Question: Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. Project Procurement Management includes

Project Procurement Management includes the

Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. Project Procurement Management includes the management and control processes required to develop and administer agreements such as contracts, purchase orders, memoranda of agreements (MOAs), or internal service level agreements (SLAs). The personnel authorized to procure the goods and/or services required for the project may be members of the project team, management, or part of the organization's purchasing department if applicable. The Project Procurement Management processes involve agreements that describe the relationship between two partiesa buyer and a seller. Agreements can be as simple as the purchase of a defined quantity of labor hours at a specified labor rate, or they can be as complex as multiyear international construction contracts. The contracting approach and the contract itself should reflect the simplicity or complexity of the deliverables or required effort and should be written in a manner that complies with local, national, and international laws regarding contracts. Based on your understanding of project management knowledge, discuss, how contract management are utilizing the integration nature with other areas of knowledge in project management for successful implementation of procurement processes

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