The procurement project management plan defines how the procurement management processes should be carried out. Conduct procurement is part of the procurement process and it is defined as the process of getting responses from potential sellers, choosing a seller, awarding the contract to the chosen seller. It is vital to take note that there are two roles involved in conduct procurement and these include the buyer and seller.
Thus, conduct procurement is involved in organizing and managing activities such as bidder conferences, bid package issuance to potential sellers, evaluation of potential sellers and eventually the selection of the sellers. The benefit of this process is that it aligns the stakeholder expectation through established agreements.
During the process, the team gets bids from potential sellers and they will apply defined criteria to choose which sellers are qualified to perform the work. Single or multiple sellers may be chosen during the conduct procurement depending on the nature of the project.
The output of the conduct procurement should be documented. In most cases, the document will be created by the buyer and sent to the sellers which contain a clear description of work that needs to be performed during the entire project management life cycle.
This term is defined in the 5th edition of the PMBOK.