The Project Procurement Management processes include the following:
Plan Purchases and Acquisitions - determining what to purchase or acquire and determining when and how.
Plan Contracting - documenting products, services, and results requirements and identifying potential sellers.
Request Seller Responses - obtaining information, quotations, bids, offers, or proposals, as appropriate.
Select Sellers - reviewing offers, choosing among potential sellers, and negotiating a written contract with each seller.
Contract Administration - managing the contract and relationship between the buyer and seller , reviewing and documenting how a seller is performing or has performed to establish required corrective actions and provide a basis for future relationships with the seller, managing contract-related changes and, when appropriate , managing the contractual relationship with the outside buyer of the project.
Contract Closure - completing and settling each contract, including the resolution of any open items, and closing each contract applicable to the project or a project phase