The Project Procurement Management questions on the PMP® certification exam tend to be more process oriented than legally focused. You do not need to know any country’s specific legal code; however, some non-U.S. exam takers complain that the nature of many of the questions requires an understanding of U.S. contract law. Although an occasional question relating to the U.S. system may appear on the exam, such questions do not seem to be problematic for most exam takers. A firm understanding of the procurement process usually will help you to find the correct answer. Moreover, the questions will be worded such that the project manager or project team is the “buyer.”
The exam requires you to know the basic differences between the three broad categories of contracts (fixed-price, cost-reimbursement, and time-and-materials) and the risks inherent in specific contract types for both the buyer and the seller. Several questions will also test your knowledge of the various types of contracts within each category (for example, firm-fixed-price versus fixed-price-incentive-fee contracts).
Project Procurement Management as a four-step process comprising plan procurement management, conduct procurements, control procurements, and close procurements. See PMBOK® Guide Figure 12-1 for an overview of this structure. Know this chart thoroughly.
Following is a list of the major Project Procurement Management topics. Use it to help focus your study efforts on the areas most likely to appear on the exam.