ABSTRACT
Procurement management involves the process of acquiring the necessary equipment, tools, goods, services, and resources that are needed to successfully accomplish project goals. Procurement is often called acquisition, purchasing, or contracting. This represents the process of acquiring products, results, or services for direct usage on a project. Procurement is needed as a formal process of obtaining the categories like products, services and results from a vendor or supplier whether the products or services are already in existence or are newly designed, developed, tested, or demonstrated. It involves all aspects of contract administration during the project lifecycle. The statement of work describes the procurement item in sufficient detail to allow prospective vendors to determine if they are capable of providing the product or service. Each individual procurement item requires a separate statement of work. However, the multiple products or services are grouped as one procurement item with a single statement of work.
