Guide on Solicitation Planning
Solicitation Planning is a vital aspect under Project Procurement Management.
Importance: Its primary objective is to ensure that the outsourcing process is executed effectively. It aids in choosing the right outsourcing partners, thereby minimizing risks, reducing costs and ensuring the project's success.
What It Is: Solicitation planning is a step in the procurement process where the project team identifies which project tasks can be outsourced, and what types of contracts or agreements are most appropriate for each of these outsourced tasks. It also includes formulating documents that will be distributed to potential vendors during the proposal process.
How It Works: Solicitation planning involves preparing procurement documents such as Request for Proposal (RFP), Invitation for Bid (IFB), or Request for Quotation (RFQ). These documents are prepared based on the project’s procurement management plan and the planned scope of the outsourced works. It also includes the selection of contract type and identification of potential sellers.
Exam Tips: When answering questions regarding Solicitation Planning in an exam, it is essential to remember that it mainly focuses on drafting solicitation documents and selecting vendors. Keep in mind the three types of procurement documents and their usage.
Never confuse Solicitation Planning with other steps in the procurement process like conducting procurements or administering contracts.
Understanding the definitions and recognizing the correct terms to use can significantly boost your answers’ quality.
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Solicitation Planning practice test
Solicitation Planning follows procurement planning, and it involves preparing the documents necessary for the procurement. These documents clearly define the procurement needs and the desired form of responses. This process ensures the preparedness of both the buyer and the seller in terms of what needs to be provided, when, how, and under what conditions or terms. It is crucial in managing the expectations and reducing the risks associated with the procurement processes.
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!