Conducting Procurement Notes: Definitions & Explanations PDF | Download eBooks
Study Conducting Procurement lecture notes PDF with project management definitions and explanation to study “What is Conducting Procurement?”. Study conducting procurement explanation with project management terms to review project management course for online MBA programs.
Conducting Procurement Definition:
Conducting Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Conducting Procurement Notes:
After the potential sellers or vendors are identified, a request is sent to them to submit proposals. In response to the bid documents, the prospective sellers and vendors submit proposals which outline the technical capabilities and cost-effectiveness of the sellers' performance. These proposals are evaluated and the best seller is selected. The process that involves these steps of procurement is called conducting procurement. The main aim of this process is to select the best supplier and legally bind him for delivery. The final step of conducting procurement is making agreements and contracts with the selected seller. The process of conducting procurement is performed periodically during the project whenever the need for procurement is realized.
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