According to the PMBOK® Guide, the Project Procurement Management knowledge area consists of three main processes (in the 6th and 7th editions). The specific activities of obtaining seller responses, selecting a seller, and awarding a contract define the Conduct Procurements process.

Execution Phase: Conduct Procurements is an Executing process. Its primary purpose is to receive bids or proposals and apply selection criteria to select one or more sellers who are qualified to perform the work and with whom a contract can be signed.

Key Tools and Techniques:

Bidder Conferences: Meetings between the buyer and all prospective sellers prior to submittal of a bid or proposal.

Proposal Evaluation Techniques: Formal procedures used to score and rank proposals based on weighted criteria.

Advertising: Communicating the procurement opportunity to the public or specific vendor lists.

Procurement Negotiations: Clarifying requirements and terms to reach a mutual agreement before signing the contract.

Key Outputs: The primary outputs of this process are Selected Sellers, Agreements (contracts), and Change Requests.

Comparison with other options:

A. Close Procurements: In earlier editions of the PMBOK® Guide, this was a standalone process. In current standards, administrative closure of a procurement is part of Control Procurements. It involves verifying that all work and deliverables are acceptable and finalizing open claims.

B. Control Procurements: This is the Monitoring and Controlling process. It focuses on managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate. It happens after the contract is awarded.

C. Plan Procurements: This is the Planning process where the team decides what to buy, how to buy it, identifies potential sellers, and creates the Procurement Management Plan and Source Selection Criteria. It happens before seller responses are obtained.