Chapter Sixteen. Project Procurement Management
According to the PMBOK, project procurement management includes “the processes to purchase or acquire the products, service, or results needed from outside the project team to perform the work.” Procurement management also includes contract management and administration of contracts. The contracts in question generally come from a vendor.
There are six project procurement management processes shown in PMBOK. They are planning purchases and acquisitions, planning contracting, request for seller responses, selecting sellers, contract administration, and contract closure. As with all the rest of the knowledge areas, the various processes interact and overlap with one another.
According to the PMBOK, “A ...