Typical Procurement Flow : A Guide for PMP Exam Preparation

In this detailed video, we walk through the entire procurement process in project management, covering key steps from identifying procurement needs to finalizing contracts. Whether you're handling a predictive life cycle with a Work Breakdown Structure (WBS) or an adaptive/agile project with a Product Backlog, understanding the flow of procurement activities is critical for successful project execution.
🚀 Key Sections Covered:
🔍 Make-or-Buy Decision - Explore how to decide whether to develop work in-house or outsource based on economic factors and project needs.
📄 Preparing the Procurement Statement of Work (SOW) - Learn how to define the scope of external work and the documentation needed for vendors to provide proposals.
📝 Request for Proposal (RFP) - Discover how to create an RFP, manage vendor queries, and issue requests for pricing or proposals, including Request for Quotation (RFQ) or Request for Proposal (RFP) based on procurement needs.
🛠️ Vendor Selection Process - Dive into the evaluation of vendor proposals using Source Selection Criteria, Bidder Conferences, and the importance of Preferred Vendor Lists.
🤝 Contract Negotiation - Understand contract types like Fixed Price or Time & Material, and how to negotiate with vendors to ensure a win-win outcome while aligning with project goals.
📑 Key Considerations:
📚 Procurement Management Plan: Learn how organizational procurement strategies and templates guide the process.
❓ Handling vendor queries and organizing Bidder Conferences for clarifying requirements.
🏆 Source Selection Criteria for evaluating vendor proposals based on quality, cost, and technical capabilities.
📃 Letter of Intent (LOI): Steps for issuing LOI to selected vendors before contract finalization.
📥 Downloadable PDF
To help you better understand and manage procurement activities, you can download the detailed PDF guide mentioned in the video at www.iZenBridge.com/downloads
🔗 For more project management insights, leave your questions in the comments below, and make sure to subscribe for updates on upcoming videos!
#pmp #pmpcertification #projectmanagement #pmpexamprep

[@shrirambhandari1463]

Mr Bansal I am PMP certified but, this kind of Procurement Management in a detailed a clear way , that too in 15 minutes hasn't been explained to me even by my PMP coach, thanks a lot.

[@izenbridge]

Thank you for checking our video on Procurement and also thank you for your kind words.

[@shrirambhandari1463]

@@izenbridge I keep referring to these videos they are really helpful I am able to understand the PMP material much better thanks and thanks again.

[@kkamalakararao8269]

Very Good information

[@izenbridge]

Thank you for checking and also commenting on video.

[@GunasekaranPonnusamy-l5j]

Great. Very clear information

[@izenbridge]

Thank you for checking this out.