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 results of a project.
(from PMBOK® Guide, Fifth Edition)

For you that are new to Project Management, how should you approach studying this Knowledge Area?
It’s recommended to have quick review of what it is and how it interacts with other knowledge areas, and then an in-depth study of all its components and interactions.

Some important questions you need to ask yourself when studying this area.

Difference between Contract Closeout and Admin Closure?
Different contract types?
What is the last item a project manager must do to finalize the project closing?

This knowledge are is composed of the following processes:
Project Procurement Management includes the contract management and change control processes required to develop and administer contracts or purchase orders issued by authorized project team members.
Project Procurement Management also includes controlling any contract issued by an outside organization (the buyer) that is acquiring deliverables from the project from the performing organization (the seller), and administering contractual obligations placed on the project team by the contract.
(from PMBOK® Guide, Fifth Edition)

Project Procurement Management processes which include the following:

• Plan Procurement Management—The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.
• Conduct Procurements—The process of obtaining seller responses, selecting a seller, and awarding a contract.
• Control Procurements—The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate.
• Close Procurements—The process of completing each project procurement.

(from PMBOK® Guide, Fifth Edition)

Please post your answers/inquiries about this subject….