Explain the importance of project procurement management. Explain the activities associated with conducting and controlling procurements.

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Operations Management

Explain the importance of project procurementmanagement.
Explain the activities associated with conducting andcontrolling procurements.

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Procurement is the process of obtaining goods supplies and services Therefore project procurement is obtaining all of the materials and services that are required for the project Project procurement management encompasses the processes used for making sure project procurement is successful Project procurement management includes three primary processes These are Plan procurements making a plan for obtaining materials and services Conduct procurements execution phase of the project Control procurements focused on monitoring and controlling project procurements to ensure all requirements are met Importance of project procurement management Project management will at some points require project procurement which involves the organization obtaining goods or services from third parties in order to complete a specific project Procuring these goods or services provides several advantages over producing them inside the organization helping to keep project costs down while still achieving the companys desired objectives External Resources Project procurement does not deal with taking inventory of the resources already available within the organization Instead project procurement involves finding and obtaining the necessary resources whether they are goods or services which exist outside of the organization that are needed to successfully complete a project Outsourcing Outsourcing is one tool of project procurement An organization simply may not have the manpower to complete a project on time meaning a sudden increase in workers is needed Rather than going through the process See Answer

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