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PRM615 - Project Procurement and Cost Management

Format: Online

Duration: 8 weeks

Credits: 3 credits

Present your organization’s capabilities.

Once an organization defines a need or objective and sets out to plan a project, finding the vendors to get the job done is the next step. As a project manager, you may be on the issuing side of the Request for Proposal (RFP) process. On the other hand, your organization may be responding to an RFP, submitting a detailed proposal in hopes of procuring the project. Woven into both sides of this process is a need to accurately estimate and control costs, whether for materials, labor or other expenses.

Course Description

The process of creating or responding to a Request for Proposal requires keen attention to detail and an understanding of the specific elements and documentation required by the process.

As you come to understand these requirements, you’ll also see how decision tools used for procurement are developed. By evaluating the Project Management Body of Knowledge (PMBOK®) guide processes and their relationship to procurement, you’ll be able to simulate the beginning of a procurement process by generating a project schedule. You’ll then complete the procurement plan and process flow diagram deliveries using graphics software.

Sample Course Topics

Throughout this course, you’ll focus on centralized topics as they relate to the overall objectives of the course. While topics are subject to change based on course and instructor, sample topics may include but are not limited to the following.

  • Microsoft Project File Creation
  • Request for Proposal Overview
  • Procurement Planning
  • Request for Proposal Document Development
  • Request for Proposal Development and Submittal
  • Proposal Development

During this course, you’ll develop a complete Request for Proposal, using provided templates that you will draft and update as the course progresses.

Sample Assignment
At the end of this course, you’ll submit a PowerPoint presentation of the Request for Proposal and subsequent proposal developed during the class.

As you develop your RFP, you’ll examine the various types of contracts common in procurement, contract negotiation techniques, and the need for vendor quality assessments.

Your Learning Objectives

In PRM 615, you’ll focus on the process required to complete the project procurement lifecycle.

  • Determine what to procure and when
  • Analyze product requirements
  • Select appropriate type of contract
  • Obtain quotations, bids, offers, or proposals from appropriate parties
  • Determine appropriate selection process
  • Evaluate bids against selection criteria
  • Manage contract relationships and vendors
  • Complete and close the contract, including resolution of any open items
  • Conduct activities in an ethical manner
  • Use the concept of project earned value

*Disclaimer: Course content and outcomes may vary and are subject to change without notice.

Learn More

For more information about this course or other courses in the Master of Science in Project Management degree at Saint Mary’s University of Minnesota, simply, request more information or call us today toll-free at (877) 308-9954.