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Answer the following question :
Q1. What is procurement management? Explain the basic steps in procurement process.
Q2. What is procurement management? Explain the basic steps in procurement process.
Q3. List the features of Item Rate contracts and demonstrate how they are different from Lump Sum contracts.
Q4. What is RFP? What are the types of consultancy contract?
Q5. Briefly explain the areas of risk and causes of risk in contracts. Briefly describe five conditions for termination of a contract.
Q6. What is outsourcing? What are its benefits and draw backs? Write short notes on contract compliances.
Verified Expert
Procurement management is an important knowledge area in project management and it is a formal process by which many organizations acquire their goods and services from outside body. Hence, project procurement management involves getting work done by people outside the project organization. It includes the management of purchasing or acquiring of product, services, or projects. According to PMBoK “project procurement management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team”. The organization can be either buyer or seller of the products, services, or results of a project”. Basic Steps in Procurement Process: Project procurement management includes the processes necessary to acquire goods and services from external organization. This involves documenting the procurement plan, planning and solicitation
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