Properly managing a business is a complicated task as it involves many processes that often co-occur. Procurement is among the essential aspects as it allows a company to receive the required goods or services from other organizations. Eatough (2014) states that executives often underestimate the importance of procurement, however, “69.9% of corporate revenue is directed toward externalized, supplier-driven costs” (para. 2). Thus, a procurement manager should understand the basic principals of this business aspect to help enhance the organization’s operations. This paper aims to examine the project procurement process, identify the most valuable output, study contract types, and develop a project monitoring process. Project procurement involves acquiring the needed resources for a particular operation within a company. According to Wilson (2015), any company needs human capital, materials, equipment, and finances. Those are required as without them an establishment would not be able to perform its daily operations. Once a project manager has identified everything that will contribute to completing a task, he or she utilized the services of the procurement department. The primary objective of the employees from it is to ensure that everything is delivered on time and at the lowest price. Therefore, procurement contributes significantly to project completion within an organization. It is essential to understand the course of project procurement to be able to utilize it in practice. Diagram 1 displays the five primary steps required for successfully initiating and completing the work. The project procurement planning process describes how a department makes decisions when fully filing a plan. The first step is to identify goods or services that will be purchased and request prices and terms from a contractor. For it, requests for proposal (RFP) and request for quotation (RFQ) are typically utilized (Wilson, 2015). Those are standardized approaches that help a manager locate an offer with the best price and the best conditions. The second step involves evaluating different proposals and selecting an appropriate one. Both companies have to sign a contract that would identify responsibilities, timeframe, and financial agreements. Next, the procurement department should ensure that the process is carried out correctly, thus monitoring is required. At times changes should be applied to previously signed contracts, which is the responsibility of the procurement manager. The final step once the previous requirements are fulfilled is closing the project. Diagram 1. Project Procurement Flow (created by the author). The most valuable output of the plan procurement process is selecting an appropriate contractor. The step involves risk management and proper calculations to ensure that the company receives what it needs to finalize a project. Thus, if a manager chooses an inadequate organization to work with, the rest of the process and project completion will be compromised. An employee should evaluate whether the chosen company is reliable as any delays or insufficient quality of items would set back the entire operation. Acquiring a legal agreement that would identify each party’s responsibilities is n