SET V procurement from outside vendors. This will be determined by conducting a cost analysis on products or services which can be provided internally and compared with purchase prices from vendors. Once cost analyses are complete and the list of items and services to be procured externally is finalized, the purchasing and contracts department will send out solicitations to outside vendors. Once solicitations are complete and proposals have been received by all vendors the approval process begins. The first step of this process is to conduct a review of all vendor proposals to determine which meet the criteria established by the project team and the purchasing and contracts department. Purchases less than $x,xxx only require the approval of the Project Manager; whereas, purchases greater than Sx,xxx must be approved by the Contract Review Board. For these larger purchases the contract review board will meet to determine which contract will be accepted. The Contract Review Board consists of representatives from the project team, purchasing and contracts department, finance, and the PMO