At-a-Glance:
Course Length:
2 days
Course Number & Level:
311.VM2 – Proficient
Professional Development Units (PDUs): 14
Continuing Education Units (CEUs): 1.4
PMBOK® Guide Knowledge Areas Covered:
- Project Communications
Management
- Project Scope Management
- Project Procurement Management
- Project Risk Management
Tracks:
Vendor Management
Course Overview
To meet increasing business and project demands, organizations often turn to
outside vendors for help. To your internal and external stakeholders, vendors are
an extension of the project team and must be managed well. The savvy project
manager needs to be prepared to effectively manage all aspects of vendor
relationships, from selecting the right vendor, to getting the right results.
This course focuses on the phases of vendor management. It covers key
considerations and pitfalls to avoid at all stages of the process, with an emphasis
on building solid ongoing relationships with selected vendors. Developing a
vendor management plan, identifying performance measurements, and
understanding the impact of the various contract types are key aspects of this
course. Participants will analyze a master service agreement and work through
case studies profiling vendor management issues.
Key Outcomes
Upon completion of this course, participants will be able to:
- Prepare for vendor participation in a project by developing a clear and
thorough Request for Proposal (RFP) or Statement of Work (SOW)
document
- Identify critical components and types of contracts that will impact how the vendor will be managed
- Develop and implement appropriate escalation procedures for managing a vendor once the contract has been signed
- Develop and use appropriate measurements to evaluate a vendor’s performance throughout the contract or projects
Course Outline
Advance Preparation
- Discuss the importance of vendor management
- Identify important characteristics of a successful vendor management process
- Describe the importance of the RFP process
- Recognize the components of a procurement management plan
Phase One: Pre-award phase
- Identify the difference between an RFP and a SOW
- Develop a request for proposal from a project scope statement
- Discuss management challenges associated with different types of contracts
- Identify important provisions to be covered in an SOW for effective vendor management
Phase Two: Award Phase
- Assess the risks associated with a vendor
- Define appropriate elements of a vendor management plan
- Develop a vendor management plan
- Identify appropriate measurements for a vendor’s performance that align with business or project needs
Phase three: Post award phase
- Measure and report on vendor performance
- Hold a kick off meeting with your vendor team
- Track and resolve vendor issues
- Close out the project with the vendor