Project management procurement

Project Management Procurement
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Table of Contents
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1.0 Introduction  PAGEREF _Toc370491476 \h
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2.0 Procurement and Contract Management  PAGEREF _Toc370491477 \h
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3.0 Importance Of Procurement And Contact Management In Business  PAGEREF _Toc370491478 \h
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4.0 The Concept of Procurement Planning and Strategies For Project Success  PAGEREF _Toc370491479 \h
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5.0 Selecting the Most Qualified Vendor  PAGEREF _Toc370491480 \h
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6.0 Contract Evaluation and Legal Process  PAGEREF _Toc370491481 \h
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7.0 Comparisons of Critical Contract’s Critical Elements  PAGEREF _Toc370491482 \h
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8.0 Conclusion  PAGEREF _Toc370491483 \h
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9.0 References:  PAGEREF _Toc370491484 \h
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PROJECT MANAGEMENT PROCUREMENT
Introduction
Procurement management engrosses having work done by individuals that are outside the project team. The project management procurement may include administration of contracts and alter control process in order to purchase orders or control contracts. It can also be termed as an act of maintaining, establishing as well as closing relationships with the suppliers of certain services and goods for the project (Wheaton, 2008). The knowledge setting of the project management procurement comprises of various processes that includes; the Plan procurement Management, Conduct procurements, Control procurements, close procurements. A personal involvement, as a member of a team of a successful procurement project brought about increased knowledge regarding the new learning in project management field, as well as its relationship with the management of purchasing and supply.
Procurement and Contract Management
The project team was focused on increasing the efficiency when dealing with suppliers of services, goods or works for enhancing the professionalism of the organization. In the project, procurement was termed as the act of attaining goods, the services or works from a certain external source. The procurement seemed to require that the services and goods or works provided be appropriate, being procured at a favorable cost in order to cater for the needs of the purchaser, in consideration of both quantity and quality. Moreover, time and location are considered, while the public bodies and corporations frequently define the processes that are intended to endorse open and fair competition suitable for their business and on the other hand minimizing the exposure to collusion and fraud. In addition, the contract management involves the act of managing the contracts made to vendors, customers, employees or partners, a...