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Guide on Conduct Procurements

Conduct Procurements is an essential process in Project Procurement Management under the Concept of CAPM (Certified Associate in Project Management).

Importance: Conduct Procurements is crucial as it involves the process of obtaining vendor responses, selecting a vendor, and signing contracts for the required goods or services. It ensures that the required resources are procured within the budget and on time, which directly impacts the project's success.
What It Is: Conduct procurements involves selecting vendors, agreeing on terms and conditions, and signing contracts for goods or services. This process is repeated until all necessary resources for the project are secured.
How It Works: This process begins with soliciting bids or proposals and ends with the signing of contracts. It involves analyzing bids, proposals, quotations received, and selecting the vendor based on factors like cost, quality, delivery date, and reputation of the vendor.

Exam Tips: Answering Questions on Conduct Procurements
- Understand the Conduct Procurements process thoroughly.
- Know the associated terms like contracts, bids, proposals etc.
- Be clear about the steps involved in Conduct Procurements process.
- Practice realistic exam questions on Conduct Procurements.
- Use elimination technique to choose the best suitable answer.
- Be aware of the vendor selection criteria and the factors impacting the selection process.
- Understand how a small change in the procurement process can impact the overall project.

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Conduct Procurements practice test

Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract. It involves numerous activities, such as preparing solicitation materials, obtaining pricing information, conducting procurement conferences, administering procurement, and negotiating with potential sellers. The goal of this process is to ensure that the seller can provide the scope of work, products, or services needed by the project within the required schedule and at an acceptable cost.

Time: 5 minutes   Questions: 5

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Certified Associate in Project Management Preparation Package (2024)

  • Earn 15 PDUs needed for your CAPM certification
  • 8521 Superior-grade Certified Associate in Project Management practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless CAPM preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!