Section outline

  • At the end of this lecture students should be able to:

    • Describe the work involved in planning purchases and acquisitions for projects, the contents of a procurement management plan and contract statement of work, and calculations involved in a make-or-buy analysis.
    • Discuss what is involved in planning contracting, including the creation of various procurement documents and evaluation criteria for sellers.
    • Understand the process of requesting seller responses and the difference between proposals and bids.
    • Describe the seller selection process and recognize different approaches for evaluating proposals or selecting suppliers.
    • Discuss the importance of good contract administration.
    • Describe the contract closure process.