Project Procurement management (Project PM) is the process companies use to purchase economic resources and business input from suppliers or vendors.
Approximately $10 trillion is spent annually on projects of all
kinds. Globalisation of market and operations, including
outsourcing, lead to global purchasing and supplier development.
This perspective indicates the importance of effective
procurement and supply functions for organisational effectiveness
and competitiveness. Project procurement management is
the process of purchasing the products necessary for meeting
the needs of the project scope.
It is favorable that the goods,
services or works are appropriate and that they are procured at
the best possible to meet the needs of the purchaser in terms of
quality and quantity, time, and location. Particularly in the
current economic environment, effective and efficient
procurement across your business is vital. As Paul Teague puts it
aptly, data analytics are being harnessed by just about everyone,
it’s time procurement become the master.
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