Chapter 11
Procurement and Vendor Management
Procurement and vendor management constitute the processes and actions undertaken by a project manager and/or project team to acquire goods and services in support of a project. They also include the activities involved in managing contracts throughout the period of performance and closing contracts upon completion.
Procurement management involves planning for all purchases, acquisitions, and contracting. All the processes and actions of procurement planning must conform to the constraints of the overall organizational structure and policies. Generally, the process involves contracting with outside vendors to acquire goods and services in a timely manner, in appropriate quantities, and within ...
