4.0 Planning and Managing Project Procurement
Learning Objectives
By the end of this section, you will be able to:
- Describe the procurement management processes
- Discuss the significance of procurement planning
- Examine procurement approaches and strategies
- Create procurement plans in a predictive and agile approaches
- Apply the concept of make or buy analysis to decision making
- Conduct Procurement – Create vendor list and select a vendor
- Create procurement contracts and manage contracts through the project life cycle
- Manage procurement contracts including types of contracts.
- Discuss current trends in procurement management
- Apply appropriate models, artifacts, and methods for enabling project outcomes
Introduction
To achieve the objectives of the project, the project team will purchase goods and some services. The process of obtaining goods and services from providers who are outside of the organization is procurement. The process for selecting the work that will be procured and the different methods and processes for procuring resources such as equipment, materials, and services for the project requires procurement planning and management.
