IBM TRIRIGA Version 10.5.0

Managing project procurement

Procurement Management is a process to obtain materials and services that are required to execute a project. This process includes management of the bid process for a contract, managing the bid process for a purchase order, processing invoices, and releasing payments.

  • Procurement management process
    You create, log, and track contracts, purchase orders, and other commitments in the procurement management process. You can log and track payments, change orders, ship notifications, invoices, and receipts.
  • Bidding for vendors
    Bidding is a procurement method by which you can select the vendor for purchasing the required goods or completing subcontracted work within the estimated budget and time.
  • Contracts with vendors
    After an agreement is reached between your organization and the vendor, you record the agreement in a contract. A contract can be awarded as a result of the bidding process or can be created separately.
  • Requests for quotes
    The request for quote (RFQ) record is used to select a vendor for purchasing products or services for a project. When the RFQ record is issued, vendor responses are logged in the RFQ record.
  • Purchase orders
    A purchase order is used to purchase products from a selected vendor. It provides details about the products and services, the vendor from whom the purchase is made, and the terms and conditions of the purchase.
  • Releasing payments
    When a payment is released for a contract or a purchase order, a payment release record is created. Payments are made either for the completion of the entire contract or for providing the required products and services.
Parent topic: Managing programs and projects

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