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Project Management Professional
PMP® Exam Prep – Week 5
Prof. Muzette Charles, PMP | mcharles2@pace.edu
Procurement Management
Chapter 12
• “… is the process necessary to purchase or acquire products, services or results needed from outside the project
team… includes controlling any contract issued outside of the organization.”
• “Involves legal documents, agreements and/or contracts that are mutually binding between the buyer & seller “
• “Contract obligates the Seller to provide something of value & obligates the Buyer to provide monetary or other
value compensation.”
• “The Buyer becomes the customer & thus a key stakeholder for the Seller.”
• “The Seller’s PM Team is concerned with all the processes of PM, not only those of this Knowledge Area.”
Process Process Group Key Deliverables
12.1 Plan Procurements Planning Procurement Management Plan
12.2 Conduct Procurements Execution Selected Sellers
12.3 Control Procurements Monitoring & Controlling Change Requests
An organization can be either the buyer or the seller.
 Sellers are suppliers, vendors, service providers, contractors.
 Buyers are clients, customers, acquiring organizations, purchasers.
Procurement Management
Chapter 12
Procurement Management
Chapter 12
Key Points
 “… process documents procurement decisions, whether to acquire outside support, what to acquire, how to acquire,
how much is needed, when to acquire and identifies potential Sellers.”
 Cost: refers to how much it costs the Seller to create, develop,
 Price: is the amount the Seller charges the Buyer
 Profit: is the amount of money the Seller has left over after costs are paid
 Contract Terms: Arbitration, Breach, Force Majeure, Indemnification (liability), etc… see page 350
Plan Procurements
Process 1
Contract Types
Fixed-Price
Firm Fixed-Price
(FFP)
Fixed-Price
Incentive Fee
(FPIF)
Fixed-Price with
Economic Price
Adjustments (FP-EPA)
Cost-
Reimbursable
Cost Plus Fixed Fee
(CPFF)
Cost Plus
Incentive Fee
(CPIF)
Cost Plus Award Fee
(CPAF)
Time and
Material
Purchase
Order
Procurement Management
Chapter 12Plan Procurements
Process 1
Firm Fixed-Price (FFP) Contract
 Most common type of contract.
 Cost of goods is set at the beginning.
 Any cost increases are the
responsibility of the seller.
_______
_______
_______
FFP
Contract
Procurement Management
Chapter 12Plan Procurements
Process 1
Fixed-Price Incentive Fee (FPIF) Contract
 Contains financial incentives for the seller to
get the work done faster, cheaper, or with
improved technical performance.
 Final contract price not determined until
completion of all work.
 Best for projects with important and difficult-
to-achieve constraints.
_______
_______
_______
FPIF
Contract
Plan Procurements
Process 1
Procurement Management
Chapter 12
Point of Total Assumption (PTA)
The point in a contract where the seller assumes responsibility for all cost overruns
PTA = Target Cost + Ceiling Price – Target Price
Buyer’s Share Ratio
Seller’s cost to produce item Describes how cost overruns
and underruns are divided between buyer and seller
Seller’s cost for procurement item
(target cost + target profit)
Maximum dollar value buyer is
willing to pay for item
Procurement Management
Chapter 12Plan Procurements
Process 1
Cost Plus Fixed Fee (CPFF) Contract
 Buyer reimburses seller for seller’s
allowable costs (defined in contract) plus
fixed percentage of profit.
 The fee does not change due to seller
performance.
 Used when costs cannot be accurately
estimated in advance but buyer has
adequate controls on costs.
_______
_______
_______
CPFF
Contract
Procurement Management
Chapter 12Plan Procurements
Process 1
Cost Plus Incentive Fee (CPIF) Contract
 Buyer reimburses seller for seller’s allowable costs
(defined in contract) plus fee tied to performance.
 Fee and incentive based on
prenegotiated formula.
 Used to provide seller with incentive to save costs.
 Can include penalty if criteria not met.
