The Importance of Make-or-Buy Analysis

Explain the importance of planning (i.e., Plan Procurement Management as described in Part 1, Section 12.1.2 of the PMBOK Guide) as a foundational activity in the procurement process in a two- to three-page paper (cover page and reference page are required and not included in the page count) and using your research skills address the following:

1. Explain what is Make-or-Buy analysis?
2. What can happen if procurement processes are built on poor planning?
3. What are the benefits of a Make-or-Buy analysis?
4. Provide an example of a procurement process used by a project-based organization found via the web that demonstrate a proper use of the Plan Procurement Management. What do you like about the example?

Be sure to properly organize your writing and include an introduction, headings/subheadings for the body of your work associated with each of the numbered items above, your analysis/suggestion, and a conclusion.