Objectives of a Procurement Plan

Description

This Skill Bit shows that a Procurement Plan is essential in project management, particularly for projects with external contracts and suppliers. It outlines procurement strategies, helping control costs, manage risks, and select suppliers transparently. The plan ensures quality assurance, timeline management, and compliance with legal requirements. It allocates resources effectively and defines communication channels, enhancing transparency and accountability. Overall, a Procurement Plan supports efficient procurement activities, contributing to project success.

Duration approx. 4 Min.

Tier: proficiency