There is a way that project managers can s\ucceed with procurement management. Procurement management is very critical to successful project management. The strange thing is that some project managers are intimidated by that process, or are just flat out unfamiliar with it. There are some basic things you need to know about it.
Key Takeaways:
- Procurement management is the practice or process of acquiring products or services from an outside vendor for the purpose of initiating or maintaining business operations.
- Procurement is common in the world of project management, where there are formal processes that have been established and identified in the Project Management Body of Knowledge (PMBOK)
- Setting a specific process for how sourcing requests are managed is key for our company’s procurement success.
“Procurement management is critical to successful project management—and yet, some project managers are unfamiliar with the practice, or perhaps are intimidated by what seems to be a daunting process.”
