Project Procurement Management

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This paper will focus on the concepts of project procurement management and the impacts it can have on the overall success of a project. The paper contains four sections, which focus on a few major tentacles of project procurement management. Section one, describes in detail all of the components that are involved with project procurement management. Section two, summarizes the major project procurement processes, which the Project Management Institute (PMI) view as appropriate for successful execution of projects. Section three, describes the various benefits of categorizing procurements into generic families. Lastly, Section four, will summaries the importance of project procurement management in the overall project management process.

Section One: What is Project Procurement Management?

Fleming (2003) says that project procurement management involves the various processes that are required to acquire good and or services. Procurement management requires buyers (the inside organization) and sellers (the outside organization) to perform business transactions under an agreement. Typically, the buyer is the one buying scope from the seller. The buyer or seller can execute the project procurement processes through teaming arrangements, contracting, or subcontracting (Fleming, 2003, p. 2). In many cases, the project manager will work in conjunction with a procurement subject matter expert (SME) to execute a contract. The SME generally has a background in purchasing, procurement, material, or supply management. The project manager may perform both duties in many organizations. Nonetheless, the role of the procurement leader is to support and improve the management of the overall project (Fleming, 2003, p. 3). Fleming (...

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...hile the processes, skills, tools, and techniques of procurement management evolve with time an organization must evolve simultaneously. Efficient procurements processes will allow the company to save money and avoid potential lawsuits, which normally stem from a breach of contract. This paper has examined various topics that relate to project procurement management and the impacts it can have on the overall success of a project. The main take away of procurement management is, this is where contractually the “rubber hits the road” and companies should take special precautions as they execute the procurement process.

Works Cited

Fleming, Q. W. (2003). Project procurement management: Contracting, subcontracting, teaming. Tustin, CA: FMC Press.

Guide (2009). A guide to the project management body of knowledge. Newtown Square, Pennsylvania: PMI, Inc.

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