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Procurement is an essential part of project management; it enables the purchase of goods and services needed for a project. Project procurement management is defined by the project management Body of Knowledge (PMBOK Guide) Book (2013) as “the processes necessary to purchase or acquire the products, services, or results needed from outside the project team” (p.355).
The Research paper on Project charter, scope management, project planning
Create a Project Charter, Requirements Document & Work Break Down Structure Apply scope change management processes Demonstrate understanding of project planning through the analysis of a case study [Note: Topic Notes 4(Initiation), 5 (Project Planning) and 6 (Scope Management) provide the background to complete this assignment) PART I (68 marks) PROJECT CHARTER, WBS, SCOPE CHANGES [NOTE: Part ...
Kerzner (2009) defines procurement as “the acquisition of good or services” (p.840); these are the services or products that cannot be delivered by the contracting agency or organizations. Procurement is a process composed of four primary phases; plan procurement, control procurement, administer procurement, and close procurement. This process is designed to guide the project team to a successful procurement; the methodology ensures that all aspects are considered, and adequate decisions are made.
Procurement can determine if a project will be successful or not, it is critical that the process is completed and that the entire project team is integrated through the process. The procurement process will focus on negotiating a beneficial contract at a reasonable price that will mitigate risks for both the contractor and the seller, while providing an incentive base contract that will ensure sellers provide quality results. Through project procurement management, the project management team can establish, maintain, and close relationships with suppliers of good and services, the resources needed to complete the project. Procurement starts with the project management team identifying which products or services will be outsourced.
If there is no outsourcing required, then there is no need to perform the remaining procurement management processes. The PMBOK Guide (2013) is a tool established to provide a step by step guide, with inputs and outs for all phases, of the project management system. The following is a list of some of the key components of project procurement management outlined through the PMBOK Guide (2013): a. Planning purchases and acquisitions; determine what to procure, when, and how. b. Planning contracting: describing requirements, scope of work (SOW), for the products or services needed from the procurement and identifying potential sellers.
c. Selecting qualified sellers; acquiring information, quotes, bids, offers, or proposals from sellers.
d. Administering and closing the contract; a contract is a legally binding document. Contracts will establish deliverables, requirements, deadlines, quality control, and the buyer’s obligations to the seller.
The Essay on Project Management 23
Project management has evolved from the ‘accidental profession’ of years ago – when no one actually planned to become a project manager, but just happened into the position – to a profession based on formalized bodies of knowledge, i. e. it has now become a discipline. As a profession, it has changed through the years and has produced many good project managers who have risen to higher levels, ...
e. Requesting seller responses; obtaining project information, quotes, bids, offers, or proposals from sellers.
f. Selecting sellers: choosing from potential suppliers through the process of evaluating potential vendors and negotiating the contract.
g. Administering the contract; establishes the terms and future of the procurement.
h. Closing the contract: completing and settling each contract.
Procurement management has four major processes: plan procurement, conduct procurement, administer procurement, and close procurement” (Project Management Institute, 2013, p.355).
Plan procurement focuses on the process of planning purchases and acquisitions, through this phase teams will be able to identify if they procure goods from one or multiple sources or if only a portion of the requirement needs to be procured. Once this phase is complete, the management team will be able to provide a procurement plan, a contract SOW, determine whether to make or buy products, and request any changes to the project.
Executing or conducting procurement involves identifying qualified sellers, proposals/bids, bid reviews, request for information (RFI), selecting the seller, production of contracts, contract management plan, updates to procurement plan, and changes requested. Through administration procurement, the management team produces the contract documentation and addresses updates to the organizational process and the project management plan. Procurement management concludes when the contract is fulfilled, and both the seller and the contractor have completed the terms of the contract.
Kerzner (2009) identifies that procurement management can be divided into two different strategies; corporate and project procurement. Corporate strategies are linked and aligned to corporate strategies, the bigger picture or corporate vision. Project strategies are procurements that are tied to the operational environment of the project. When planning procurement it is critical to keep in mind the objective and the operational environment. Procurement operates on a macro or microenvironment (Kerzner, 2009, p.841); macro refers to an enterprise environment while microenvironments are procurements executed within the organization and for that organization.
The Essay on Road Project Management
In any project, there should be proper management of the project to be successful. Different projects have different fulfillment conditions, and in our case, it is not spared. Construction of the road requires a great deal of designing and application of various guidelines to make it fulfill the requirements and suite future generations, and their relevant application plus its effects to the ...
Procurement management utilizes generic categories of classification in order to facilitate the process. Generic categories are used to identify and work with different types of procurement. Fleming (2003) highlights that utilizing generic categories facilitates procurement management; it assists in managing the project according to the complexity, risks, and particular characteristics. Numerous projects require standard procurements, purchase of service contract or standard goods, but many others need specialized work or the creation of a product or design that does not exist and need creation. Standard procurements require minimal attention and imply low risk. Complex procurements require a team to manage or specialized procurement teams to ensure the procurement specifications, quality standards, and project timelines are met.
Grouping procurements into generic families allows managers to focus their attention on the unique problems that the individual procurements may bring. Procurement management has three major generic categories; major, minor, and routine buys of COTS (Commercial off-the shelf) (Fleming, p.14, 2003).
Fleming (2003) outlines the differences between the generic categories: The generic category major is described as procurements that imply high risk due to the complexity of the project. These are projects that may have subcategories and may require designs or merchandise that have to be created for the project. The minor generic category refers to procurements that involve a low risk.
These are projects are significant in cost but come from existing assets or will conform the sells current specifications. Routine buys of COTS represent low-risk purchases that provided from existing assets or services. Project procurement management is a methodological process that facilitates and ensures the successful procurement of goods and services. It is imperative that all four major phases are executed in their entirety in order to ensure that all available information is evaluated, and the project procurement team to make informed decisions. The procurement process will set the conditions for a successful procurement of goods and services.
The Essay on Project Management Institute
The main motive of the Project Management Institute is to make the project management indispensable for the generation of the ultimate business results. PMI functions in over 170 countries having members more than 265000 at their advantage, thus making it as a leading membership association for the profession of project management. It is one among the best not-for-profit and non-political ...
References;
Fleming, Q. W. (2003).
Project procurement management contracting, subcontracting, teaming C. Tustin, CA: Quality Books Inc. Kerzner, H. (2009).
Project management, a systems approach to planning, scheduling, and controlling. Hobojen, NJ: John wiley & son, inc. Project Management Institute (2013).
Project management body of knowledge (PMBOK Guide).
Newtown Square, PN: Project Management Institute