Vendor Management: How to Work with Vendors

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:

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
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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.
Note that the links are affiliated.

#Project #ProjectManagement #VendorManagement

[Onlinepmcourses]

As the projects you lead grow, at some point, you will need to work with vendors to deliver your projects. The things you do to get the best work from them is called Vendor Management. In this video, I describe how to do Vendor Management.

[shazlansyah]

I like the way you explain all of the detail, straight efective and easy to understand. 5star. This is gem

[dencameron]

you are a natural teacher. And my wife thinks you have a lovely smile :)

[DudeinJA]

Now I really knows that not all hero wears a cape. Well explained my friend, well explained. 👍

[markkelly]

Thanks Mike, I've watched a number of your videos and they've helped me secure a new PM role. This role will require me to manage and work closer with vendors so this video is really timely. Coming from an old fashioned background of customer versus vendor it's really made me think about how I can promote the trust, transparency and collaborative working to create a value partnership. Thanks Mark

[RPcreation]

Thanks for the great explanation. It is easy to understand.

[KM-unir]

Thanks for the great work you are doing and all the effort you are putting into educating young project engineers.

[Number-xyns]

dear Sir, your presentation at YT is excellent and structured. I have a question, Do you have a book that i can buy online? Thanks

[maungmaungkhaing]

Management have in company and NO painter and NO communication and NO sport and you will about my history.