ABSTRACT
Procurement management represents the processes involved in the acquisition of a defined set of goods and/or services from a third party for use in various project activities. A project Procurement Management Plan is produced from information related to the target areas defined in the make or buy analysis and is designed to provide ongoing management guidance and direction to the project team in regard to future procurement actions. In some organizations, a subsidiary document called a Contract Management Plan is used to detail the overall process in regard to vendor relationships. The role of contract negotiations is to define the specific structure of the relationship from which some form of legal contractual document will be created. Contract negotiation is an art and involves significant human interaction in the form of buyer/seller diverse opinion meetings required to reach an agreement between two parties where both are attempting to maximize their value.
