The Basics of Project Procurement Management

Project procurement management is the creation of relationships with outside vendors and suppliers for goods and services needed to complete a project. 

This process is comprised of five steps, including initiating and planning, selecting, contract writing, monitoring, and closing and completing.

Why Procurement Management?

• Most all projects will need to acquire some resources from outside 
• Not understanding the different ways to contract could result in unnecessary risk for the project

How Do We Manage Procurement?

Four processes

• Plan Procurements
• Conduct Procurements
• Administer Procurements
• Close Procurements

Download also:

• Principles of Management
• Basics of Project Planning
• Planning and Schedule Free Templates
• Over 500 Contract Templates Free Download
• ُُExcel sheet to make Time schedule and cash flow

Procurement Terms

• Arbitration –Third party dispute resolution 
• reach/Default –When a contract provision is not metForce 
• Majeure –Riots, wars, weather, or other “Acts of God”
• Indemnification –Who is liableLiquidated 
• Damages –Estimated damages for specific types of defaults as defined in the contrast material 
• Breach –A violation of the contract of sufficient magnitude that the contract cannot be completed

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