Procurement Plan
Project procurement plan documents purchase policy illustrating purchase process, buy/lease/rent
decisions, vendor selection, negotiation, financial concurrence, duration, legal concurrence, etc. Also
it should chalk out roles authorized to make tendering process, financial & legal concurrence, and
approval/rejection decision.
What can we expect in procurement plan?
Apart from above factions project planner needs to specify how procurement statement of work
(SoW) or RFQ/RFT to be organized or tracked, sourcing criterion, vendor selection criterions as well
document the make-buy decision approach & escalation matrix for the same.
Conclusion:
One of the critical factors to succeed in project management is to have comprehensive & detailed
project plan; yet have the flexibility to adapt appropriately based on the uncertain circumstances