Competitive Procurement: How to Run a Tender Process

Learn all the basics of Project Management, in a structured program: https://geni.us/PM_CoreCourses Many projects need to procure services or long-term supply contracts. And getting the best value often means running a competitive tender process. So let's see the steps you need to take. 1. Determine requirements 2. Document requirements 3. Determine priorities and relative importance of things like: 4. Create evaluation framework for bids, against requirements 5. Set a tender deadline 6. Advertise the opportunity 7. There may be a pre-qualification stage, with a Pre-qualification Questionnaire (PQQ) 8. Create bidder briefing: 9. You may choose to accept and answer questions from bidders. 10. Brief the evaluation team 11. Receive bids 12. Evaluate Bids 13. Clarify uncertainties 14. You may now select the best bid. 15. Notify winning bidder 16. Contract negotiations to finalize contracts 17. Formal award of contract Please do not simply accept the lowest cost tender for anything that actually matters! Jargon: PQQ - Pre-qualification Questionnaire ITT - Invitation to Tender RFP - Request for Proposal RFI - Request for information RFQ - Request for Quotation SOW - Statement of Work TQs - Technical Queries or Questions MEAT - Most Economically Advantageous Tender Recommended Videos Carefully curated video recommendations for you: 🎬 A Fixed Price Contract for Your Project: Pros and Cons    • A Fixed Price Contract for Your Project: P...   🎬 How to Deliver Effective Project Cost Management    • How to Deliver Effective Project Cost Mana...   📖 Project Procurement Management [All the basics you need to know] (article) https://onlinepmcourses.com/project-p... 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. https://kit.co/MikeClayton/what-a-pro... Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel:    / @onlinepmcourses   For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses:    / managementcourses   For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-acad... #Project #ProjectManagement #TenderProcess