According to the PMBOK Guide, the project procurement management knowledge area includes four processes. Identify and briefly describe each of these processes
Key concepts to be covered in the response could include, but are not limited to:
Plan procurement management:
In this planning process the project procurement decisions, the approach to be used, and potential sellers are identified. This step includes determining whether to make or buy needed materials or services. The outputs of this process include a procurement management plan and a procurement statement of work for each item to be procured for the project.
Conduct procurements:
In this process, which occurs when the project is in flight, seller responses are obtained, prospective suppliers are evaluated using a variety of methods, and contracts are signed with selected vendors.
Control procurements:
This procurement process is the process of managing procurement relationships, monitoring contract performance, and making any changes or corrections that are required.
Close procurements:
This final process that occurs near the end of the project, is concerned with finishing the project and realizing the benefits.
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