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Acquisition

Securing the people, equipment, and other tangible resources needed to carry out project work. Obtaining these resources involves a cost to gain access, which may be monetary or take non-cash forms such as internal chargebacks, opportunity cost, or time commitments.

Key Points

  • Includes both human resources (staff, contractors) and physical resources (tools, facilities, materials).
  • Resources can come from internal departments or external suppliers, often requiring procurement or staffing actions.
  • Costs are not limited to payments; they can include internal allocations, opportunity costs, or schedule impacts.
  • Planned through resource and procurement processes; lead times and availability influence schedule and risk.

Example

On a construction project, the project manager rents a crane for two weeks and contracts a certified operator. The rental is a cash expense, while reassigning an in-house rigger from operations represents a non-cash opportunity cost due to reduced operational capacity.

PMP Example Question

Which activity best illustrates acquisition in a project context?

  1. Negotiating with a staffing vendor to bring in two developers for three months.
  2. Re-sequencing tasks to smooth out over-allocated resources.
  3. Updating the risk register after discovering a skills gap.
  4. Calculating cost performance index during monthly reporting.

Correct Answer: A — Securing needed people from an external source

Explanation: Acquisition is about obtaining human and material resources to do the work. Negotiating with a vendor to obtain developers is acquisition; the other options relate to resource optimization, risk management, or performance measurement.

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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