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.

Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract. It involves numerous activities, such as preparing solicitation materials, obtaining pricing information, conducting procurement conferences, administering procurement, and negotiating with potential sellers. The goal of this process is to ensure that the seller can provide the scope of work, products, or services needed by the project within the required schedule and at an acceptable cost.

Control Procurements is the process of managing procurement relationships, monitoring contract performance, and making changes as needed. This involves overseeing the work of the supplier to ensure that they are meeting the requirements and objectives of the contract, managing potential changes or modifications to the contract, solving problems or dealing with issues that arise, and carrying out the administrative procedures related to the contract. The aim of this process is to ensure that the suppliers deliver as per the contracted terms and conditions.

Close Procurements is the process of completing each project procurement. This involves verifying that all work and deliverables are acceptable and documenting lessons learned for future projects. This process involves finalising open claims, verifying that all deliverables have been received and accepted, evaluating supplier performance for future reference, and transferring completed procurement to relevant parties. The aim of this process is to ensure that the contracts are formally closed and any related matters are settled.

Procurement Contract Types is a concept that covers various types of contracts that can be used in project procurement. This includes fixed price contracts, cost-reimbursable contracts, and time and materials contracts. The type of contract selected can affect the allocation of risk between the buyer and seller, requirements for monitoring and controlling of seller's performance, and the amount of administration needed. Understanding different contract types can help project managers select the most appropriate one for their project's needs.

Procurement Planning is the initial step in the project procurement process. It involves identifying which project needs can best be met by procuring goods or services outside the organization. This process involves consideration of whether to procure, how to procure, what to procure, how much to procure and when. The Procurement Management Plan, a part of the overall Project Management Plan, includes criteria for the type of contract to be used, risk management details, and whether independent estimates will be used as evaluation criteria.

Solicitation Planning follows procurement planning, and it involves preparing the documents necessary for the procurement. These documents clearly define the procurement needs and the desired form of responses. This process ensures the preparedness of both the buyer and the seller in terms of what needs to be provided, when, how, and under what conditions or terms. It is crucial in managing the expectations and reducing the risks associated with the procurement processes.

Solicitation is the process of obtaining bids, proposals or quotations from prospective sellers. The specific methods of solicitation will vary based on the nature of the procurement and the sourcing strategy. The solicitation process involves interacting with the potential bidders, hosting pre-bid meetings if necessary, distributing procurement documents, and receiving the proposals from the sellers. It is of prime importance that this process is conducted in a fair, transparent and thorough way to ensure the best possible outcomes from the procurement process.

Source Selection is a process that involves receiving bids or proposals, evaluating the bids against a predefined set of criteria and selection of a vendor. The evaluation may be based on the cost, quality, reputation and other factors that are significant to the project. The process of selecting the source must maintain transparency, ensure competition, and uphold procurement integrity. Once the source has been selected, it is formalized through a contractual agreement highlighting all the terms and conditions for the procurement.

Contract Administration refers to the management of the contract and the relationship between the vendor and the project buyer. This process includes ensuring that both parties meet their respective obligations outlined in the contract, addressing any modifications in the contract, resolving any disputes, administering project audits, and managing the related documentation. Effective contract administration ensures that the risks associated with procurement are minimized, the project remains on track with respect to cost and schedule, and the desired results are achieved.