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Every project involves various requirements that is procured internally and from external sources. The acquisition of products and services from external sources is called procurement. Procurement management include effective management of acquisition of supply of products and services required in a project. The ultimate goal is to procure in an affordable way meeting project timelines and budget.
Procurement function is just a facilitator. To make the project success and if you are outsourcing any work packages because of any reasons like lack of time or core competency, the Project Manager will be in the best position to provide the input or the scope of work to be maintained in the contract
Key Terms in Procurement Management:
· Request for Information (RFI)
· Request for Quotation (RFQ)
· Purchase Order (PO
· Statement of Work (SOW)
· Non Disclosure Agreement (NDA)
· Letter of Intent (LOI):
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