Procurement Management: Acquiring Goods & Services
Ahmed plans how LumiGems will acquire necessary products, services, or results from outside the project team.
Ahmed analyzes whether it's more cost-effective or strategic for the LumiGems team to develop certain components in-house (make) or purchase them from external suppliers (buy). This decision impacts cost, time, and quality.
Ahmed defines clear criteria for selecting potential vendors. These criteria might include price, quality, delivery capability, reputation, and compliance for suppliers of LumiGems materials or services.
Ahmed determines the most appropriate contract type for each procurement (e.g., Fixed-Price, Cost-Reimbursable, Time & Materials). The choice depends on the clarity of scope, risk allocation, and desired incentives for the LumiGems project.
Ahmed prepares a formal Request for Proposal (RFP) document to solicit bids from potential suppliers for specific LumiGems components or services. The RFP clearly outlines project needs, requirements, and evaluation criteria.
Ahmed consolidates all procurement-related decisions and strategies into the formal Procurement Management Plan. This document guides how procurement processes will be managed, from vendor selection to contract administration for LumiGems.