Key concepts for procurement management

Procurement management is a big topic, and for many of you, working with procurement may be a very surface-level thing. Perhaps you have contractors that work on your team, or you have reviewed some procurement documentation to make sure the equipment you need is correct. There are a variety of possible levels at which a project manager may be involved in procurement for a project. As we move forward through this section, there are several assumptions to be aware of in exam questions—mostly, to keep things out of any gray areas and to focus on concepts. These concepts or assumptions may not align at all with what you do now but may do later in your project or your career. Procurement is also represented in a very surface-level way, without getting too deep into terms and conditions and legalese. The very first assumption on the exam is that you have a procurement administrator, or a legal department/finance department that is helping your...