Project procurement management involves determining what goods and services need to be acquired from outside sources to complete a project. This includes planning procurement by identifying potential suppliers and specifying requirements. The project manager then oversees conducting procurement which involves selecting qualified suppliers and establishing contracts. Finally, the project manager controls procurement by monitoring supplier performance and ensuring both parties meet the terms of agreements throughout the project.

1. Project Procurement Management (A high-level
snapshot)
Most companies need to search for services, products or results outside the company to deliver the
project. It is important that while you are doing it you have a clear understanding of what needs to be
procured, who should become your partner, and what kind of supplier-buyer relationship you are looking
at. This is one important area which cannot be left alone to a contract Manager or Procurement manager.
You as a Project Manager, need to get involved because at the end this is your project and your success.
The most important factor here is to get the right partner to do the job, a partner who shares your
enthusiasm and work culture.
Project Procurement Management Knowledge Area
Processes
Plan Procurement Management (Planning)
 it determines whether to acquire goods and services from outside the project and, if so, what to
acquire as well as how and when to acquire it
 the process of documenting project procurement decisions, specifying the approach and identifying
potential sellers
 performed once or at predefined points in the project
Conduct Procurement (Execution)
 it selects a qualified seller and implements the legal agreement for delivery.
 The process of obtaining seller responses, selecting a seller, and awarding a contract
 performed periodically throughout the project as needed
 Established agreements including formal contracts
Control Procurement (Monitoring and Controlling)
 it ensures that both the seller’s and buyer’s performance meet the project’s requirements according to
the terms of the legal agreement

2.  the process of managing procurement relationships; monitoring contract performance, and making
changes and corrections as appropriate; and closing out contracts
 performed throughout the project as needed
Further Information on Project Procurement Management