Procurement Management

Question 1

Plan Procurements

Answer 1

The process of documenting project purchasing (make-or-buy) decisions, specifying the approach, and identifying potential sellers. (How, What, How Much and When).

Question 2

Conduct Procurements

Answer 2

The process of distributing procurement docs, obtaining seller responses, evaluating bids & selecting seller/s, and awarding a contract to the selected seller/s.

Question 3

Administer Procurements

Answer 3

The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as needed.

Question 4

Close Procurements

Answer 4

The process of completing each project procurement