This knowledge area focuses on acquiring the material and human resources we need for the project, primarily from external sources. We begin with the planning process where we identify which of the resource requirements we’re going to make ourselves and which we’re going to buy from other sources. We also develop all of the procurement documents we’re going to need; these may include the request for proposal, request for quotation to the actual contracts we’ll negotiate with the vendors (sellers) we select. The procurement management plan even specifies the criteria we will use to evaluate the potential vendors proposals we receive. When the project management plan is approved, we conduct our procurements; actually holding bidders conferences, collecting proposals from vendors and evaluating them. After the contracts are signed, we begin to control our procurements, monitoring the contract terms and vendor performance. Last, we close our procurements, making sure that all of the legal requirements have been satisfied.
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Plan Procurement Management
Take PMP Procurement Knowledge Area Exam