Question

As part of the project management process, consideration must be given to acquiring the products and services that will be used during the project to produce the desired product. Project managers are tasked with sourcing these goods and services and creating and managing contracts with the sellers

1. Explain the importance of project procurement management.
2. Explain the activities associated with conducting and controlling procurements.

Answer 1

Answer= Project procurement management is important as it mainly focuses on the development and maintenance of the relationships with the vendors of the different materials and services during the entire life cycle of any given project. This is a vital element of the project management as it mainly deals with the monitoring of associated combinations of temporary activities.

Answer - the different activities that are to be performed in the conducting and controlling procurements includes to have the better relationship with the vendors, monitoring the performance of the contract if there is any need then implementing the required changes and corrections in the contract as needed and to make sure that the requirements generating form the projects are satisfied by both the seller and buyer

This can also include the review of the invoices, fulfiling the combined change control, documentation of various records, executing any type of change, initiating the payments to the seller, understanding the various terms and conditions of the contract, overcoming any type of conflicts, and evaluating the performance of procurement activities