StudentShare solutions
Triangle menu

Contracting and Procurement in Project Management - Essay Example

Not dowloaded yet

Extract of sample
Contracting and Procurement in Project Management

Defining what procurement management is, it is of importance that we must understand the fact that procurement is a process which involves external players therefore the project managers must take an strategic view of the whole process. Procurement is defined as "the process of purchasing goods or services from the vendors" (Phillips, 2003). This definition itself suggests two important components of the procurement process. These are the purchase of goods and services and vendors.
For our proposed procurement of scheduling software including its deployment through the hiring of technicians and procurement of hardware and software would involve a systematic process and we need to address the issue with maturity and systematic approach. I intend to approach this whole process of procurement in following manner.
The process of solicitation involves the assessment of the needs of the project. At this stage of the procurement, we intend to outline what our needs are in greater detail so that all the requirements are properly identified. As per the requirements of our project, we identified following requirements for the procurement of scheduling software:
The above requirements are very clearly i...
The above requirements are very clearly identified and are diversified in nature i.e. will not involve just one vendor. It is therefore important that we must identify and select capable vendors to deliver the above for the successful completion of the same.
Selecting Vendors
Selection of vendors is the next phase in this process of procurement. Selecting vendors require that we must clearly have an idea of what exactly our needs are If we fail to clearly identify the needs at the solicitation stage, selection of vendors would be an idle exercise. Since the requirements of our project are multiple in nature therefore we would be planning to approach multiple vendors so that our requirements are properly met. In doing so, our first step would be to approach our approved vendors. For this purpose, we will refer to the list of vendors already approved by our firm.
Selection of vendors plays critical role in delivering the project on time therefore it is important that the selection of vendors must match our exact requirements. Our approach would be to first match our requirements with the capabilities of the vendors. Those vendors who have the necessary capability to deliver what we require would get the approval and we will further explore to choose the best among them considering our costs and proposed benefits.
Contract writing
Our next phase would involve writing contracts with our proposed selected vendors. Contract management is one of the critical phases of the management of the whole project. At this phase of our procurement we will be outlining the legal rights and obligations of both the parties to contract i.e. us and our selected vendors. This therefore would also involve our legal team since the contract would be written keeping in ...Show more

Summary

Procurement is one of the most important and critical aspects of the overall project management as it involves interaction with the persons external to the project. In order to successfully manage and execute the process of procurement, it is very critical that it is rightly managed with care and professional attitude.
Author : lemuel17
Contracting and Procurement in Project Management Essay essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Contracting and Procurement in Project Management Essay"
with a personal 20% discount.
Grab the best paper

Related Essays

Project Risk and Procurement Management
IBM strategically created an environment of cooperation with the suppliers by having the suppliers convey products and services to IBM’s internal procurement system, which ensures a hands-free procurement of products and services. Enterprises around the globe reap benefits associated with better supply chain management through IT supply chain management programmes because the programmes decrease costs and lead times, increasing productivity and quality as well as strengthening relations and collaboration across supply chains.
10 pages (2500 words) Essay
Contracting and Procurement in Project Management College Essay
Failure to do so would entail one party to the legal damages under the contract. It is therefore critical that both the parties choose contract terms which suit them and are according to their needs and wants in order to avoid conflict of interest. Within the perspective of project management, such contract writing would require to give due attention to the choice of numbers, apparent risks in making the contract, terms of the payment of the main contract as well as subcontracts of the project.
4 pages (1000 words) Essay
Contracting and procurement methods
The version's support will be phased out in another one year. The current version is 9.0, which includes several enhancements over version 7.0. Similar enhanced product is also available at competitive terms from other product companies. The alternative products are, however, viewed as less robust.
4 pages (1000 words) Essay
Contracting and Procurement in Project Management
Project life cycle outlines how to achieve the completion of project through completing different activities. Procurement is one such activity which is considered as essential for the overall success of the project as it attempts to clearly set into action various different components and processes related with the project.
5 pages (1250 words) Essay
Project Procurement Management
The project initiation phase consists of defining the Project Charter. The Project Charter is "A document issued by senior management that formally authorizes the existence of a project. And it appoints and provides the project manager with the authority to apply organizational resources to project activities."[1] The project charter is an analytical tool to assist in identifying critical information needed to ensure the success of your project.
3 pages (750 words) Essay
Contracting and Procurement
Basically, there are two major types of contracts (The ICFAI University, 2004). The first one is a fixed price contract where both the parties come to a consensus upon a fixed amount that would be paid to the contract after successful execution and completion of the contract.
3 pages (750 words) Essay
Contracting and Procurement in Project Management- Phase 2 DB
lus additional goods and services like hiring technicians, hiring a training entity, buying a new server and software, hiring tool usage experts and little other equipment. The main aim of this paper is to legalize and standardize the process of procurement and develop the
3 pages (750 words) Essay
Contracting and Procurement in Project Management- Phase 2 part 2DB
The contract type risk factor highlights the level of cost risk established by the contractor varying contract categories. The working resources modification is an alteration added to the revenue purposes
4 pages (1000 words) Essay
Project Procurement Management
A critical analysis of the case study shows that the incompatibility of the OCR software with the database is not Bob’s fault. Project Procurement Management principles posit to the effect that the buyer of
1 pages (250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation