Tips and documents to manage project procurement
Procurement management is the set of procedures to acquire the resources (material, consulting, licenses, … ) required for the project.
A Fixed Price contract when you transfer all the risk to your supplier.
When the scope of the work is unclear the best is to work with a Cost Plus contract, that adds a margin (say 5% to 10%) on top of the expenditures that must be reimbursed to the supplier.
Request For Information RFI responses explore how a vendor might solve a problem or fill a need: the buyer requests a potential seller to provide various pieces of information related to a product or service or about the seller capability.
Request For Quotation RFQ responses provide proposals from prospective sellers about meeting specific needs using narrower, detailed and more specific requirements.
Request For Proposal RFP responses evaluate the merits of each vendor compared to others using common standard products or services. RFPs are used for bigger projects and when it is important to compare different dimensions from prospective sellers.
