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Contracts and Procurement (UMTPM254)
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Overview
This course reviews the total acquisition life cycle associated with
contracting and procurement, from the pre-award phase through
post-award contract management through contract closeout.
Topics covered in this course include defining needs and
requirements, formulating a statement of work, proposal
development, different contract modalities, sealed bid contracts,
negotiated contracts, the award granting process, monitoring
contract performance, dealing with change orders, and closing-out
contracts.
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Objectives
To review key issues and techniques central to effective procurement and contracting on projects; to develop skills to operate more effectively in the acquisition management arena.
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What You Will Learn
- How contracting and procurement skills have become key competencies in organizations
- How different contract structures are appropriate in different situations
- How effective contracts are a key risk management tool
- Features of effective proposals
- Key approaches to soliciting bids
- Standard ways of reviewing proposals
- What is needed to manage contracts in the post-award phase
- How to close-out contracts
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PMBOK® Guide Process Areas
- Initiating
- Planning
- Controlling
- Closing
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PMBOK® Guide Knowledge Areas
- Project Scope Management
- Project Procurement Management
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Instruction
  - Course modules containing cutting-edge knowledge developed by renowned experts in project management
- Course Textbook: Principles of Contracting for Project Management, by Drs. Yanping Chen and Davidson Frame
- Mentors Studio™ CD-ROM: Contract Management, 3-CD set, featuring Thomas R. Block
- "Think and Review" section that helps you review key points of the modules
- Answers to the "Think and Review" section
- A final exam which contains multiple choice and true/false questions
- Certificate of Completion.
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Topics Covered
- Key elements of the pre-award and post-award phase
- Basic features of effective proposals and feasibility studies
- Use of Statements of Work (SOWs) vs. Statements of Objectives (SOOs)
- Features of different instruments for solicitation: Requests for Proposals (RFPs), Invitations for Bid (IFBs), and Requests for Quotes (RFQs)
- Steps needed to conduct a competent solicitation for bids
- Risk implications of different contract modalities: firm fixed price, CPFF, CPAF, CPIF, value engineering
- Negotiating for win-win solutions
- Awarding contracts
- Elements of contract management in the post-award phase
- The role of the contracts office
- Steps needed to close-out contracts
- Resolving contract disputes
- Current acquisition concepts: faster, better, cheaper and streamlining
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