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    • Project Procurement Terms and Definitions

    Project Procurement Terms and Definitions

    • Posted by Hany Ismail, MSC, PMP
    • Categories Planning Discussions, Project Management
    • Date January 30, 2014
    • Comments 0 comment

    Project Procurement Terms and Definitions used regularly in construction projects and defined in PMI PMBOK

    • Buyer: The acquirer of products, services, or results for an organization.



    • Contract: A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.



    • Contract Administration: The process of managing the contract and the relationship between the buyer and seller, reviewing and documenting how a seller is performing or has performed to establish required corrective actions and provide a basis for future relationships with the seller, managing contract related changes and, when appropriate, managing the contractual relationship with the outside buyer of the project.



    • Contract Closure: The process of completing and settling the contract, including resolution of any open items and closing each contract.



    • Contract Management Plan: The document that describes how a specific contract will be administered and can include items such as required documentation delivery and performance requirements.



    • Contract Statement of Work (SOW): A narrative description of products, services, or results to be supplied under contract.



    • Contract Work Breakdown Structure (CWBS): A portion of the work breakdown structure for the project developed and maintained by a seller contracting to provide a subproject or project component.



    • Procurement Documents: Those documents utilized in bid and proposal activities, which include buyer.s Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal and seller.s responses.



    • Procurement Management Plan: The document that describes how procurement processes from developing procurement documentation through contract closure will be managed.



    • Request for Information: A type of procurement document whereby the buyer requests a potential seller to provide various pieces of information related to a product or service or seller capability.



    • Request for Proposal (RFP): A type of procurement document used to request proposals from prospective sellers of products or services. In some application areas, it may have a narrower or more specific meaning.



    • Request for Quotation (RFQ): A type of procurement document used to request price quotations from prospective sellers of common or standard products or services.



    • Request Seller Responses: The process of obtaining information, quotations, bids, Glossary offers, or proposals, as appropriate.



    • Seller: A provider or supplier of products, services, or results to an organization.



    • Select Sellers: The process of reviewing offers, choosing from among potential sellers, and negotiating a written contract with a seller.



    • Standard: A document established by consensus and approved by a recognized body that provides, for common and repeated use, rules, guidelines or characteristics for activities or their results, aimed at the achievement of the optimum degree of order in a given context.



    • Statement of Work (SOW): A narrative description of products, services, or results to be supplied.



    • War Room: A room used for project conferences and planning, often displaying charts of cost, schedule status, and other key project data.

    Tag:breakdown structure, contract closure, narrative description, procurement, procurement document, Procurement Terms and Definitions, products services, Project Procurement, prospective sellers, work breakdown

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    Hany Ismail, MSC, PMP
    Hany Ismail, MSC, PMP

    Hany Ismael is the founder and CEO of Planning Engineer Est. in Egypt. He has started his career back in 2003 as a site engineer, technical office engineer, planning engineer, planning manager, and finally planning department manager where he has been involved in several mega construction projects in Egypt and Saudi Arabia. In 2016, he established his own company in Egypt “Planning Engineer Est.” Hany gained his MSc degree in project management from Liverpool University-UK 2013-2016, PMP certified from PMI-USA 2010, and BSc Civil Engineer Tanta University-Egypt 2003. Hany provided more than 3,500 hours of planning and project management training on his website planningengineer.net, YouTube channel, and offline courses since 2011. He enjoys teaching project management in simple and practical way, and he developed several planning tools, techniques and courses.

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