Chapter 7: Project Procurement Management
Abstract "Project Procurement Management" refers to the process of acquiring and managing goods, services, and resources needed for a project by identifying procurement needs, selecting vendors, negotiating contracts, and overseeing their delivery, essentially ensuring the project has all necessary components at the best price and value; key components of this process include Procurement Planning (defining what needs to be procured), Vendor Selection (choosing the best suppliers), and Contract Management (managing the legal agreements with chosen vendors to ensure timely and quality delivery). Breakdown of the key terms: Procurement Planning: Identifying the specific goods and services required for the project. Estimating quantities and budget for each item. Developing a procurement strategy, including timelines and selection criteria. Defining procurement documents like requests for proposals (RFPs) or quotations. Vendor Selection: Evaluating p...