_______
_______
_______
CPIF
Contract
Procurement Management
Chapter 12Plan Procurements
Process 1
Cost Plus Award Fee (CPAF) Contract
 Buyer reimburses seller for seller’s allowable costs
(defined in contract) plus award fee tied to
performance.
 Subjective—buyer judges seller’s performance.
 Important to have procedures in place for making
decisions fairly.
 Potential for only reward, not penalty.
_______
_______
_______
CPAF
Contract
Procurement Management
Chapter 12Plan Procurements
Process 1
Time and Material (T&M) Contract
 Buyer pays seller for seller’s time plus
materials to complete contract on per-
hour or per-item basis.
 Hybrid type of contract that contains
aspects of both fixed-price and cost-
reimbursable contracts.
 Used when exact statement of work
cannot be determined.
_______
_______
_______
T&M
Contract
Procurement Management
Chapter 12Plan Procurements
Process 1
Procurement Management
Chapter 12
Key Points
Types of Contracts
 Purchase Order: simplest type of FP, signed by 1 party, PO becomes the contract when “accepted” by the Buyer
 Fixed Price (FP): defined SOW, Buyer gets a fair/reasonable price, Seller high level of risk “Pt of Assumption”
 Cost-Reimbursable (CR): scope is uncertain, cost not accurately estimated, Buyer has high risk
 Time & Material (T&M): hybrid of both FP & CR, Unit Price is known, but not # of Hrs, Seller’s profit is built into rate,
Buyer has medium risk, but can use clause “Not to Exceed”
Tools
 Make or Buy Analysis: does it decrease the project’s constraints, retain control, proprietary info?
 Source Selection Analysis: can the Seller actually do the work, cover the costs, are subcontractors involved?
Plan Procurements
Process 1
Which type of contract is most risky to the
seller?
A. Firm fixed-price contract
B. Cost plus fixed fee contract
C. Cost plus incentive fee contract
D. Cost plus award fee contract
Discussion Question
Answer: A
Fixed-price contracts expose the seller to more risk
than cost-reimbursable contracts.
Chapter 12, Topic 1
Which type of contract is most risky to the buyer?
A. Firm fixed-price contract
B. Fixed-price incentive fee contract
C. Fixed-price with economic price adjustment
contract
D. Cost plus fixed fee contract
Discussion Question
Answer: D
Cost plus fixed fee (CPFF) contracts are the riskiest
type of contract for the buyer.
Chapter 12, Topic 1
You are contracting a long-term project with an
external vendor. They are charging you US$25
per hour per resource. What type of contract
are you using?
A. CPIF
B. T&M
C. FFP
D. CPFF
Discussion Question
Answer: B
Since you are being charged an hourly rate, this is a
time and material (T&M) contract.
Chapter 12, Topic 1
Procurement Management Plan
Risk
management
Constraints and
assumptions
Selection
process
Contracting and
administration
Metrics
Roles and
responsibilities
Procurement
decisions
Procurement Management
Chapter 12Plan Procurements
Process 1
Procurement SOW
 Each procurement item must have an SOW.
 Should be concise, complete, and clear.
 Includes expectations for product or project
requirements.
 Revised during the procurement process.
“Describes the procurement item in sufficient detail to allow prospective sellers to
determine if they are capable of providing the products, services, or results.”
STATEMENT OF
WORK
Procurement Management
Chapter 12Plan Procurements
Process 1
Bid Documents
 Created by project team (buyer) to solicit proposals
from sellers
– Request for information (RFI)
– Request for proposal (RFP)
– Request for quotation (RFQ)
– Invitation for bid (IFB; generally
used in government contracts)
– Tender notice
– Invitation for negotiation
– Invitation for seller’s response
BID
DOCUMENTS
Procurement Management
Chapter 12Plan Procurements
Process 1
Source Selection Criteria
 Requirements to
perform SOW
 Product/service
information (other
than requirements
in SOW)
 Risk management strategies
 Ownership rights
 Compliance
Procurement Management
Chapter 12Plan Procurements
Process 1
Procurement Management
Chapter 12
Key Points
 “… process of obtaining seller responses, selecting a seller & awarding a contract.”
