Complete the Course Hey, congratulations. You made it to the end of this course. That is some fantastic work that you’ve done. So I’m really happy for you. You’ve done something that many people have not done, and that is to just take this effort, to take this initiative and to complete the course and work towards passing your CAPM. And I’m really happy for you that you’ve done a lot of work. So thank you for your time and your participation. I know this is not an easy topic…

Control Project Procurement In tandem with project execution, we have project monitoring and controlling. So that holds up as well. Here in procurement, when we’re executing the contract, we have the other side of the coin, which is to control that project procurement. So both parties have to, by the terms of the contract, that both parties are controlled by the terms of the contract. On your exam, this will be from the project management perspective. So we want to be aware of that. Sometimes you could be the buyer…

Execute the Project Procurement Management Plan All right, welcome back to our procurement conversation. Now that we’ve created a Procurement Management Plan and we’ve made those buy or build decisions, we’re ready to execute that plan. So we’re moving from planning over into execution. And this is really where the bulk of your project’s time and money are spent will be in execution. So it makes sense that this is where we’re actually buying things, where we’re executing the Procurement Management Plan. So let’s take a look at the first…

Decide to Build or to Buy in Projects Sometimes it’s better to go out and buy a solution from a vendor, and sometimes it’s better to build it in house. And there are good reasons for both. So in this lecture, we’re going to take a look at why would we buy or why would we build, and then there’s a mathematical analysis. This just from a math point of view about when is it better to buy or build. So why would you buy or build? Well, sometimes it’s…

Review Project Procurement Contracts Welcome back. In this lecture, we’re going to look at reviewing the procurement contracts, what contract types and what are the characteristics of those contracts are you allowed to use in your project? And you’ll need to recognize these for your PMP exam. This is an area that tends to beat up a lot of project managers because most PMS aren’t working with contract types. They’re not doing the procurement that it’s managed by a centralized contracting or a procurement office. So if you don’t have…

Section Overview I’ve been teaching the PMP exam prep course now for many, many years, and I’ve met thousands of PMP candidates. The one knowledge area that gives these folks the most trouble is procurement management. And I think that’s because most of these people don’t do the actual procurement. They work with contracting or procurement, procurement office or a purchasing office where they are. So they aren’t necessarily involved in the day to day procurements. Well, I’ve structured this course to focus in, especially the section to focus in…

Plan Stakeholder Management As with all knowledge areas, stakeholder management is no different that we need a plan. So this process is planning stakeholder management. It’s a plan which will address how do we identify, manage and engage stakeholders. So this is 13 two in the Pinbox plan stakeholder Management where we are developing management strategies for stakeholder engagement. It’s an analysis of stakeholder needs and it helps us to create a clear plan, a clear intention of how will we manage stakeholders. Let’s look at our edo here. For…

Section Overview You’ve now reached the new knowledge area in the Pembach Guide fifth edition, and that’s project stakeholder management. Stakeholders, we know are the people, groups and organizations that are affected by our project or our project can be affected by them. So in this knowledge area, this new knowledge area, we’re going to look at several processes dealing with stakeholders management. You’re going to see that a lot of this ties back to chapter ten of the Pinbach on communications management. So there is some parallelism that happens…

Procure Goods and Services Now let’s talk about project procurement management. This is one that beats up a lot of project managers because project managers often aren’t the folks doing the procurement. So the Procurement Management Plan, it’s all about the procurement activities in your organization. How do you operate, lead time, make or buy? What about scheduling, deliverables, performance bonds, warranties, insurance, things like that? The plan also defines the form and format for your statement of work documents. So what forms will you be using? Do you have…

Communicate With Stakeholders Let’s talk about communication. So much of communication is project management or scratch that, reverse it so much. Project management is communication. The planning we’re answering, who needs what information? Who is authorized to see that information? Who will provide it? When is the information needed? What modality or format? Where will you store this information? And what about time zones or language differences and so on? Also in the communications management plan, what are the requirements from stakeholders? What are they expecting? What exactly will we…