Project Management

SUMMARY: Procuring is one of the major challenges faced by project managers, especially when the project is one of infrastructure or manufacturing. These projects require various materials and skills from external sources and therefore its important to adhere to the organizational standards for quality and price. According to PMBOK, project procurement management is the process of acquiring goods and services from a firm external to the project organization. There are five key components in a project procurement management system-project procurement planning, solicitation planning, solicitation, source selection, contract administration and contract closing.

Project procurement planning is about discovering the needs of the project that can be satisfied by acquiring products and services from firms external to the project organization.