Procurement Management Plan
The procurement management plan is a component of the project management plan that describes how a project team will acquire goods and services from outside the performing organization.
Explanation
The procurement management plan establishes the framework for all procurement activities on a project. It documents the types of contracts to be used, risk management issues related to procurement, the schedule for procurement activities, metrics for managing contracts, stakeholder roles and responsibilities, and any constraints or assumptions that could affect procurement.
This plan is tailored to the needs of the project and can range from a simple list of procurement milestones to a detailed document covering every aspect of procurement. In agile or hybrid environments, the plan may be iteratively refined as more information becomes available about what needs to be procured.
The procurement management plan also addresses how procurement will be coordinated with other project aspects such as schedule development, risk management, and performance reporting. It serves as the guiding document for Conduct Procurements and Control Procurements.
Key Points
- •Subsidiary plan within the overall project management plan
- •Defines contract types, procurement timelines, and evaluation criteria
- •Addresses coordination with schedule, risk, and performance reporting
- •Guides both Conduct Procurements and Control Procurements processes
Exam Tip
The procurement management plan is an output of Plan Procurement Management and an input to both Conduct Procurements and Control Procurements. Know this flow for the exam.
Frequently Asked Questions
Related Topics
Plan Procurement Management
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.
Conduct Procurements
Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract.
Control Procurements
Control Procurements is the process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate, and closing out contracts.
Procurement Strategy
Procurement strategy defines the project delivery method, the type of legally binding agreement, and the approach for managing procurements throughout the project lifecycle.
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Part of
Procurement Management
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