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Private - Principles of Procurement Management (1 Day)
About course

This course will cover the principles of procurement management, which is acquiring products and services needed for the project from outside the project team. The Procurement Management processes from the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide) will be reviewed including inputs, key tools and techniques, and outputs. Typical procurement activities will be described from the make-or-buy decision to contract award to contract closure. The key elements that should be included in a procurement management plan will be presented. The stages of a contract negotiation will also be reviewed. This course will review key contract terminology, selection criteria and the key elements of a contract. The types of contracts that can be used will be reviewed including variations of fixed price, cost reimbursable and time and material. Selecting the correct contract type and dealing with contract risks will also be covered. This course includes multiple exercises to allow attendees to practice the course concepts.   

Who should attend

This course will help Portfolio, Program and Project Managers, Business Analysts, functional managers, and other project team members involved with contracting project work.

Course features

As a result of taking this course, attendees will be able to:

  • Describe the procurement processes
  • Select the most appropriate contract type for a specific procurement 
  • Prepare a request for procurement document
  • Conduct a contract negotiation
Course outline

Module 1: Procurement Management Processes  

  • Commonly used Terminology
  • Buyer’s versus Seller’s Perspective
  • Procurement Management Processes
  • Contract Types 
  • Procurement Management Plan Contents
  • Use of Selection Criteria
  • Types of Contract Negotiations
  • Negotiation Preparation by Buyer and Seller
  • Rapport, Exploratory and Bargaining Stages
  • Closing the Deal


Module 2: Contract Terms and Categories

  • Types of Procurement Documents 
  • Essential Request for Proposal Elements
  • Contract Classifications
  • Contract Elements 
  • Contract Terminology 
  • Contract Interpretation Guidelines
  • Typical Bonds used on Contracts
  • Variations on Contract Types (Fixed Price, Cost Reimbursable, Time and Material)
  • Selection of the Correct Contract Type
  • Contract Risk Management
Course information
Duration: 7 hours
Earn: 7 PDUs
Delivery Method: Virtual or Traditional Classroom
Knowledge areas addressed

This course addresses the Procurement Management knowledge area in the Project Management Institute (PMI)® A Guide to the Project Management Body of Knowledge (PMBOK® Guide).