You are a recently hired project manager in an organization that does not have mature project procurement management practices. Your job includes hiring several vendors that will provide various products and services. Your manager asked you to design procurement management process to ensure that hiring vendors is structured and organized. You feel very excited to recommend project procurement process based on best practices established by project and procurement professionals.
The manager asked you to watch the following video:
After watching the video, answer the questions below to prepare for a discussion about the project procurement purpose and processes. Your answers should be an analysis presented in the form of a minimum 3-page report to the department manager.
What is the relationship between procurement and project management?
What is the main purpose of procurement management?
During which procurement process is make-or-buy analysis performed?
What process is performed at the beginning of the procurement management life cycle?
What is the name of the company that purchases products or services?
At what point during the procurement management life cycle do project teams perform procurement control activities?
What is the purpose of a statement of work (SOW)?
What is the name of the company that provides products or services?
What are the other names used to identify an entity that provides products and services?
What processes are recognized during the procurement management life cycle?
What tools and techniques are used during the conduct procurement process?
During which process do procurement teams monitor vendor performances?
