Complete Guide to Plan Procurement Management
What is Plan Procurement Management?
Plan Procurement Management falls under the umbrella of Project Procurement Management. It is the process by which a project manager decides which products, services or results need to be obtained externally, identifies potential sellers, and documents their purchasing decisions and approaches.
Why is it Important?
Plan Procurement Management is crucial to ensure that the project is supplied with the necessary goods, services, and works, in a timely and cost-effective manner. It outlines how the procurement process will be managed from beginning to end, facilitating accountability and transparency.
How It Works?
It involves identifying procurement needs, defining the type of contract, preparing procurement documentation and managing procurement relationships. This process can be broadly broken down into three stages: planning the procurement, conducting the procurement, and controlling the procurement.
Exam Tips: Answering Questions on Plan Procurement Management
1. Understand the Process:
Be familiar with the process flow of plan procurement management and the key activities involved at each stage.
2. Learn Terminologies:
Understand key terminologies, such as procurement documents, statement of work (SOW), make-or-buy analysis, etc.
3. Practice Case Studies:
Use case studies to practice application of plan procurement management knowledge in different scenarios.
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Plan Procurement Management practice test
Plan Procurement Management is the process where the project team determines whether to acquire outside support and, if so, what to acquire, how much to acquire, and when. This process involves determining the requirements for project procurement, identifying potential sellers, and documenting procurement decisions. This process results in the development of procurement documents, which outline the needs of the project, and procurement management plans, which outline how project procurement processes will be managed.
Time: 5 minutes Questions: 5
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Certified Associate in Project Management Preparation Package (2024)
- Earn 15 PDUs needed for your CAPM certification
- 8521 Superior-grade Certified Associate in Project Management practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless CAPM preparation: 5 full exams.
- 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
- Bonus: If you upgrade now you get upgraded access to all courses
- Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!