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Chapter 12 in the Pinback guy 6 edition is on Project procurement management.

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Not every project procurers but as a candidate for the PMP Exam you need to be familiar with the procurement

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management processes.

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So this is a chapter that sometimes beats up project managers especially if they don't normally do procurement

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many project managers defer procurement to a centralized contracting or a procurement administrator

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in their organization.

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So if you don't regularly do procurement don't ignore this chapter.

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You need to spend a little bit extra time here and really know these processes for procurement.

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So the three processes will address in the Pinback guide six Ed. chapter 12 is project procurement management

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which we begin with creating a plan.

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So plan procurement management and then conducting procurements and controlling procurements.

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So these are the three processes we need to know.

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So plan you're going to create a procurement management plan.

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Then you follow the plan and you'll conduct it.

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This is how you begin interacting with sellers getting a bid or a quote or a proposal.

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We'll talk about terms of reference or statements of work and then controlling that procurement about

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making sure that both parties are living up to the terms of the contract that it's not just the project

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manager that both the vendor the buyer and the seller live up to the terms procurement will also touch

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base.

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We talk about time and cost because you may have a lead time to procure.

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And obviously with cost because this affects your project budget in chapter 9 on resource management

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we talked about physical resources in acquiring those physical resources.

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So again we'll be coming back to procurement because this is how we acquire.

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So we have to work with our procurement policies in our procurement processes.

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All right great job.

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Let's keep moving forward.

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We'll talk about stakeholder management processes in the next lecture.