Procurement Management is a work process of managing and controlling the procurement activities (e.g., bidder evaluation; bidding; contracting; expediting and inspection; transportation; payment; close-out etc.) to supply required equipment and materials or services to the project team on time, within budget and respected quality and quantity. The procurement work process is developed based on a fair and open competition. The procurement team evaluates and records a performance of suppliers (vendors) with the project team and related organisations to update company’s bidder list (supplier’s list) for the future business. Responsibility of the procurement team can be extended to a whole bulk material handling work process: the Material Management (from the bulk material take off (MTO) to field material control).

Related Definitions in the Project: The Project Management; Procurement; Logistics Management; Supply Chain Management