Contracting and Procurement in Project Management - Essay Example

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Contracting and Procurement in Project Management

Project procurement management is "the process of purchasing goods or services from the vendors" (Phillips, 2003). This very definition of the process suggest that the procurement is the process which involves external organizations as well as persons in the whole project management process. It therefore not only makes it more complicated but also a delicate job too as maintaining relationships with the vendors and suppliers sometimes become a very important element for the overall success of the project. Thus, it is of great importance that the procurement management should effectively be integrated into the overall process of project management so that project can get completed within budgeted times, costs and schedules.
It is also important to understand that the process of procurement management is a phased process therefore it is not only time consuming but also need to have a more strategic outlook as it also provides an opportunity to develop long term relationships with the vendors.
This presentation will present an overview of how the process of procurement management can fit into the whole project management besides discussing the various other aspects to get a braoder view of the whole process.
Procurement is a process which requires the involvement of different resources including people, goods, services as well as other resources. ...Show more

Summary

Project management is a collection of different components which combined together to give shape to the whole project management cycle. As defined earlier, in our presentation, that there are two approaches to the project management i.e. project management cycle as well as project life cycle…
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Contracting and Procurement in Project Management essay example
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