88. PMP tutorial | Project procurement management process overview
Lets learn about project procurement processes in this PMI PMP PMBOK project management tutorial video.
As per PMP PMBOK definition, Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.
The processes involved in this project procurement management knowledge areas are,
Plan Procurement Management
The process of documenting project procurement decisions,specifying the approach, and identifying potential sellers.
Conduct Procurements
The process of obtaining seller responses, selecting a seller, and awarding a contract.
Control Procurements
The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate.
Close Procurements
The process of completing each project procurement.