New Training: Project Procurement Management

In this 5-video skill, CBT Nuggets trainer Simona Millham covers the processes in the PMI knowledge area of Procurement Management. Watch this new Project Management training.

Watch the full course: Certified Associate in Project Management (CAPM)

This training includes:

• 5 videos

• 46 minutes of training

You’ll learn these topics in this skill:

• Introducing Project Procurement Management

• Contracts

• Plan Procurement Management

• Conduct Procurements

• Control Procurements

What is Project Procurement Management?

Project procurement management is the means for ensuring the successful procurement of all materials and services that are required to complete a project. It consists of three stages: planning procurements, conducting procurements and administering procurements.

In the planning stage, you will determine the materials and services that the project requires. You will also determine which of these things your company can provide and which you need to obtain elsewhere. For the latter, you will need to further determine how you will do this.

In the conducting stage, you will make any necessary requests for proposals (RFPs), analyze these, and negotiate with vendors. Finally, you will initiate contracts, pay for the materials and/or services, and receive them.

Finally, in the administering stage, you will monitor what has been procured and ascertain whether they are meeting the project requirements. You will also ensure the quality of all goods and services that have been procured.