Join Bob McGannon for an in-depth discussion in this video Exploring payment scheduling options, part of Project Management Foundations: Procurement.
- It is said that timing is everything.…In the business and project world, the timing…of your payments to vendors or partners can…have a substantial effect on your overall project costs…and on the financial picture of your organization.…First and foremost, the timing of when…you pay for your procured products…and services can affect the price you pay,…and depending on the size of the purchase,…can have a notable effect on your financial picture.…Let me explain...…
Sales and marketing personnel are…often measured by their sales on a…monthly, quarterly, or financial year basis.…When you or your procurement team are working…with a company sales representative it may be advantageous…to understand if paying for a product or service…on a certain schedule, prior to quarter end for instance,…will allow you to get a better price.…You may also be directed by your own company…to hold off on purchasing something.…They may do this because they don't want to pay…for something during this financial month or quarter…and would prefer you wait until the next accounting period…
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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).