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Procurement

APM PMQ Competence five terminology

TermDefinition
BATNA Best Alternative To a Negotiated Agreement.
Contract An agreement made between two or more parties that creates legally binding obligations between them. The contract sets out those obligations and the actions that can be taken if they are not met.
Least favourable position The worst terms that would be acceptable in a negotiation.
Most favourable position The best terms we could reasonably expect to achieve in a negotiation.
Negotiation A discussion between two or more parties aimed at reaching agreement.
Procurement The process by which products and services are acquired from an external provider for incorporation into the project, programme or portfolio.
Procurement strategy The high-level approach for securing goods and services required from external suppliers to satisfy project, programme or portfolio needs.
Supplier A supplier is a contractor, consultant or any organisation that supplies resources to a project or programme.
ZOPA Zone of potential agreement. The area of overlap between the most and least favourable positions of the buyer and seller.
Win-lose A negotiation outcome where one party seeks to win while the other party loses. This is unlikely to be repeated by the two parties.
Win-win A negotiation outcome where both parties benefit from the agreement and feel satisfied with the process. May lead to a long-term relationship.
Lead (Prime) contractor A supplier with a contract for much or all of the work. Responsible for managing projects that involve a number of subsystem contracts, responsible for the activities of subcontractors, integration of deliverables and managing risks to meet requirements.
Created by: CITI
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