Business Exam Prep

[PMP] 20, Procurement Management

April 12 · 3 min · 3.1 MB
0:00-3:15

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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:
- The key differences between Fixed-Price, Cost-Reimbursable, and Time & Materials contracts.
- How to analyze the buyer versus seller risk spectrum for each major contract type.
- The purpose and application of Make-or-Buy analysis in procurement planning.
- When to use a Statement of Work (SOW), RFP, RFQ, or IFB based on scope clarity.
- Common PMP exam traps, like confusing objective incentive fees with subjective award fees.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep