Project Procurement Management - ENGINEERING MANAGEMENT

Project Procurement Management Meaning of Procurement: Procurement means acquiring goods and/or services from an outside source ...

Project Procurement Management

Project Procurement Management
Project Procurement Management
Meaning of Procurement:
  • Procurement means acquiring goods and/or services from an outside source 
  • Other terms include purchasing and outsourcing
Project Procurement Management Processes:
  • Procurement planning: determining what to procure and when 
  • Solicitation planning: documenting product requirements and identifying potential sources 
  • Solicitation: obtaining quotations, bids, offers, or proposals as appropriate 
  • Source selection: choosing from among potential vendors 
  • Contract administration: managing the relationship with the vendor 
  • Contract close-out: completion and settlement of the contract
Procurement Planning:
Procurement planning involves identifying which project needs can be best met by using products or services outside the organization. It includes deciding:
  • whether to procure 
  • how to procure what to procure 
  • how much to procure 
  • when to procure
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