The conduct procurements process decides whether materials or services should be purchased or created "in-house". Then the agreement is formalized, including the specification of expectations.
Conduct procurements is described in section 12.2 of PMBOK 5th edition.
According to the PMBOK, this activity has the following characteristics:
||Tools and Templates
| procurement management plan, procurement documents, source selection criteria, seller proposals, project documents, make-or-buy decisions, procurement statement of work, organizational process assets || bidder conference, proposal evaluation techniques, independent estimates, expert judgment, advertising, analytical techniques, procurement negotiations || selected sellers, agreements, resource calendars, change requests, project management plan updates, Project documents updates
Related: PMI processes, statement of work
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