Procurement

In this lesson we discuss:

Procurement is the process by which the resources (goods and services) required by a project are acquired. It includes development of the procurement strategy, preparation of contracts, selection and acquisition of suppliers, and management of the contracts.

At the end of this lesson you will be expected to know the following learning outcomes:

9.1 Explain the purpose, typical content and importance of a procurement strategy
9.2 Differentiate between different methods of supplier reimbursement (including fixed price, cost plus fee, per unit quantity, and target cost)
9.3 Differentiate between different contractual relationships
9.4 Explain a supplier selection process