Terminology

No	Word	Definition
1	Procurement	the act of obtaining or buying goods and services from an outside source
2	Information Technology Outsourcing (ITO)	the use of service providers for delivering IT-enabled business process, application service and infrastructure solutions
3	Planning Purchasing and Acquisitions	Refers to the process of determining what to purchase as well as when and how
4	Planning Contracting	Refers to the process of generating procurement documents and initiating the bidder selection process
5	Requesting Seller Responses	Refers to the process of deciding upon whom to ask to do the work, sending appropriate documentation to potential sellers and obtaining information, proposals or bids from prospective sellers.
6	Selecting Sellers	Refers to the process of reviewing all offers, receiving bids or proposals, applying evaluation criteria, choosing between potential sellers and negotiation written contract with each seller.
7	Administrating the Contract	Refers to the process of maintaining the procurement relationship with the chosen seller, monitoring contract performance and managing the changes and corrections needed to ensure compliance.

Terminology

No	Word	Definition
8	Closing the Contract	Refers to the process of completing each project procurement transaction and the contract services at the end of the project.
9	Requirements Documentation	A document including all requirements with contractual and legal implications.
10	Make-or-Buy Analysis	This is a general management tool to facilitate structured decision-making; mainly concerned in analyzing the cost effectiveness of manufacturing a product in-house or purchasing it externally.
11	Make-or-Buy Decision	it is the act of making a strategic choice between manufacturing a product in-house or purchasing it externally, based on the Make-or-Buy Analysis tool.
12	Procurement management plan	A document describing how all the other procurement management processes are to be managed.
13	Contract work status	A document describing the project scope for a related procurement contract to be used by potential sellers so that they can make informed decisions regarding their ability to handle the required work.