 Qualified Seller List: prequalified list of sellers from OPA speeds up the process
 Seller Proposals: sent to Buyer in response to RFP, IFB, RFQ
 Tools: Bidder conference, Advertisements, Negotiations, etc
 Outputs: Selected Sellers vs. Sole Source
Conduct Procurements
Process 2
Evaluation Tools
 Advertising
Creates awareness of the opportunity
 Bidder conferences
Ensure that all vendors have a clear and
common understanding of the
procurement
 Proposal evaluation techniques
Scores against criteria (may include
weighting)
 Independent estimates
Serve as a benchmark to assess
reasonableness of bid
 Expert judgment
 Analytical techniques
Conduct research; analyze risks
 Negotiations
Clarify terms, scope, schedule, price
Procurement Management
Chapter 12Conduct Procurements
Process 2
How are bidder conferences conducted?
A. All potential sellers meet individually with the
buyer.
B. They are conducted on an as-needed basis at the
seller’s request.
C. They take place at a single location to provide
information to all sellers at the same time.
D. The buyer contacts the selected seller to
negotiate the bid.
Discussion Question
Answer: C
Bidder conferences are used to ensure that all prospective
sellers have a common understanding of the requirements and
that no bidders receive preferential treatment.
Chapter 12, Topic 2
Key Outputs
Selected Seller(s) Agreements
_______
_______
_______
Contract
Procurement Management
Chapter 12Conduct Procurements
Process 2
Procurement Agreements
Performance
requirements
Ground rules
Payment
Rights
Compliance
_______
_______
_______
Contract
Procurement Management
Chapter 12Conduct Procurements
Process 2
Procurement Management
Chapter 12
Key Points
 “… process manages procurement relationships, monitors contract performance & makes changes &
corrections to contracts as appropriate to ensure both the Seller & the Buyer’s performance meets the
procurement requirements according to the terms of the legal agreement.”
 Tools: Inspections & Audits, Payment Systems (accts rcvble/payable), Claims Admin aka Seller change
requests (settled thru negotiations)
Control Procurements
Process 3
Procurement Management
Chapter 12
Closed Procurements
 “… process involves administration activities to finalize open claims, update records to reflect final
results & archiving information for future use.”
 PM ensures contractual agreements are completed or terminated
 Lessons Learned: Identify successes & failures thru Audits
 Termination Clause: Buyer may have to compensate Seller for any completed & accepted work
 Early Termination: can be mutually agreed upon, default of 1 party or convenience to the Buyer
 Unresolved Claims: may be subject to litigation after closure
Control Procurements
Process 3
What is the purpose of the procurement audit?
A. To review the product being created
B. To review how well the seller is doing the
job
C. To identify outstanding issues
D. To gather lessons learned
Discussion Question
Answer: D
The objective of a procurement audit is to examine
successes and failures and gather lessons learned.
Chapter 12, Topic 3
Procurement Management
Chapter 12
Stakeholder Management
Chapter 13
“… is the process required to identify the people, groups or organizations, that could impact or be
impacted by the project, to analyze stakeholder expectations, effectively engage in project decisions,
focus on continuous communication to understand their needs & expectations, addressing issues as
they occur & managing conflicting interests.”
“Stakeholder satisfaction should be managed as a key project objective.”
Process Process Group Key Deliverables
13.1 Identify Stakeholders Initiation Stakeholder Register
13.2 Plan Stakeholder Engagement Planning Stakeholder Management Plan
13.3 Manage Stakeholder Engagement Execution Issue Log
13.4 Monitor Stakeholder Engagement Monitoring & Controlling Change Requests
Stakeholder Management
Chapter 13
Key Points
 “… process is critical to PM’s success to identify the appropriate focus for each stakeholder early in project.”
 Expert Judgment: Senior Mgmt, other units used to identify stakeholders power/interest
Identify Stakeholders
Process 1
Stakeholders
 Customers
 Sponsors
 Project manager
 Team members
 Interest groups
 Nonprofits
 Unions
 Suppliers
Those who have a certain
amount of power.
