Chapter 1
Foundations of Project Management
Course: Pmp Test Prep
Subject: Pmp
Chapter: Inputs Outputs Tools Techniques And Emerging Topics 5506 10753
Lesson 6: Emerging Topic: Procurement
Procurement — acquiring goods, services, or results from outside the project — appeared throughout the earlier domains, and the 8th edition treats it in a dedicated appendix as a complementary discipline every project manager must understand.
This lesson works through the procurement flow (plan, conduct, monitor and control), the make-or-buy decision that starts it, the strategy and bid documents that shape it, and — most important for the exam — the contract types and how they allocate risk between buyer and seller.
For the aspiring project manager, the highest-yield content is the three fundamental contract types and their risk allocation, along with the RFI/RFP/RFQ bid documents. The throughline is that procurement is fundamentally about managing a buyer–seller relationship and its risks, and that the choice of contract type is the single biggest lever determining who bears the cost risk.