Procurement and vendor management

############################# Video Source: www.youtube.com/watch?v=kSJs3llwMwM

Procurement and vendor management involve the process of acquiring goods, services, or resources from external suppliers or vendors to support a project. It includes identifying procurement needs, selecting vendors, negotiating contracts, and managing vendor relationships throughout the project lifecycle. • Procurement involves assessing project requirements, identifying suitable vendors, and soliciting bids or proposals. The selection process includes evaluating vendor capabilities, pricing, and overall value. Contracts are then negotiated and established to define terms, deliverables, timelines, and payment terms. • Once vendors are selected, vendor management focuses on monitoring and ensuring vendor performance. This includes tracking deliverables, managing vendor relationships, addressing issues or disputes, and ensuring adherence to contractual obligations. Regular communication and performance evaluations are conducted to ensure vendors meet project expectations. • Effective procurement and vendor management contribute to successful project execution by ensuring the availability of necessary resources, managing costs, and minimizing risks associated with external dependencies. It helps ensure that the project receives quality goods and services from reliable vendors, enabling smooth project progress and achieving project objectives. • Follow us: • https://instituteprojectmanagement.com/ • / insti. . • / projectmanag. . • / projectmana. . • https://www.pinterest.ie/InstituteofP... • / institute_o. . • #projectmanagement101 • #projectmanagementtips • #projectmanagementskills • #projectmanagementsuccess • #effectiveprojectplanning • #agileprojectmanagement • #projectmanagementtools • #projectmanagementleadership • #projectmanagementinsights • #projectmanagementhacks

#############################

New on site