This portfolio work, project procurement and evaluation, is based on your selected business or IT project. You may choose to base your assessment on the Revive LLC case study for the development of a new online employee orientation module, or you may select an organization of your own choosing. Both human resource (HR) and information technology (IT) employees, as well as contractors, will be utilized in this project.
Project Procurement Management is defined “as a methodology that includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team” (Project Management Institute, 2017).
The procurement process should be dynamic and flexible to ensure the best combination of quality and pricing is obtained. For a more complex process many factors should enter into the decision-making process to obtain the best possible outcome with the lowest total cost of ownership, or TCO.
Per the PMBOK Guide, and as referenced in Kerzner (2017), project procurement management includes the processes where the project obtains a product or service from outside the project organization. The organization’s perspective regarding procurement can either be as the buyer or the seller of the product or service. Project procurement management also includes the contract management and change control processes that are required to administer the signed contracts or any issued purchase orders. Project procurement management includes the following three key or major processes (Project Management Institute, 2017, Chapter 12):