Level 47 Level 49 Show Level 48 Procurement Management Processes22 words 0 ignoredIgnore wordsCheck the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session. All None Ignore? Includes the processes to purchase or acquire the products, services, or results needed from outside the project team. Project Procurement Management The process of documenting project purchasing decisions, specifying the approach, and identifying potential sellers is called.. 12.1 Plan Procurement Management The process of obtaining seller responses, selecting a seller, and awarding a contract. is called.. 12.2 Conduct Procurements The process of managing procurement relationships, monitoring contract performance and making changes and corrections to contracts as appropriate is called.. 12.3 Control Procurements The process of completing each project procurement is called.. Project contracts or other procurement agreements that have been formally acknowledged by the proper authorizing agent as being finalized and signed off Review of the contracts and contracting processes for completeness, accuracy, and effectiveness The documents utilized in bid and proposal activities, which include the buyer’s Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal, and seller’s responses. A component of the project or program management plan that describes how a project team will acquire goods and services from outside the performing organization. Procurement Management Plan A structured review of the seller’s progress to deliver project scope and quality, within cost and on schedule, as compared to the contract. Procurement Performance Reviews Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. Procurement Statement of Work A provider or supplier of products, services, or results to an organization. A type of procurement document used to request proposals from prospective sellers of products or services, In some application areas, it may have a narrower or more specific meaning. Request for Proposal (RFP) Decisions made regarding the external purchase or internal manufacture of the product. Formal responses from sellers to a request for proposal or other procurement document specifying the price, commercial terms of sale, and technical specifications or capabilities the seller will do for the requesting organization that, if accepted, would bind the seller to perform the resulting agreement. Generally, this term is equivalent to request for proposal. However, in some application areas, it may have a narrower or more specific meaning. The aggregate of things used by an organization in any undertaking, such as equipment, apparatus, tools, machinery, gear, material, and supplies. The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or pre-bid conferences. The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product. The process of reviewing proposals provided by suppliers to support contract award decisions. Proposal Evaluation Techniques The sellers which have been selected to provide a contracted set of services or products. The system used to provide and track supplier’s invoices and payments for services and products. Project Procurement Management is one of the nine knowledge areas in PMBOK (Project Management Body of Knowledge). Project procurement management is important for all project managers today. It could help us in managing vendors and keep good relationship between vendors and suppliers. Project Procurement Management is process of purchasing or acquiring products, services or results needed from outside the project team. It includes the contract management and change control processes. Project procurement management involves planning, acquiring products or services, choosing sources, administering the contract and closing contract. It can be applied to internal work orders, formal agreements, or contract between organization units within single entity. Project Manager (PM) plays important roles in procurement process. He has to make sure that procurements meet the project needs while following the organizational procurement policies. PM must be involved in the creation of contracts as he should know the procurement process, understand the contract terms and conditions, make sure the contract contains all project management requirements, identify risks and incorporate mitigation and allocation of risks into contract, involve in contract negotiation, make sure procurement process done smoothly and so on. PM team may get need from specialists in contracting, purchasing, law and technical disciplines. The organization can be either the buyer or seller of products or services. The buyer that is acquiring the project form performing organization (the seller) and administering. The seller will typically manage the work as a project if the acquisition is not just shelf material, goods, or common products. The processes in procurement management are:
 Figure 1 Project Procurement Management Data Flow Diagram Plan procurement is a process of documenting project purchasing decisions, specifying the approach, and identifying potential sellers. It identifies project needs that must be met by acquiring products or services versus the project needs that can be accomplished by project team. It includes consideration of potential sellers and people who responsible for holding permits or professional licenses required by regulations. Conduct procurement is a process of obtaining seller response, selecting seller and awarding a contract. The team will receive bids or proposals and apply defined selection criteria to select the qualified sellers to perform the work. Administer procurement is a process of managing procurement relationships, monitoring contract performance, and making changes and correction as needed. It ensures that seller’s performance meets the procurement requirements and buyer performs according to terms of legal contract. Close procurement is a process of completing each of project procurement. It involves verification that all work and deliverables were acceptable.
What is the process of obtaining seller responses selecting a seller and awarding a contract?Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract.
Which process involves obtaining seller responses?In project procurement management, which process involves obtaining seller responses, selecting sellers, and awarding contracts? Reviewing performance records reduces the risk of selecting a supplier with a poor track record.
What are the 3 types of procurement?There are three main types of procurement activities: direct procurement, indirect procurement, and services procurement.
What are the 5 steps of procurement process?The Stages of Procurement. Stage 1: Identify a need for products and/or services. ... . Stage 2: Create and submit a purchase request. ... . Stage 3: Evaluate and select suppliers/vendors. ... . Stage 4: Negotiate the terms of a contract with the selected supplier. ... . Stage 5: Finalize a purchase order.. |
What is the procurement process that involves obtaining seller responses selecting a seller and awarding a contract called?
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