DQs Procurement Management Plan PDF

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Running Header: DQ'S: PROJECT PROCUREMENT MANAGEMENT

1. What is the purpose of a Project Procurement Management Plan? Please cite one reference in your response. Answer: As cited in the PMBOK,” Project Procurement Management includes the management and control processes required to develop and administer agreements such as contracts, purchase orders, memoranda of agreements (MOAs), or internal service level agreements (PMBOK, 2017, page. 459)”. In Simple words we can say that it’s a plan to define procurement requirements. It is very important to run a procurement as not everything is developed or managed inside the organization sometimes one need a specific supply or goods from an outside source to finish the product and this is where Project procurement management come in, A contract is defined between the buyer and the seller which states out all the requirement. For example – A delivery date is mentioned in the Procurement plan for the delivery of the service or the good to the buyer on a specified date.

Project procurement management includes – 

Planning: Plan Procurement Management

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Executing: Conduct Procurements

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Monitoring & Controlling: Control Procurements Administer, Control, and Close Out Contracts

Initiating and Planning – In this phase it is decided which goods will be needed to be obtained from an outside source and a list is created. Executing – The delivery date and others are mentioned in this phase, and execution of the service and goods. Monitoring and Controlling – Closing is done in this phase.

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Running Header: DQ'S: PROJECT PROCUREMENT MANAGEMENT

References A guide to the project management body of knowledge (PMBOK guide). (Sixth edition.). (2017). Newtown Square, Pennsylvania: Project Management Institute.

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