 Subject matter experts
 Organization
 Targeted consumers
 General public
Those who have or should
have interest.
Those who receive or generate
project impact/changes.
Those who have a certain amount
of influence/involvement
Stakeholder Management
Chapter 13Identify Stakeholders
Process 1
Stakeholder Management
Chapter 13Identify Stakeholders
Process 1
Power/Interest Grid Example
Stakeholder Classifications
Unaware
Resistant
Neutral
Supportive
Leading
0
High
LEVELOF
SUPPORT
Low
The PM’s goal is to move the stakeholder
up the scale.
Identify Stakeholders
Process 1
Stakeholder Management
Chapter 13
Stakeholder Register
Includes:
 Role in the project
 Position
 Physical location
 Assessment and classification
Stakeholder
register
The stakeholder register is a living document.
Stakeholder Management
Chapter 13Identify Stakeholders
Process 1
Assessment and Classification of Stakeholders
Major requirements
Power and impact: role and knowledge, skills, and abilities
Degree and direction of potential influence on the project
Actual, potential, and desired interest
Current expectations and how they need to be shaped
Current and desired engagement (e.g., unaware to supportive)
Internal versus external
Stakeholder Management
Chapter 13Identify Stakeholders
Process 1
What is the primary purpose of the stakeholder
register?
A. To record stakeholder issues on the project
B. To list all stakeholders
C. To map communication issues with each
stakeholder
D. To serve as a change log
Discussion Question
Answer: B
The stakeholder register records the names and contact
information for stakeholders along with their assessment
and classification as it relates to the project.
Chapter 13, Topic 1
Key Points
 “… process develops the appropriate strategies to effectively engage stakeholders throughout the
project life cycle based on the analysis of their needs, interests & potential impact on project’s success.”
 Stakeholder Engagement Matrix:
 used to classify Current (C) engagement & who needs to be moved to Desired (D) engagement
Stakeholder Management
Chapter 13Plan Stakeholder Management
Process 2
Stakeholder Engagement Assessment Matrix
 Use conversations and meetings to determine how to best utilize stakeholders.
 Track gaps on stakeholder engagement assessment matrix.
Source: Adapted from Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Sixth Edition, Project Management Institute,
Inc., 2017, Figure 13-6, Page 522. Material from this publication has been reproduced with the permission of PMI.
Stakeholder Unaware Resistant Neutral Supportive Leading
Stakeholder 1 C D
Stakeholder 2 C D
Stakeholder 3 C D
Stakeholder 4 DC
Stakeholder Management
Chapter 13Plan Stakeholder Management
Process 2
Stakeholder Engagement Plan
Indicates:
 Desired and current stakeholder engagement levels
 Stakeholder interrelationships and overlap
 How project will impact stakeholders
 Communication requirements by phase
 Required reports
 Expected impact of various reports
 How plan will be kept up to date
Stakeholder Management
Chapter 13Plan Stakeholder Management
Process 2
Key Points
 “… process of communicating & working with stakeholders to meet their needs/requirements.”
 “Allows the PM to increase support & minimize resistance from stakeholders to significantly increase
the chances of achieving project success.”
 Communicate… Communicate… Communicate!!:
 Use Interpersonal skills, build trust, resolve conflicts, active listening
 Issues Log: documents issues & tracks their resolutions
Stakeholder Management
Chapter 13Manage Stakeholder Engagement
Process 3
Managing Expectations
 Active listening
 Encouraging
 Mentoring
 Educating
 Cajoling
 Resolving conflicts
 Overcoming resistance to change
 Working toward consensus
 Influencing
 Negotiating
 Managing change
 Verifying commitment levels
 Tracking issues
Stakeholder Management
Chapter 13Manage Stakeholder Engagement
Process 3
Key Points
 “… process monitoring overall project stakeholder relationships & adjusting strategies & plans for
engaging stakeholders.
