurement because this is how we acquire.
So we have to work with our procurement policies in our procurement processes.
All right great job.
Let's keep moving forward.
We'll talk about stakeholder management processes in the next lecture.