Procurement Management | Contract Management

Procurement/Contract Management

Projects make use of resources (professionals, equipment, materials and services) to accomplish their goals. Some resources could be internal to the organization or already available, while others could be external to the organization. External resources are procured through contracts/agreements, offered by the receiving (demanding and paying) organization and accepted by the supplying organization.

The focus here is the procurement of external resources for the project. However, the same procurement processes (as-is or modified) could be used to secure internal resources, particularly in large organizations where resources are shared through cost sharing or established internal processes and agreements.

Figure 15 shows the procurement key phases and steps. Each organization may have its own customized and detailed processes for each phase. The important thing is to understand the phases and steps, which make up the procurement life cycle and the critical elements to ensure a smooth flow end-to-end.

     Figure 15 – Procurement Guide

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