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.

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