What is the purpose of Conduct Procurements?
Process of obtaining seller responses, selecting a seller, and awarding a contract.
What are the requirements of having a contract?
1) Offer, 2) Acceptance, 3) Legal Purpose - cannot be used for illegal activities, 4) Consideration - exchange something of value, 5) Legal Capacity - Both parties need to be legally competent to enter into agreement.
What are tools and techniques to Conduct Procurements?
1) Bidder Conferences - meeting between buyer and seller for clear understanding, 2) Proposal Evaluation Techniques, - source selection will be made based on sellers responses to weighted criteria i.e. number years seller has been in business, etc., 3) Independent Estimates, 4) Expert Judgement, 5) Advertising, 6) Analytical Techniques, 7) Procurement Negotiations
What are the outputs of Conduct Procurements?
1) Selected Sellers, 2) Agreements, 3) Resource Calendars, 4) Change Requests, 5) Project Management Plan Updates, 6) Project Document Updates
What is a Seller Proposal?
Contains key information that will be analyzed in order to evaluate and select one or more successful bidders.