A Request For Quotation is a seller selection process where the buyer knows what they need and specifies quantity, terms, even target price. It is a companion, complimentary seller/vendor selection tool to the Request For Proposal. You might use a RFQ at your work place and not even realize it. For example purchasing 100 copies… [Read more…]
July 24, 2010 by David Kohrell
A Request For Proposal (RFP) is a common way to select for a vendor based solution or product. They are used when what is needed can be identified and described, but a detailed step by step method may not be known. RFP’s may result in a fixed bid or cost plus performance contract awarded to… [Read more…]
April 20, 2009 by tapuniversity
Time and Materials is one of three broad types of contracts—Fixed Price, Cost Reimbursable, and Time and Materials. Contract Types is a tool of the fourth edition PMBOK®’s Plan Procurements process. Time and Materials contracts are useful when the full scope of the project is unknown. They resemble Fixed Price contracts in that there can… [Read more…]
April 17, 2009 by tapuniversity
As project managers work with procurements, it’s important that they understand the different types of contracts. Contract Types is a tool of the fourth edition PMBOK®’s Plan Procurements process. There are a variety of contract types falling under the general categories of Fixed Price, Cost Reimbursable, and Time and Materials. The types of Cost Reimbursable… [Read more…]
April 16, 2009 by tapuniversity
Project managers increasingly need to be knowledgeable about procurement and contracts. Contract Types is a tool of the fourth edition PMBOK®’s Plan Procurements process. There are a variety of contract types falling under the general categories of Fixed Price, Cost Reimbursable, and Time and Materials. The types of Fixed Price contracts (as termed in the… [Read more…]
April 15, 2009 by tapuniversity
The project management technique of deciding whether certain work should be performed in-house or whether it should be purchased is called Make-or-Buy Analysis. Make-or-Buy Analysis is listed as a technique for the fourth edition PMBOK®’s Plan Procurements process. A project manager may have a Procurement Management Plan for the project that offers guidance in making… [Read more…]
April 14, 2009 by tapuniversity
Plan Procurements is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the four Procurement knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to document the purchasing decisions and approach as well as identify potential sellers. There is much information… [Read more…]
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July 27, 2010 by tapuniversity
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