Project management is a difficult task, that is why procurement management is such an important aspect of it. Procurement management is essentially the process of maintaining business operations. It is important for formal processes, cost savings, administrative tasks, and more. From procurement plans, execution of the plans, control, and close of the project you will notice how vital great procurement skills are in business and getting your project done in a timely, effective, and affordable manner.
- Acquisition administration is the practice or procedure of securing items or administrations from an outside seller with the end goal of starting or keeping up business operations.
- Acquisition is normal in the realm of venture administration, where there are formal procedures that have been set up and recognized in the Project Management Body of Knowledge.
- Four phases of the procurement process. Plan, execute, control , close.
“”Setting a specific process for how sourcing requests are managed is key for our company’s procurement success. By using a centralized sourcing platform that works for our team, suppliers and the business allows us to engage opportunities earlier. The result is we collaboratively compare options and proactively manage work streams that drive greater value creation back to the company.”