Join Bob McGannon for an in-depth discussion in this video Building vs. buying, part of Project Management Foundations: Procurement (2014).
- Ralph Waldo Emerson is credited with saying,…"Build a better mouse trap, and the world…"will beat a path to your door."…A very familiar quote, however,…it was said in the late 19th century,…before modern mouse traps were invented.…Although there is still room for…wonderful new inventions in this world,…most of us working on projects…don't have to build a better mouse trap that often.…We can often buy a simple mouse trap,…and our rascally rodent problem will be handled.…
That being said, there will be times…you and your project team will be faced…with a build versus buy decision.…So, let's explore the build versus…buy decision making process.…First point of order in the build versus buy decision,…make sure your requirements are…clearly defined and prioritized.…I suggest using the following categories.…Must have, important, nice to have.…To make an informed build versus buy decision,…you must first understand your needs.…
If you go shopping around for products first,…you may end up with a great screwdriver,…but if your business needed a hammer,…
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- Define project procurement.
- Distinguish when to use vendors and partners.
- Compare and contrast building versus buying.
- Identify different types of contracts.
- List types of payment approaches.
- Test your market.
- Build and use a request for information (RFI).