Project Procurement Management (A high-level snapshot)
Most companies need to search for services, products or results outside the company to deliver the project. It is important that while you are doing it you have a clear understanding of what needs to be procured, who should become your partner, and what kind of supplier-buyer relationship you are looking at. This is one important area which cannot be left alone to a contract Manager or Procurement manager. You as a Project Manager, need to get involved because at the end this is your project and your success. The most important factor here is to get the right partner to do the job, a partner who shares your enthusiasm and work culture.
Plan Procurement Management (Planning)
- it determines whether to acquire goods and services from outside the project and, if so, what to acquire as well as how and when to acquire it
- the process of documenting project procurement decisions, specifying the approach and identifying potential sellers
- performed once or at predefined points in the project
Conduct Procurement (Execution)
- it selects a qualified seller and implements the legal agreement for delivery.
- The process of obtaining seller responses, selecting a seller, and awarding a contract
- performed periodically throughout the project as needed
- Established agreements including formal contracts
Control Procurement (Monitoring and Controlling)
- it ensures that both the seller’s and buyer’s performance meet the project’s requirements according to the terms of the legal agreement
- the process of managing procurement relationships; monitoring contract performance, and making changes and corrections as appropriate; and closing out contracts
- performed throughout the project as needed