Guide to Procurement Management in PMP: Seventh Edition
Importance: Procurement Management is crucial as it helps organizations in proper coordination of procuring goods and services, keeping the projects on time and within budget. Adequate procurement management can increase efficiency, save money and improve supplier relationships.
What is it: Procurement Management is a strategic approach that involves evaluating, selecting, establishing agreements, and payment for goods and services which a company needs to complete its projects successfully.
How it works: It works in phases: Plan Procurement Management, Conduct Procurements, Control Procurements, and Close Procurements. Every phase has significant activities to support the procurement process and project objectives.
Exam Tips: Answering Questions on Procurement Management: 1. Remember the procurement management process order. 2. Understand the terms like procurement documents, contracts, and agreement types. 3. Many questions will present a scenario, be prepared to apply the PMBOK Guide's concepts to those real-world situations. 4. Pay special attention to questions about changes to contracts and dispute resolution, as these are tricky areas in Procurement Management.
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Procurement Management practice test
Procurement Management involves managing the processes of purchasing or acquiring the products, services, or results needed from outside the project team. It covers the contract management and change control processes required to administer contracts or purchase orders initiated by authorized stakeholders. Effective procurement management ensures that the necessary materials, services, or subcontracts are arranged timely and are of apt quality and quantity, thus supporting the project schedule and budget requirements.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP 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