Answer: c - Hopefully, you guessed right or you’re in for tougher zingers ahead! The selection of needed vendors doesn’t happen until the Executing phase. The creation of the project charter, scope statement and list of project stakeholders and objectives happens in the Initiating phase with the Initiating Process Group.
Key Take Away: Having an in-house or master vendor was very popular in the 80’s. Now, with the creation of the Vendor Management function, outsourcing is more of the rage, especially since it’s more cost-effective for more companies. What does this mean for you? Dealing effectively with outside vendors is a must for project managers.
