Master project procurement management with Rita Mulcahy's 11th Edition
Learn to develop a procurement management plan, including make-or-buy decisions and contract types.
Understand the processes of selecting vendors and negotiating contracts.
Monitor and manage vendor performance to ensure project success.
Chapter 13 of PMP Exam Prep 2023, 11th Edition by Rita Mulcahy with Margo Kirwin dives deep into procurement management, a critical knowledge area for the PMP exam. This chapter, aligned with the PMP Examination Content Outline (ECO) and PMBOK® Guide, Seventh Edition, covers the three key processes: Plan Procurement Management, Conduct Procurements, and Control Procurements. It emphasizes predictive, agile, and hybrid approaches, addressing make-or-buy decisions, contract types (e.g., fixed-price, cost-reimbursable, time-and-materials), procurement documentation, and vendor management. The chapter also integrates practical tools like source selection criteria, bidder conferences, and procurement audits, alongside agile considerations such as iterative vendor engagement. Navigate to the other pages for detailed concepts, a quiz, additional resources, or a slide deck for study.