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A systematic review of procurement processes to ensure compliance, efficiency, and effectiveness. It's relevant for ensuring that procurement activities meet project policies and objectives.

BAFO is a procedure where, after a preliminary round of bids, suppliers are invited to submit their last and best offers. Important in project procurement for obtaining the best possible offer before a contract is awarded.

An official request to make changes to the scope or terms of a contract. Crucial in procurement for managing the scope and avoiding disputes between the involved parties.

A PO is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is legally binding and crucial for procurement to ensure ordered items meets project requirements.

Techniques and methods used to negotiate terms and conditions with suppliers. In procurement, effective negotiation strategies are vital to attain favorable terms that contribute to project success.

TCO is the purchase price of an asset plus the costs of operation. When choosing suppliers, understanding TCO is crucial in procurement as it factors in all costs associated with the purchase.

Meetings where potential bidders gather to discuss the bidding details, requirements, and clarify doubts regarding an RFP. They are key in procurement for ensuring a common understanding and fairness in the bidding process.

An RFP is a formal document used to inform suppliers that an organization is looking to procure and encourages them to make business proposals. It's relevant to project procurement as it defines project needs and allows for flexibility and comparability in bids.

The time span between initiating a procurement action and receiving the desired product or service. A critical factor in project schedules and ensuring on-time project delivery.

The process of managing contract creation, execution, and analysis to maximize operational and financial performance. Significant in procurement for ensuring that contracts are fulfilled satisfactorily.

The process of establishing an overall approach to acquiring goods and services for the project. Vital in setting the direction and scope for procurement activities.

This is a decision-making process used to determine whether it's more cost-effective to produce items in-house or to purchase them. Crucial for procurement strategy and cost management.

Costs that are not directly accountable to a cost object (such as a particular project), but are related to the general operation of a company. In procurement, considering indirect costs is necessary for accurate budgeting.

A detailed description of the specific services or work required for a project. It's significant in the procurement process to ensure clarity and understanding between the buyer and seller.

This is a non-competitive method whereby a project team directly negotiates with one supplier. Relevance lies in scenarios where a unique supplier is needed, or time constraints are present.

An IFB is a solicitation issued to potential suppliers with specific product or service requirements. Crucial for ensuring competitive bidding and transparency in the procurement process.

Supplier evaluation is the process of assessing and approving potential suppliers by quantitative and qualitative assessments. It's crucial in project procurement to ensure high-quality and reliable suppliers are chosen.