In many projects you will need to procure or purchase something. It might be software, hardware, professional services, office space, furniture, resources, licenses, permits, etc. It is up to the Project Manager to determine what needs to be procured, who is providing the funding, who will sign the purchase orders or contracts, and the timing of when it is needed for the project. These actions need to be tracked and managed in order to stay on schedule and budget.

Many organizations have policies and procedures on procurement to ensure they are getting the best deal and there are no suspicious or illegal activities. Be sure to understand the relevant policies and procedures for your organization

The Procurement Management Plan addresses at least the following:

•   Lists what to purchase or acquire and when and how
•   Documents all products, services, and results requirements
•   Identifies potential sellers
•   Describes how sellers will be selected
•   Describes how contracts will be negotiated, administered and closed. You can   reference the Contract Management policies of your organization