PRM615 Project Procurement and Cost Management (3 cr.)

Prerequisite(s): PRM600 , PRM601  and PRM611  
This course examines the principles and concepts essential to managing project procurement and project costs (and value) successfully. Project procurement management are to plan purchases and acquisitions, plan contracting, request seller responses, select sellers, contract administration, and close contracts. Project cost management topics include cost estimating, cost budgeting, and cost control. Special attention is given to project value analysis and earned value analysis.

Upon completion of this course, students are expected to be able to do the following:

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