Don't Let Your Project Get Caught in the Cost Trap

The video discusses the importance of understanding the project management triangle, focusing on time, cost, quality, and scope. It highlights the common trap of prioritizing cost in procurement, which can lead to negative consequences such as strained supplier relationships and increased project risks. The speaker suggests redefining the cost corner as 'value' to consider broader factors in supplier selection. Additionally, project managers are encouraged to actively participate in procurement decisions to ensure alignment with project needs.

What are the four key constraints in project management?

• Time, cost, quality, and procurement

• Time, cost, quality, and stakeholders

• Time, cost, quality, and resources

• Time, cost, quality, and scope

What is a potential downside of negotiating hard on costs with suppliers?

• Higher supplier satisfaction

• Increased collaboration

• Lower project quality

• Reduced supplier collaboration

What can happen if a supplier is placed in a precarious commercial position?

• They may improve service quality

• They may increase their workforce

• They may fail to deliver the project

• They may offer discounts

What should the 'cost' corner of the project management triangle be relabeled as?

• Value

• Budget

• Investment

• Expense

Why should project managers be involved in procurement decisions?

• To balance project needs against value

• To follow detailed procurement rules

• To reduce project scope

• To ensure decisions are based solely on cost

What is a risk of leaving procurement decisions entirely to the procurement team?

• Decisions may reduce project timelines

• Decisions may focus only on cost and rules

• Decisions may be based on project needs

• Decisions may increase project quality

What is the main focus of the last section of the video?

• The importance of cost reduction

• The significance of supplier collaboration

• The role of project managers in procurement

• The impact of project scope changes