Stakeholder Management
Chapter 13Monitor Stakeholder Management
Process 4
Stakeholder Management
Chapter 13
Summary
Identify each of the 49 Project Processes by their Knowledge Areas
PMP Exam Prep
Final Week
• Status Reports
• Week 5 Quiz
• Process Cross
• Know Your Processes
• Take Home Final Exam
• In Class Live Exam
• Brain Dump
• Project Manager & Ethics

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PMP Muzette Charles_Sp2019_Chapter12_13 Procurement_Stakeholder

  • 1. Project Management Professional PMP® Exam Prep – Week 5 Prof. Muzette Charles, PMP | mcharles2@pace.edu
  • 2. Procurement Management Chapter 12 • “… is the process necessary to purchase or acquire products, services or results needed from outside the project team… includes controlling any contract issued outside of the organization.” • “Involves legal documents, agreements and/or contracts that are mutually binding between the buyer & seller “ • “Contract obligates the Seller to provide something of value & obligates the Buyer to provide monetary or other value compensation.” • “The Buyer becomes the customer & thus a key stakeholder for the Seller.” • “The Seller’s PM Team is concerned with all the processes of PM, not only those of this Knowledge Area.” Process Process Group Key Deliverables 12.1 Plan Procurements Planning Procurement Management Plan 12.2 Conduct Procurements Execution Selected Sellers 12.3 Control Procurements Monitoring & Controlling Change Requests
  • 3. An organization can be either the buyer or the seller.  Sellers are suppliers, vendors, service providers, contractors.  Buyers are clients, customers, acquiring organizations, purchasers. Procurement Management Chapter 12
  • 4. Procurement Management Chapter 12 Key Points  “… process documents procurement decisions, whether to acquire outside support, what to acquire, how to acquire, how much is needed, when to acquire and identifies potential Sellers.”  Cost: refers to how much it costs the Seller to create, develop,  Price: is the amount the Seller charges the Buyer  Profit: is the amount of money the Seller has left over after costs are paid  Contract Terms: Arbitration, Breach, Force Majeure, Indemnification (liability), etc… see page 350 Plan Procurements Process 1
  • 5. Contract Types Fixed-Price Firm Fixed-Price (FFP) Fixed-Price Incentive Fee (FPIF) Fixed-Price with Economic Price Adjustments (FP-EPA) Cost- Reimbursable Cost Plus Fixed Fee (CPFF) Cost Plus Incentive Fee (CPIF) Cost Plus Award Fee (CPAF) Time and Material Purchase Order Procurement Management Chapter 12Plan Procurements Process 1
  • 6. Firm Fixed-Price (FFP) Contract  Most common type of contract.  Cost of goods is set at the beginning.  Any cost increases are the responsibility of the seller. _______ _______ _______ FFP Contract Procurement Management Chapter 12Plan Procurements Process 1
  • 7. Fixed-Price Incentive Fee (FPIF) Contract  Contains financial incentives for the seller to get the work done faster, cheaper, or with improved technical performance.  Final contract price not determined until completion of all work.  Best for projects with important and difficult- to-achieve constraints. _______ _______ _______ FPIF Contract Plan Procurements Process 1 Procurement Management Chapter 12
  • 8. Point of Total Assumption (PTA) The point in a contract where the seller assumes responsibility for all cost overruns PTA = Target Cost + Ceiling Price – Target Price Buyer’s Share Ratio Seller’s cost to produce item Describes how cost overruns and underruns are divided between buyer and seller Seller’s cost for procurement item (target cost + target profit) Maximum dollar value buyer is willing to pay for item Procurement Management Chapter 12Plan Procurements Process 1
  • 9. Cost Plus Fixed Fee (CPFF) Contract  Buyer reimburses seller for seller’s allowable costs (defined in contract) plus fixed percentage of profit.  The fee does not change due to seller performance.  Used when costs cannot be accurately estimated in advance but buyer has adequate controls on costs. _______ _______ _______ CPFF Contract Procurement Management Chapter 12Plan Procurements Process 1
