Procurement Strategy: A Comprehensive Guide Following PMBOK Guide Seventh Edition

Importance: Procurement Strategy is a critical component in Project Management as it helps in defining the approach to procuring goods and services for the project. It aids in keeping budget and timeline constraints in check, effectively managing risks, and maintaining quality standards.
What it is: Procurement Strategy is an organized approach to making and implementing procurement-related decisions. This strategy guides the professionals on how to draft contracts, select vendors, manage procurement risks, and maintain quality control.
How it works: The Procurement Strategy follows the steps of Plan Procurement Management, Conduct Procurements, Control Procurements, and finally Close Procurements. A comprehensive procurement plan aids in effective budget management and risk mitigation.
Answering Questions: When answering questions on Procurement Strategy, read the question carefully to understand what exactly is being asked. Is the question about contract types, vendor selection, or risk management? Once you've narrowed down the topic, apply relevant PMBOK guide principles to answer.
Exam Tips: Understanding the core concept of Procurement Strategy is key. Practice questions focusing on contract types, risk management and vendor management. Always refer back to PMBOK Guide Seventh Edition principles. Review your answers and ensure they align with the given procurement strategy guidelines.