Procurement management: Your guide to securing project resources

For any project manager, procurement management is vital to meeting your project goals on time. It requires the ability to negotiate contracts effectively and to understand a range of products and services, not to mention supply chain logistics.

Here is an overview of procurement management basics that will help you successfully support the goals and deliverables of your projects.

Procurement management definition

Procurement management involves determining the products and services that need to be acquired for projects to be successful, including the timing, quality, payment, and other aspects of product and service delivery. Vendor and product information is key and requires thorough research and evaluation of the project deliverables, potential vendors, offerings, availability, and contract terms. These and other procurement activities are not one-time exercises. Instead, they should be revisited throughout a project lifecycle.

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