Flashcards
Procurement Strategy
Cards in this deck (9)
- 1Define procurement."Procurement is the process by which products and services are acquired from an external provider for incorporation into the project."
- 2What is a procurement strategy?A project document that:
Describes how procurement will be done.
Describes how goods & services will be managed. - 3Why is a procurement strategy important?It defines how procurement will be done so needs to be considered during the concept phase alongside the business case.
May form part of the PMP. - 4What are the key sections of the procurement strategy?Make or buy decision
Use of single, integrated or multiple supplier(s)
Required supplier relationships
Supplier selection
Conditions and forms of contract
Types of pricing & methods of payment
Contract administration
Feedback & review - 5What is the 'make' or 'buy' decision?Should goods be made in-house or purchased elsewhere at lower cost or better quality?
Well-developed understanding of specification required to derive accurate price. - 6When should contract administration be carried out?Throughout the contract.
- 7What does contract administration check?That both parties are confirming and discharging their duties accordingly.
- 8What is required for contract enforcement?Evidence that both parties were engaged and trying to make the agreement worked as planned.
- 9What does feedback and review involve?Going through lessons learned and feedback to see what has gone well and what has not gone so well.
Information
- Description
- 10.1 explain the purpose, typical content and importance of a procurement strategy.
- Created by
- Althea Green
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