Day 3 Final Revision(Procurement)

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3Procurement Management

Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller

of the products, services, or results of a project.

Key Concepts Vendor Contracts to ensure

smooth delivery from both sides

Vendor Performance to monitor vendor’s work effort

Records Management System to keep track of vendor activites

Tips

Procurement Management Plan Contract Types Vendor Performance Change Requests

4Procurement Management12.1 Plan Procurement Management—The process of documenting project procurement decisions,specifying the approach, and identifying potential sellers.12.2 Conduct Procurements—The process of obtaining seller responses, selecting a seller, and awardinga contract.12.3 Control Procurements—The process of managing procurement relationships, monitoring contractperformance, and making changes and corrections as appropriate.12.4 Close Procurements—The process of completing each project procurement.

512.1 Plan Procurement Management

612.2 Conduct Procurements

712.3 Control Procurements

812.4 Close Procurements

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