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 key concepts in project management mentioned in the text?

What trade-offs do project managers need to understand?

What is the potential consequence of squeezing suppliers on margins?

How can low margins affect a supplier's ability to deliver a project?

What should project managers consider beyond cost when evaluating suppliers?

Why is it important for project managers to be involved in procurement?

What factors should be balanced against value in project management?