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Contracts and Procurement (UMTPM254)   Register Online
 
Overview

It seems as if everything is being outsourced on our projects these days! Consequently, smart project professionals recognize that they need to strengthen their contracts and procurement skills to deal with today’s outsourcing realities.

This course takes a two-tiered approach to teaching contracting and procurement skills. The first tier focuses on covering basic concepts and techniques that are needed to function effectively in an acquisition environment. The second explores hot concepts being promoted today, such as the faster, better, cheaper method that is a spin-off of the Lean Aerospace Initiative (LAI), increased reliance on Statements of Objectives (SOOs), and the various approaches to acquisition streamlining.

Objectives

To review key issues and techniques central to effective procurement and contracting on projects; to develop skills to operate more effectively in the acquisition management arena.
What You Will Learn

  • How contracting and procurement skills have become key competencies in organizations
  • How different contract structures are appropriate in different situations
  • How effective contracts are a key risk management tool
  • Features of effective proposals
  • Key approaches to soliciting bids
  • Standard ways of reviewing proposals
  • What is needed to manage contracts in the post-award phase
  • How to close-out contracts

PMBOK® Guide Process Areas

  • Initiating
  • Planning
  • Controlling
  • Closing

PMBOK® Guide Knowledge Areas

  • Project Scope Management
  • Project Procurement Management

Instruction

  • Course modules containing cutting-edge knowledge developed by renowned experts in project management
  • Course Textbook: Principles of Contracting for Project Management, by Drs. Yanping Chen and Davidson Frame
  • Mentors Studio™ CD-ROM: Contract Management, 3-CD set, featuring Thomas R. Block
  • "Think and Review" section that helps you review key points of the modules
  • Answers to the "Think and Review" section
  • A final exam which contains multiple choice and true/false questions
  • Certificate of Completion.

Topics Covered

  • Key elements of the pre-award and post-award phase
  • Basic features of effective proposals and feasibility studies
  • Use of Statements of Work (SOWs) vs. Statements of Objectives (SOOs)
  • Features of different instruments for solicitation: Requests for Proposals (RFPs), Invitations for Bid (IFBs), and Requests for Quotes (RFQs)
  • Steps needed to conduct a competent solicitation for bids
  • Risk implications of different contract modalities: firm fixed price, CPFF, CPAF, CPIF, value engineering
  • Negotiating for win-win solutions
  • Awarding contracts
  • Elements of contract management in the post-award phase
  • The role of the contracts office
  • Steps needed to close-out contracts
  • Resolving contract disputes
  • Current acquisition concepts: faster, better, cheaper and streamlining

 
 
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