One of the topics that we learned this week is Procurement Management. What this entails is essentially handling processes that require goods and services from an outside organization via raw materials, services, etc. Ideally, you want to get a good grasp of your project and a good understanding of the scope to come up with a list of goods and services that you will need. Once you get an idea of what you need, now you have to go out and look for a place that provides you with the resource.

My question is, what are some of the steps that you have taken to choose a vendor that meets your requirements? What are some of the cost-services analyses that you have conducted to ensure that you were receiving the best product for your budget? And have you ever run into an issue?