January 30, 2012
Procurement management is the processes to purchase or acquire the products, services or results needed from outside the project team to perform the work. Project Procurement Management involves not just purchasing products, services or results, but also ensuring that those that are purchased are right for the project, meets standards and is based on project requirements. This life cycle includes tracking from order through deployment and completing with invoice reconciliation.
All projects are defined by the purpose, objectives and deliverables. Properly defining these, as well as the other aspects of the project management plan will …show more content…
Time and Materials contracts provide for acquiring supplies/services on the basis of direct Labor Hours at specified fixed hourly rates and materials at cost, including material handling costs if appropriate. Time and Material contracts are used when it is not possible to estimate accurately the extent or duration of the work or to anticipate costs with any degree of confidence.
Life cycle costing