PMP Contract Types & Sequence of Steps in Conduct Procurements

PMP Contract Types & Sequence of Steps in Conduct Procurements
In this video, I have addressed the doubts of a PMP aspirant regarding the various types of contracts used in Procurement Management. I have also covered the sequence of steps involved in conducting a procurement, from request for bids to selecting the sellers.
In the first section, we will see the various types of contracts like fixed price/ lump sum contracts, cost reimbursable/ cost plus contracts and time & material contracts. We then go through the risk involved in each type of contract from the perspective of buyer and seller.
In the second section, we will see the steps involved in conducting procurements. Starting from Request for Information to Request for Quotation or Request for Proposal, we take it forward to bidder conferences until we select the sellers and signing an agreement.
You will find this useful if you are preparing for the PMP exam.
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[@daniellemessa4821]

Thank you so much. This was marvellous

[@PMDrill]

You're very welcome!

[@aditisplayworld5853]

Your explaination is so good that it made me understand complex processes in PMP..Thank you for the presentation Sir..

[@PMDrill]

You are most welcome

[@wrestiawan]

Thank you for your very clear explanation..hoping You create more good video..

[@PMDrill]

Thank you. Will try to post more videos.

[@vjysharnan]

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[@PMDrill]

Thank you Vijay. Will certainly consider your suggestion. Hopefully, I can focus some time on the channel in 2021. Wish you a wonderful New Year!

[@AnkkitMiital]

Thank You So much Sir for this video.. It really helped me to understand the concept...

[@PMDrill]

You are welcome Ankit. Thanks for your feedback.

[@itohanosemwegie8761]

Thank you so much. I really appreciate

[@PMDrill]

You are welcome. Thanks for your comments.

[@MrJsumit]

Sir please can you prepare the video on Executing process group also? Your explanation in videos is amazing.

[@preethajose5142]

Sir, can u prepare a video on Risk and Cost in detail using mind maps.