Procurement Management 101 - A Comprehensive Primer

At some point on a large project, you need someone else to provide the goods or services that will supplement your team’s capabilities and resources. How do you ensure you get what you need, and you get good value? The answer is Procurement Management. 🎓 Learn Project Management with Mike: The Project Manager's Skills Mastery Program - https://school.onlinepmcourses.com/p/pm-skills-mastery Recommended Videos Carefully curated video recommendations for you: 🎬 Competitive Procurement: How to Run a Tender Process https://youtu.be/-KTUTgruqaA 🎬 Should a Project Manager Get Involved in Contract Negotiations? https://youtu.be/hYaTqjBmmO0 🎬 A Fixed Price Contract for Your Project: Pros and Cons https://youtu.be/xYlNgMbjIp8 🎒 A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. 🎬 For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 🎁 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ 🏛 For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses 🎓 For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ ⏱ Chapter Markers... 00:00 - Procurement Management 00:26 - What is Project Procurement? 01:23 - Procurement contract types 01:58 - Fixed price contract 02:47 - Fixed price contract with incentive/penalty 03:16 - Unit cost contract 03:47 - Target cost contract 04:31 - Cost-plus contract 05:32 - Time and materials (T&M) contract 06:24 - The four Project Procurement Processes 06:41 - Procurement Planning 08:46 - The procuring stage 09:51 - Contract award 10:16 - The contract 11:27 - Monitoring and Controlling 12:48 - Closing 13:46 - Public sector project procurement 14:56 - Good procurement practices #Procurement #ProjectManagement #ProcurementManagement