Plan Procurement Management Inputs You Should Know for the PMP Certification Exam
Many individual elements that make up the project management plan need to be taken into consideration for the PMP Certification Exam when planning what to purchase, when to purchase, and how much to purchase. At a minimum, review the following project plan elements and project documents:
Activity resource requirements
Activity cost estimates
In addition, consider risk. One risk response is to transfer risk. The decision to transfer risk via a contract is an input to this process. Therefore, review the risk register and any risk-related contract decisions.
Enterprise environmental factors (EEFs) play a big role in this process. In particular, you will want to have information about
Availability of goods and services in the marketplace
Potential suppliers and their past performance and reputation
Any specific local requirements, regulations, or restrictions
For large procurements, the purchasing department will usually have template contracts as well as a set of policies and procedures that you have to follow. For complex procurements, or if you have multiple vendors, you should have a specific person from the contracts or purchasing department assigned to your team.