Summarize project procurement management and the processes to purchase Research Paper

Summarize project procurement management and the processes to purchase products or services needed for the project - Research Paper Example Solicitation planning deals with documentation of solicitation procedure (which is explained in the following selection). This part also includes some portions of procurement planning if they have been modified since inception (project procurement management, 1996). This process involves obtaining bids, quotes and offers from the sellers and sifting out the potential ones. It costs almost nothing to the performing organization as all the work is done by the selling parties (project procurement management, 1996). Source selection involves the analysis of quotes and bids obtained through solicitation procedure. This process is very straight forward where cost cutting is the primary selection criteria. Quotes are normally sorted into technical and commercial categories. Multiple quotes are considered for analyzing complex goods and services (project procurement management, 1996). It includes analyzing seller’s performance to see if it meets the contractual requirements criterion. For larger procurement orders, this involves managing interface between various providers. This sort of integration and coordination occurs at various levels and involves multiple sellers and products (goods/services) (project procurement management, 1996). It is the last step in the process and involves both product verification (checking if the whole working procedure was performed satisfactorily) and administrative closure (Updating the final result and keeping that data and documents in archives for future use). Contract terms and conditions usually govern the contract close-out. Termination of contract before its expiration is a special feature of contract close-out (project procurement management, 1996). Generic-families is just a synonym for classifying the procurements. It is very beneficial to categorize procurements. It reduces the complexity of various procured goods and services and makes it easier to identify objects against their event timings.