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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
Home » Glossary » What is Project Procurement?
What is Project Procurement?  

What is Project Procurement?


Project Procurement is a process of acquiring goods and services necessary to a project from external suppliers. This process aims to provide the project with all necessary procurement items (goods and services) by establishing and administering contractual relationships with external suppliers and vendors.

 Usually the procurement process begins when a project is approved for implementation, so project goals are set and deliverables are defined. Generally, it includes the following steps:

  • Purchase planning – identifying what products or services to acquire
  • Specifications development – creating written descriptions of product features and functions
  • Vendor research & selection – searching for suppliers and establishing contractual relationships
  • Value analysis – examining each procurement item to calculate its total cost of delivery, maintenance and usage
  • Financing – allocating necessary funds and addressing payment issues
  • Making the purchase – obtaining procurement items and managing delivery
  • Contract administration – handling contracts and monitoring contractual relationships to ensure the parties meet each other's expectations
  • Inventory control and stocking – ensuring that all purchased items are in stock and available for use in the project.

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