Vendor Management is the process of working with vendors to get the things you need for your project, when you need them, to the specifications you need, and at a fair price. So, how can you work with your project’s vendors, to achieve this?

We already have a video on How to Work with Consultants:
   • How to Work with Consultants  

So, we’re focusing on suppliers of:
• Products
• Materials
• Equipment
• Pro-forma services

What is a vendor?
Vendor = Supplier or reseller

VRM Vendor Relationship Management
Process for managing relationships, controlling costs, risks, and quality, and so achieving value.

Vendor Management
Wider process, that also includes:
• Selection
• Contract management
• Performance monitoring & evaluation

The Vendor Management Process
- Vendor selection
- Establish your relationship
- Be Scrupulous

To Support Your Vendor Management Processes, You Will Need:
• Time tracking
• Cost tracking
• Deliverable or Outcome metrics (and KPIs)
• Liaison process
• Trust, transparency, collaborative mindset

There are vendor management software tools.

Recommended Videos
Carefully curated video recommendations for you:
🎬 How to Manage Vendors: Getting the Best Results    • How to Manage Vendors: Getting the Be...  
🎬 How to Work with Consultants    • How to Work with Consultants  
🎬 Competitive Procurement: How to Run a Tender Process    • Competitive Procurement: How to Run a...  
🎬 Should a Project Manager Get Involved in Contract Negotiations?    • Should a Project Manager Get Involved...  
🎬 A Fixed Price Contract for Your Project: Pros and Cons    • A Fixed Price Contract for Your Proje...  
🎬 What is a KPI? What are KPIs? Key Performance Indicators    • What is a KPI? What are KPIs? Key Per...  


A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list.
https://kit.co/MikeClayton/what-a-pro...
Note that the links are affiliated.

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