Project procurement is all about acquiring materials, services, equipment, supplies, andanything else outside of the project team that is needed to complete a project satisfactorily.Procurement of goods and services can be one of the costliest portions of a project's budget.Procurement can also be a significant source of project risk and schedule delay. Yet, it is oftenunderestimated in importance to the project. In this paper we discuss various aspects of projectprocurement, including contract management, and present some best practices.
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