What is Procurement Management Plan?

In project management, a Procurement Management Plan is similar to a shopping list and a strategy for purchasing the items your project requires, much like preparing your purchases for a large event or home necessities. In layman’s words, it’s a thorough document outlining how the project will obtain the commodities or services it needed. This strategy specifies what must be purchased, when it must be acquired, how to select suppliers or vendors, and how to handle contracts. It acts as a road map for all of the procedures required to obtain the proper material for the project, ensuring that it receives what it needs, when it needs it, and for the greatest price feasible.