What does P&SM mean in NASA

Procurement & Subcontract Management (P&SM) refers to a set of processes that involve procurement, contract management, supplier selection, negotiation and continuous monitoring of the vendor performance. It includes developing formal policies, issuing requests for proposal (RFPs), documenting performance standards, selecting vendors or subcontractors who can meet those standards and managing relationships with them.

Effective P&SM requires strong communication skills, critical thinking skills, and knowledge of best practices in contract law. Good interpersonal skills are also essential for interacting with vendors during all parts of the process. Strong organizational ability is key to staying on top of deadlines and contractual requirements.

The main difference between regular procurement and P&SM lies in the scope of activities involved in each process. Regular procurement typically focuses on simply obtaining goods or services from suppliers at the lowest possible cost. On the other hand, P&SM involves a much more comprehensive set processes including contract negotiations, supplier analysis and ongoing evaluation of vendor performance over time.

A request for proposal (RFP) includes detailed information about what exactly is being procured or subcontracted along with criteria that must be met by potential vendors or suppliers when submitting their bids or proposals. It should include clear specifications about the quantity required along with any restrictions or considerations related to delivery times and terms of payment.

In order to properly analyze prospective vendors before making a decision about who to work with it's important to consider factors like price competitiveness relative to quality provided; past experiences dealing with said vendor; reviews from prior customers; financial stability; delivery times; customer service track record; reliability/flexibility when negotiating terms; etc.