As is the case with almost every aspect of the project management process, it is essential and imperative that the project management team and or the project management team leader implement an effective and succinct plan when it comes to the various components of procurement throughout the project’s life cycle. Specifically speaking, the procurement management plan refers to the plan that has been put into place that is meant to dictate and describe the entirety of the procurement process and how it is means to relate to and with the developing procurement documentation, and how contract closure will relate to all. The procurement management plan should be implemented and developed as early in the project life cycle as possible to assure that, to the extent possible, the procurement process is consistent throughout, however, in some cases, the plan may be altered once the project begins, particularly if budgetary reasons dictate.
This term is defined in the 3rd and the 4th edition of the PMBOK.