Procurement, is when you need to purchase, rent or contract with some external resource to meet your project goal. These relationships, like any process in the project, need management. Managing these relationships means getting the best quality from the outside vendors employed by the organization to assist in its doing business. There are constraints in a relationship with vendors that revolve around cost and time.

Procurement is the acquisition of goods or services at the best possible total cost of ownership, in the right quantity and quality, at the right time in the right place for the direct benefit or use of individuals and/or organization.

Procurement management is a way to more efficiently and productively handle the process of sourcing, requisitioning, ordering, expediting, inspecting and reconciliating of procurement.