RFI Vs RFP: Request for Information vs Request for Proposal

RFI Vs RFP: Request for Information vs Request for Proposal

In project procurement management, communication with the bidder is performed through documents like an RFI, RFP, and RFQ.   Today’s article will discuss Request for Information (RFI) vs Request for Proposal (RFP). Let’s get started. RFI Vs RFP We will start with a review of RFI and then discuss the RFP. RFI (Request for Information) An…

RFQ Vs RFP: Request for Quotation Vs Request for Proposal

RFQ Vs RFP: Request for Quotation Vs Request for Proposal

Request for Quotation (RFQ) and Request for Proposal (RFP) are two key procurement documents that we’ll be comparing in today’s post. Project procurement management helps the team source materials, equipment, labor, and all services that use a contract or a purchase order.  For solution-based requirements, you should use a request for proposal.  But if you…

RFI Vs RFQ: Request for Information vs Request for Quotation

RFI Vs RFQ: Request for Information vs Request for Quotation

Project procurement management is concerned with sourcing material, consumables, and human resources for project execution. An end result is a binding contract between two parties.  Contracting processes start with bidding, and RFI and RFQ are bidding documents that let performing organizations interact with prospective contractors.  RFI stands for Request for Information and RFQ stands for…

Procurement Contracts in Project Management: Types and Examples

Procurement Contracts in Project Management: Types and Examples

Today we will discuss procurement contracts in project management, types of procurement contracts, and their examples. Every organization needs procurement for further growth, and they need outside help to achieve their objectives. Procurement, obtaining goods and services, is a requirement for businesses that want to survive and grow. You must understand the procurement regardless of…

What is a Contract?

What is a Contract?

Every project manager is keenly aware of the importance of contracts. A project is a contract between the client and your organization. You may also have additional contracts with suppliers and subcontractors. In today’s blog post, we will investigate contract types, and when you should use each one. Let’s get started. What is a Contract?…

Time and Materials Contract in Project Management: Definition, and Examples

Time and Materials Contract in Project Management: Definition, and Examples

Today we will discuss the time and materials contract in project management.  This contract is used when the buyer, lacking the skills required for a project and needing it completed quickly,  requests services and/or hires consultants. Here, the buyer will recruit experts through a time and materials contract. In a time and materials contract, the…

Cost-Reimbursable Contract in Project Management: Definition, and Examples

Cost-Reimbursable Contract in Project Management: Definition, and Examples

The PMBOK Guide defines the three types of procurement contracts: Fixed-price contract Cost-reimbursable contract, and Time and material contract In today’s blog post, we will discuss the cost-reimbursable contract. A cost-reimbursable contract, also known as cost-plus, is an agreement where the buyer pays the seller for their actual costs, plus a fee representing the seller’s…

Fixed Price Contract in Project Management: Definition, and Examples

Fixed Price Contract in Project Management: Definition, and Examples

A fixed-price contract is the most commonly used contract in traditional project management, especially in construction projects.  Fixed-price contracts provide flexibility to both buyers and sellers. The seller is mindful of the scope of work, and the buyer can take confidence that the ultimate cost is firm. Today’s blog post will discuss fixed-price contracts, examine…

Project Procurement – What a Project Manager Should Know About it
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Project Procurement – What a Project Manager Should Know About it

In business, no two projects are ever the same.

It would be nice if every task required the same resources but that’s not going to happen. Sometimes additional manpower is needed; other projects require additional goods and services from outside vendors to get the job done.

As a result, it’s necessary to have an understanding of procurement process – or the business of going beyond the confines of your company’s everyday capabilities.

For the project managers, this is a big responsibility, as well as a huge opportunity to showcase their skills and prove that they can accomplish tasks requiring outside resources.

Although, there are numerous variables in the project procurement management, there are four specific phases that can help ensure the job is accomplished on time and on budget.