The Plan Procurement Management is the process of documenting the decisions of project procurement. It is also involved in specifying approaches of procurement and identifying the potential sellers of the project.
The main advantage of this project management process is that it helps project managers determine if the project should get external support or not. It also helps determine what resources to get, how to get them, when to get them, and how much is needed for the completion of the project.
Simply put, the Plan Procurement Management identifies what the project needs to complete it. If the project manager decides to obtain products from external sources, the processes from the Plan Procurement Management are executed for every item that should be acquired.
Aside from identifying which items should be procured, this particular process is also responsible for evaluating the potential sellers including who is held accountable for obtaining the relevant permits and licenses required in executing the project activities.
This project management process is influenced by the requirements of the project schedule and vice versa. It is important to take note that without this process, the project will not be implemented because it lacked the resources that it needs to begin with.
This term is defined in the 5th edition of the PMBOK.