  • 10. Cost Plus Incentive Fee (CPIF) Contract  Buyer reimburses seller for seller’s allowable costs (defined in contract) plus fee tied to performance.  Fee and incentive based on prenegotiated formula.  Used to provide seller with incentive to save costs.  Can include penalty if criteria not met. _______ _______ _______ CPIF Contract Procurement Management Chapter 12Plan Procurements Process 1
  • 11. Cost Plus Award Fee (CPAF) Contract  Buyer reimburses seller for seller’s allowable costs (defined in contract) plus award fee tied to performance.  Subjective—buyer judges seller’s performance.  Important to have procedures in place for making decisions fairly.  Potential for only reward, not penalty. _______ _______ _______ CPAF Contract Procurement Management Chapter 12Plan Procurements Process 1
  • 12. Time and Material (T&M) Contract  Buyer pays seller for seller’s time plus materials to complete contract on per- hour or per-item basis.  Hybrid type of contract that contains aspects of both fixed-price and cost- reimbursable contracts.  Used when exact statement of work cannot be determined. _______ _______ _______ T&M Contract Procurement Management Chapter 12Plan Procurements Process 1
  • 13. Procurement Management Chapter 12 Key Points Types of Contracts  Purchase Order: simplest type of FP, signed by 1 party, PO becomes the contract when “accepted” by the Buyer  Fixed Price (FP): defined SOW, Buyer gets a fair/reasonable price, Seller high level of risk “Pt of Assumption”  Cost-Reimbursable (CR): scope is uncertain, cost not accurately estimated, Buyer has high risk  Time & Material (T&M): hybrid of both FP & CR, Unit Price is known, but not # of Hrs, Seller’s profit is built into rate, Buyer has medium risk, but can use clause “Not to Exceed” Tools  Make or Buy Analysis: does it decrease the project’s constraints, retain control, proprietary info?  Source Selection Analysis: can the Seller actually do the work, cover the costs, are subcontractors involved? Plan Procurements Process 1
  • 14. Which type of contract is most risky to the seller? A. Firm fixed-price contract B. Cost plus fixed fee contract C. Cost plus incentive fee contract D. Cost plus award fee contract Discussion Question Answer: A Fixed-price contracts expose the seller to more risk than cost-reimbursable contracts. Chapter 12, Topic 1
  • 15. Which type of contract is most risky to the buyer? A. Firm fixed-price contract B. Fixed-price incentive fee contract C. Fixed-price with economic price adjustment contract D. Cost plus fixed fee contract Discussion Question Answer: D Cost plus fixed fee (CPFF) contracts are the riskiest type of contract for the buyer. Chapter 12, Topic 1
  • 16. You are contracting a long-term project with an external vendor. They are charging you US$25 per hour per resource. What type of contract are you using? A. CPIF B. T&M C. FFP D. CPFF Discussion Question Answer: B Since you are being charged an hourly rate, this is a time and material (T&M) contract. Chapter 12, Topic 1
  • 17. Procurement Management Plan Risk management Constraints and assumptions Selection process Contracting and administration Metrics Roles and responsibilities Procurement decisions Procurement Management Chapter 12Plan Procurements Process 1
  • 18. Procurement SOW  Each procurement item must have an SOW.  Should be concise, complete, and clear.  Includes expectations for product or project requirements.  Revised during the procurement process. “Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results.” STATEMENT OF WORK Procurement Management Chapter 12Plan Procurements Process 1
  • 19. Bid Documents  Created by project team (buyer) to solicit proposals from sellers – Request for information (RFI) – Request for proposal (RFP) – Request for quotation (RFQ) – Invitation for bid (IFB; generally used in government contracts) – Tender notice – Invitation for negotiation – Invitation for seller’s response BID DOCUMENTS Procurement Management Chapter 12Plan Procurements Process 1
  • 20. Source Selection Criteria  Requirements to perform SOW  Product/service information (other than requirements in SOW)  Risk management strategies  Ownership rights  Compliance Procurement Management Chapter 12Plan Procurements Process 1
