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The Project Management Answer Book, 2nd Edition by Jeff Furman

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CHAPTER 9Procurement and Contracts

Deciding which deliverables will be procured from outside vendors versus built by the team can be a significant factor in a project’s success (called the buy-or-build decision). Equally important are the project manager’s choices about vendor selection. The contract itself can make or break a project. Its terms, and the contract type, can either put a project in a secure position or at risk.

The procurement processes tie heavily into the other knowledge areas. In particular, the vendor the PM chooses for procurement directly affects the quality of the deliverables, and the terms of the contract strongly influence whether the project comes in on time, on scope, and on budget.

Whether a project puts you on the ...

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