The Basics of Project Procurement Management

The Basics of Project Procurement Management

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
Download also:

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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