ABSTRACT
Procurement and vendor management constitute the processes and actions undertaken by a project manager and/or project team to acquire goods and services in support of a project. Procurement management involves planning for all purchases, acquisitions, and contracting. All the processes and actions of procurement planning must conform to the constraints of the overall organizational structure and policies. Procurement planning involves determining whether to procure or produce materials in-house, deciding how to procure them, identifying items and quantities, and determining when to procure. The organization has no project procurement process in place but recognizes the potential value of having a defined process. Some project managers recognize the need to procure outside goods and services in a methodical manner, but their methods are ad hoc and inconsistent. The organization has no specific approaches for acquiring materials for projects. Contracts for projects are managed loosely. Minimal reporting requirements are delineated in contracts.
