Procurement and Construction Management

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What is Procurement?

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the purchase of goods and services that allows a company to manage its supply chains profitability and ethically

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4 Main types of procurement

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Service procurement, Indirect procurement, Goods procurement, Direct procurement

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What is a bidder?

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is a supplier or contractor who submits a formal request "(bid)" in response to an invitation to bid offering to provide goods, services, for a project

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Types of public procurement: Traditional procurement, competitive Negotiation Contract

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Traditional procurement, competitive Negotiation Contract

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Three types of procurement contracts: 1. Firm Fixed Price (FFP)​ 2. Fixed Price & Incentive Fee (FPIF)​ 3. Fixed Pricing with Economic Price Adjustment (FPEPA)​

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1. Firm Fixed Price (FFP)​ 2. Fixed Price & Incentive Fee (FPIF)​ 3. Fixed Pricing with Economic Price Adjustment (FPEPA)​

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Three stages of the procurement lifecycle

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1. Select target suppliers
2. Issue RFQ
3. Select Vendor

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Construction Management Procurement​ and Construction Management Agency​ are the same thing

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No