Implementing a Procurement Strategy (2021 Update)

Expected Duration
Lesson Objectives
Course Number
Expertise Level


Project management includes planning the procurement process to obtain the materials, products, and services required for your project. This means having a procurement management process in place to identify suitable vendors, evaluate proposals, manage relationships with sellers, monitor procurement activities, and make changes and corrections when necessary.

In this course, you'll explore methods and strategies to plan, conduct, and control the procurement process, from bidding and estimates to statements of work (SOW) to records management. You'll learn about contracts, procurement management tools and techniques, and make-or-buy analysis. 

Expected Duration (hours)

Lesson Objectives

Implementing a Procurement Strategy (2021 Update)

  • discover the key concepts covered in this course
  • label individuals in a scenario as either buyer or seller
  • determine whether a given contract term will reduce the risk for the buyer or for the seller
  • identify types of fixed-price contracts
  • classify agreements as either cost-reimbursable or time-and-materials contracts
  • identify the tools and techniques used to plan procurement management
  • recognize activities in a make-or-buy analysis
  • perform a make-or-buy analysis and determine the breakeven point
  • recognize examples of documents used in solicitation and procurement activities with prospective vendors
  • match tools and techniques for conducting procurements with the most appropriate activities
  • distinguish between tools and techniques for controlling procurements
  • Knowledge Check: Assessing Your Procurement Strategy Implementation Skills
  • Course Number:

    Expertise Level