The Importance Of Project Procurement Management

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Project Procurement Management Project Procurement Management is defined by the Project Management Institute (PMI) (2013) as a set of defined processes that support the acquisition of products, services, or results. The success or failure of a project is accredited to the project team’s ability to balance scope, schedule, and cost constraints. The need for procurement management increases the project’s level of complexity and likelihood of risks. Moreover, the procurement management processes are a project within a project. This singular knowledge area produces a procurement scope document, contractual agreements, and management plan, which align with the project management plan and objectives. Procurement processes play an essential role in the success of the project. Receipt of procurement deliverables drives the potential for the timely achievement of project objectives and managing costs. Procurement …show more content…

Closing processes are dependent on the control and audit outputs from the control procurement processes (Project Management Institute, 2013). EP repositories are a comprehensive and include contract requirements, accompanying change requests, performance reports, and audit results (Neupane, et al.,2012). These documents are essential to ensure that all scope and change requests are satisfied prior to Procurement Officer requesting formal acceptance (Project Management Institute, 2013). Once formal acceptance is provided, procurement teams have an opportunity to document any lessons learned or opportunities for improvement as guidance for future projects (Project Management Institute, 2013). Finally, EP systems offer B2B project teams a sustainable mechanism for storing documents whereas physical documents are susceptible to damage or

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