Procurement management comprises of;
- Plan procurements
- Conduct procurements
- Control procurements
Tools and techniques
- Market research
- Make or buy analysis
- Source selection analysis
- Least cost
- Qualifications only
- Quality based highest technical proposal score
- Quality and Cost based
- Sole source
- Fixed budget
- Pre-approved seller lists
- Procurement policies, procedures and guidelines
- Contract types
- Fixed price contracts
- Firm Fixed Price (FFP)
- Fixed Price Incentive Fee (FPIF)
- Fixed Price with Economic Price Adjustment (FPEPA)
- Cost reimbursable contracts
- Cost Plus Fixed Fee (CPFF)
- Cost Plus Incentive Fee (CPIF)
- Cost Plus Award Fee (CPAF)
- Time & Material Contracts (T&M)
- Also known as Time & Means
- Purchase order
- Fixed price contracts
- Bidder conference
- Data analysis
- Contract change control system
- Claims administration
- Performance reviews
- Earned Value Analysis (EVA)
- Trend analysis (EAC)
- Inspection
- Audits
Artifacts
- Procurement management plan
- Procurement process to be followed for the project
- Procurement schedule
- Procurement metrics to be used to manage projects
- Roles and responsibilities with respect to procurement
- Constraints and assumptions
- Legal jurisdiction
- Currency
- Need for independent estimates
- Risk management related to procurements
- Pre-qualified sellers
- Procurement strategy
- Design, Build (DB)
- Design, Bid, Build (DBB)
- Design, Build and Operate (DBO)
- Build, Operate and Transfer (BOT)
- Build, Own, Operate and Transfer (BOOT)
- Others
- Contract payment types
- Phased procurements
- Bid documents
- Request for Information (RFI)
- Request for Quotation (RFQ)
- Request for Proposal (RFP)
- Request for Bid (RFB)
- SoW (Statement Of Work)
- TOR (Terms of Reference)
- Procurement statement of work
- Source selection criteria
- Make or buy decisions
- Independent cost estimates
- Selected sellers
- Agreements
- Mutually binding
- Procurement statement of work
- Schedule, milestones
- Performance reporting
- Payment terms & pricing
- Inspection
- Quality
- Acceptance criteria
- Warranty
- Future product support
- Incentives and penalties
- Insurance and performance bonds
- Subordinate sub-contractor approvals
- General terms and conditions
- Change handling
- Termination clause
- Dispute resolution mechanisms
References
- PMBOK V6 Pages 459 – 501