The Basics of Project Procurement Management

The Basics of Project Procurement Management

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Project procurement management is the creation of relationships with outside vendors and suppliers for goods and services needed to complete a project. 

This process is comprised of five steps, including initiating and planning, selecting, contract writing, monitoring, and closing and completing.

Why Procurement Management?

  • Most all projects will need to acquire some resources from outside 
  • Not understanding the different ways to contract could result in unnecessary risk for the project

How Do We Manage Procurement?

Four processes
  • Plan Procurements
  • Conduct Procurements
  • Administer Procurements
  • Close Procurements
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Procurement Terms

  • Arbitration –Third party dispute resolution 
  • reach/Default –When a contract provision is not metForce 
  • Majeure –Riots, wars, weather, or other “Acts of God”
  • Indemnification –Who is liableLiquidated 
  • Damages –Estimated damages for specific types of defaults as defined in the contrast material 
  • Breach –A violation of the contract of sufficient magnitude that the contract cannot be completed
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