  • 21. Procurement Management Chapter 12 Key Points  “… process of obtaining seller responses, selecting a seller & awarding a contract.”  Qualified Seller List: prequalified list of sellers from OPA speeds up the process  Seller Proposals: sent to Buyer in response to RFP, IFB, RFQ  Tools: Bidder conference, Advertisements, Negotiations, etc  Outputs: Selected Sellers vs. Sole Source Conduct Procurements Process 2
  • 22. Evaluation Tools  Advertising Creates awareness of the opportunity  Bidder conferences Ensure that all vendors have a clear and common understanding of the procurement  Proposal evaluation techniques Scores against criteria (may include weighting)  Independent estimates Serve as a benchmark to assess reasonableness of bid  Expert judgment  Analytical techniques Conduct research; analyze risks  Negotiations Clarify terms, scope, schedule, price Procurement Management Chapter 12Conduct Procurements Process 2
  • 23. How are bidder conferences conducted? A. All potential sellers meet individually with the buyer. B. They are conducted on an as-needed basis at the seller’s request. C. They take place at a single location to provide information to all sellers at the same time. D. The buyer contacts the selected seller to negotiate the bid. Discussion Question Answer: C Bidder conferences are used to ensure that all prospective sellers have a common understanding of the requirements and that no bidders receive preferential treatment. Chapter 12, Topic 2
  • 24. Key Outputs Selected Seller(s) Agreements _______ _______ _______ Contract Procurement Management Chapter 12Conduct Procurements Process 2
  • 26. Procurement Management Chapter 12 Key Points  “… process manages procurement relationships, monitors contract performance & makes changes & corrections to contracts as appropriate to ensure both the Seller & the Buyer’s performance meets the procurement requirements according to the terms of the legal agreement.”  Tools: Inspections & Audits, Payment Systems (accts rcvble/payable), Claims Admin aka Seller change requests (settled thru negotiations) Control Procurements Process 3
  • 27. Procurement Management Chapter 12 Closed Procurements  “… process involves administration activities to finalize open claims, update records to reflect final results & archiving information for future use.”  PM ensures contractual agreements are completed or terminated  Lessons Learned: Identify successes & failures thru Audits  Termination Clause: Buyer may have to compensate Seller for any completed & accepted work  Early Termination: can be mutually agreed upon, default of 1 party or convenience to the Buyer  Unresolved Claims: may be subject to litigation after closure Control Procurements Process 3
  • 28. What is the purpose of the procurement audit? A. To review the product being created B. To review how well the seller is doing the job C. To identify outstanding issues D. To gather lessons learned Discussion Question Answer: D The objective of a procurement audit is to examine successes and failures and gather lessons learned. Chapter 12, Topic 3
  • 30. Stakeholder Management Chapter 13 “… is the process required to identify the people, groups or organizations, that could impact or be impacted by the project, to analyze stakeholder expectations, effectively engage in project decisions, focus on continuous communication to understand their needs & expectations, addressing issues as they occur & managing conflicting interests.” “Stakeholder satisfaction should be managed as a key project objective.” Process Process Group Key Deliverables 13.1 Identify Stakeholders Initiation Stakeholder Register 13.2 Plan Stakeholder Engagement Planning Stakeholder Management Plan 13.3 Manage Stakeholder Engagement Execution Issue Log 13.4 Monitor Stakeholder Engagement Monitoring & Controlling Change Requests
  • 31. Stakeholder Management Chapter 13 Key Points  “… process is critical to PM’s success to identify the appropriate focus for each stakeholder early in project.”  Expert Judgment: Senior Mgmt, other units used to identify stakeholders power/interest Identify Stakeholders Process 1
  • 32. Stakeholders  Customers  Sponsors  Project manager  Team members  Interest groups  Nonprofits  Unions  Suppliers Those who have a certain amount of power.  Subject matter experts  Organization  Targeted consumers  General public Those who have or should have interest. Those who receive or generate project impact/changes. Those who have a certain amount of influence/involvement Stakeholder Management Chapter 13Identify Stakeholders Process 1
