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Vendor

An external person or company that delivers goods or services the project organization does not handle as part of its core expertise.

Key Points

  • Vendors are outside the performing organization and are engaged through contracts or purchase orders.
  • They supply capabilities that are not core competencies of the project organization or are more efficient to buy than build.
  • Selection and oversight occur through procurement processes such as RFP/RFQ, evaluation, contracting, and performance monitoring.
  • Clear scope, statements of work, SLAs, acceptance criteria, and change control help manage cost, schedule, and quality risks.

Example

An IT project needs specialized penetration testing that the team cannot perform internally. The project contracts a cybersecurity firm to provide this service under a fixed-price agreement.

PMP Example Question

A project team lacks advanced data analytics capability and signs a service agreement with a third-party company to provide it. What is this third party called?

  1. Functional manager
  2. Vendor
  3. Sponsor
  4. Internal stakeholder

Correct Answer: B — Vendor

Explanation: A vendor is an external entity that provides goods or services not performed within the project's in-house core competencies.

Project Management Bootcamp

Embark on a transformative journey with our Project Management Bootcamp at HK School of Management. Elevate from beginner to pro using the latest PMBOK and Process Groups Practice Guide. Our unique, engaging approach makes learning interactive and fun, replacing dull slides with dynamic doodles and real-life scenarios.

This hands-on program includes working on two full project plans. The first evolves as you learn, while the second culminates in a comprehensive plan, solidifying your expertise. You'll navigate real-world challenges, backed by quizzes and in-depth analysis, avoiding common pitfalls and setting you on a path to success.

Enhance your learning with downloadable materials and templates, invaluable for your future projects. The course covers essential topics like PMI, PMO, PMBOK, and project management ethics, delving into critical process groups and key areas such as scope, schedule, cost, and stakeholder management.

Learn from seasoned professionals and join a community of enthusiastic lifelong learners. Ready to master project management and lead with confidence? Enroll now and start your transformation!



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