Vendor Management Fundamentals

Ineffective management of key vendor relationships and contracts can lead to delayed schedules, cost overruns, and unmanaged risks on your projects. Understanding how to effectively manage the many life cycle stages of Vendor Management will make you a well-rounded Project Manager. Build your portfolio of skills by gaining insights into the key concepts of contracting presented in this course.

How You Will Benefit

Students completing this course will discover how to define a business case and the requirements for any potential contractual relationship. Additionally, the course presents the importance of creating Service Level Agreements (SLAs) to document the specific needs of the company, as well as the specific requirements of the vendor, in order to create a Request for Proposal (RFP). As with all successful project processes, the course also discusses how important communication is to both internal stakeholder and external vendor contacts.

What You Will Learn

In this course, you will learn key Vendor Management Oversight concepts including:

• Understanding the 8-steps of the Vendor Management Oversight Life Cycle
• Learning how to align business priorities with key vendor relationships
• Knowing the various types of risks associated with vendor contracts
• Building strong relationships with the vendor to promote mutual commitment and open communication

Who Should Attend

This course is intended for students of all skill levels who are looking to gain a high-level introduction to the crucial concepts associated with managing vendor relationships.

Format

Duration / PDU Value

This course has been approved by PMI for 1 PDU.

Outline

Introduction

• Course Overview

Vendor Management Life Cycle Stages

• Business Case Definition
• Business Requirements Definition
• Service Level Agreement Components
• RFP Construction and Distribution
• Vendor Selection
• Contract Creation and Negotiation
• Contract Execution
• Contract Termination

Key Concepts of Vendor Management

• Business Alignment
• Governance Structure
• Formal Communication and Reporting
• Information Communication
• Vendor Audits
• Risk Assessment and Mitigation
• Build a Strong Relationship with the Vendor
• Vendor Management Oversight Food for Thought