Procurement and Vendor Management examines the processes and techniques through which goods and services are acquired in the project management environment.
(1) What are the key events in the pre-award phase from both the buyer and the seller perspectives?
(2) What factors should be taken into consideration as to whether or not to participate in a bid?
(3) Share any examples that you have from your own experience.
(3) What tools are available to make a wise bid/no-bid decision?
(4) What are some consequences of declining a bid on a particular project?
(5) Consider and explain the role of research as it pertains to a bid decision. How can research reduce risk?