Procurement Management Summary

Project Management (IT)

Semester Project

Submitted By:

S. Muhammad Tamoor Akram

644-FMS/BBAIT/S09

[e-mail]

0344-8800559

Submitted To:

Sir. Nayyar Kazmi

Due Date: 14th December, 2012

Summary of Chapter 12

PM BOK 4th Edition

Project procurement management

Project procurement 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 result of a project.

Procurement means acquiring goods and services from an outside source. The term procurement is widely used in government, many private firms used the term purchasing, and information technology professionals use the term outsourcing.

A Procurement Management Process, or Procurement Process, is a method by which items are purchased from external suppliers. The procurement management process involves managing the ordering, receipt, review and approval of items from suppliers. A procurement process also specifies how the supplier relationships will be managed, to ensure a high level of service is received. This is a critical task in Procurement Management. In essence, the procurement process helps you "get what you have paid for".

Four steps/processes involve in procurement management. Those are:

1. Plan procurement

2. Conduct procurement

3. Administer procurement

4. Close procurement

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Processes involved in project procurement management and their description

|S. No. |Process Name |Description |
|1.