1150MG101 Study Guide - Final Guide: Contract Management, Critical Path Method, Unit

• School: Vel Tech Rangarajan Dr. Sagunthala R and D Institute of Science and Technology
• Department: Management
• Course: 1150MG101

Document Summary

Subject name: project management and finance credits: 3. Introduction purchase cycle contract management procurement process . Development of project network time estimation, determination of the critical path . Pert model measures of variability cpm model network cost system. A product or service that has been bought by an individual or business. The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. The process of procurement is often part of a company"s strategy because the ability to purchase certain materials will determine if operations will continue. A business will not be able to survive if it"s price of procurement is more than the profit it makes on selling the actual product. Aligning your procurement function with your corporate strategy is only one part of the ultimate goal of procurement. Goods and services also need to be purchased.