  • 33. Stakeholder Management Chapter 13Identify Stakeholders Process 1 Power/Interest Grid Example
  • 34. Stakeholder Classifications Unaware Resistant Neutral Supportive Leading 0 High LEVELOF SUPPORT Low The PM’s goal is to move the stakeholder up the scale. Identify Stakeholders Process 1 Stakeholder Management Chapter 13
  • 35. Stakeholder Register Includes:  Role in the project  Position  Physical location  Assessment and classification Stakeholder register The stakeholder register is a living document. Stakeholder Management Chapter 13Identify Stakeholders Process 1
  • 36. Assessment and Classification of Stakeholders Major requirements Power and impact: role and knowledge, skills, and abilities Degree and direction of potential influence on the project Actual, potential, and desired interest Current expectations and how they need to be shaped Current and desired engagement (e.g., unaware to supportive) Internal versus external Stakeholder Management Chapter 13Identify Stakeholders Process 1
  • 37. What is the primary purpose of the stakeholder register? A. To record stakeholder issues on the project B. To list all stakeholders C. To map communication issues with each stakeholder D. To serve as a change log Discussion Question Answer: B The stakeholder register records the names and contact information for stakeholders along with their assessment and classification as it relates to the project. Chapter 13, Topic 1
  • 38. Key Points  “… process develops the appropriate strategies to effectively engage stakeholders throughout the project life cycle based on the analysis of their needs, interests & potential impact on project’s success.”  Stakeholder Engagement Matrix:  used to classify Current (C) engagement & who needs to be moved to Desired (D) engagement Stakeholder Management Chapter 13Plan Stakeholder Management Process 2
  • 39. Stakeholder Engagement Assessment Matrix  Use conversations and meetings to determine how to best utilize stakeholders.  Track gaps on stakeholder engagement assessment matrix. Source: Adapted from Project Management Institute, A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Sixth Edition, Project Management Institute, Inc., 2017, Figure 13-6, Page 522. Material from this publication has been reproduced with the permission of PMI. Stakeholder Unaware Resistant Neutral Supportive Leading Stakeholder 1 C D Stakeholder 2 C D Stakeholder 3 C D Stakeholder 4 DC Stakeholder Management Chapter 13Plan Stakeholder Management Process 2
  • 40. Stakeholder Engagement Plan Indicates:  Desired and current stakeholder engagement levels  Stakeholder interrelationships and overlap  How project will impact stakeholders  Communication requirements by phase  Required reports  Expected impact of various reports  How plan will be kept up to date Stakeholder Management Chapter 13Plan Stakeholder Management Process 2
  • 41. Key Points  “… process of communicating & working with stakeholders to meet their needs/requirements.”  “Allows the PM to increase support & minimize resistance from stakeholders to significantly increase the chances of achieving project success.”  Communicate… Communicate… Communicate!!:  Use Interpersonal skills, build trust, resolve conflicts, active listening  Issues Log: documents issues & tracks their resolutions Stakeholder Management Chapter 13Manage Stakeholder Engagement Process 3
  • 42. Managing Expectations  Active listening  Encouraging  Mentoring  Educating  Cajoling  Resolving conflicts  Overcoming resistance to change  Working toward consensus  Influencing  Negotiating  Managing change  Verifying commitment levels  Tracking issues Stakeholder Management Chapter 13Manage Stakeholder Engagement Process 3
  • 43. Key Points  “… process monitoring overall project stakeholder relationships & adjusting strategies & plans for engaging stakeholders. Stakeholder Management Chapter 13Monitor Stakeholder Management Process 4
  • 45. Summary Identify each of the 49 Project Processes by their Knowledge Areas
  • 46. PMP Exam Prep Final Week • Status Reports • Week 5 Quiz • Process Cross • Know Your Processes • Take Home Final Exam • In Class Live Exam • Brain Dump • Project Manager & Ethics