Procurement Management Processes

Question 1

Conduct procurements

Answer 1

Find potential sellers through advertising or other means
Send procurement documents
Hold a bidder conference
Answer sellers questions
Seller makes a decision to bid / propose
Seller creates response to procurement
Receive the seller responses
Compare the proposals to source selection criteria using a weighting or screening system to pick / shortlist the seller
Receive presentations from sellers
Compare to independent estimates
Hold negotiations

Question 2

Control procurements

Answer 2

Understand d the legal implications of your actions 
Hold procurement performance reviews 
Request changes and administer claims 
Manage interfaces among sellers 
Report performance 
Monitor performance against the contract 
Review cost submittals 
Make payments 
Perform inspections and audits 
Maintain records of everything 
Accept verified deliverables

Question 3

Close procurements

Answer 3

Perform a procurement audit 
 Negotiate a settlement
Create lessons learned
Complete final contract performance reporting 
Validate the product 
Issue formal acceptance 
Update records
Create a procurement file 
Perform financial closure

Question 4

Plan procurement management outputs

Answer 4

Make or buy decisions 
Procurement management plan 
Procurement statements of work 
Procurement documents ready 
Source selection criteria 
Change requests

Question 5

Conduct procurements outputs

Answer 5

Selected sellers 
Signed contracts 
Resource calendars 
Change requests 
Project man agreement plan updates 
Project documents updates

Question 6

Control procurements outputs

Answer 6

Substantial completion of contract requirements and deliverables 
Work performance information 
Change requests 
Project ma ferment plan updates 
Project documents updates

Question 7

Close procurements outputs

Answer 7

Formal acceptance
Closed procurements
Lessons learned updates and records updates

Question 8

Plan procurement management

Answer 8

Perform make or buy analysis
Create a procurement management plan
Create the procurement statements of work
Select the appropriate contract type
Create terms and conditions including standard and special conditions
Create procurement documents
Create source selection criteria