We'll now take another look at the procurement arena. We learned about Conduct Procurements in Chapter 9. Now that the contract has been awarded, you need to administer it.
The Administer Procurements process concerns monitoring the vendor's performance and ensuring that all the requirements of the contract are met. When multiple vendors are providing goods and services to the project, Administer Procurements entails coordinating the interfaces among all the vendors as well as administering each of the contracts. If vendor A has a due date that will impact whether vendor B can perform their service, the management and coordination of the two vendors become important. Vendor A's contract and due dates must be monitored closely because failure to perform could impact another vendor's ability to perform, not to mention the project schedule. You can see how this situation could multiply quickly when you have six or seven or more vendors involved.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.