Procurement Management

Procurement Planning: Developing a procurement management plan that outlines the approach for acquiring the required goods, services, or results. This plan includes procurement strategies, contract types, source selection criteria, and risk management strategies. 

Needs Identification: Identifying the project's requirements for goods, services, or results that need to be procured externally. This involves determining what should be purchased versus produced in-house. 

Source Selection: Identifying potential suppliers, evaluating their capabilities, and selecting the most suitable sources based on factors such as cost, quality, expertise, and availability. 

Solicitation and Contracting: Preparing and issuing procurement documents, such as requests for proposals (RFPs) or requests for quotes (RFQs). This step also involves negotiating and finalizing contracts with selected suppliers. 

Supplier Management: Managing relationships with suppliers to ensure that they deliver according to the terms of the contract. This includes monitoring supplier performance, addressing issues, and conducting performance evaluations. 

Contract Administration: Administering the terms and conditions of contracts throughout the project's lifecycle. This involves ensuring that both parties fulfill their contractual obligations. 

Procurement Performance Measurement: Measuring and tracking the performance of procurement activities, such as supplier performance, contract compliance, and cost control. 

Risk Management: Identifying and managing risks associated with procurement, such as supplier delays, quality issues, and changes in requirements. 

Contract Closure: Closing out procurement contracts by confirming that all deliverables have been provided, payments have been made, and any outstanding issues have been resolved.