Contracting and Procurement in Project Management - Essay Example

Only on StudentShare

Extract of sample
Contracting and Procurement in Project Management

Project procurement management is "the process of purchasing goods or services from the vendors" (Phillips, 2003). This very definition of the process suggest that the procurement is the process which involves external organizations as well as persons in the whole project management process. It therefore not only makes it more complicated but also a delicate job too as maintaining relationships with the vendors and suppliers sometimes become a very important element for the overall success of the project. Thus, it is of great importance that the procurement management should effectively be integrated into the overall process of project management so that project can get completed within budgeted times, costs and schedules.
It is also important to understand that the process of procurement management is a phased process therefore it is not only time consuming but also need to have a more strategic outlook as it also provides an opportunity to develop long term relationships with the vendors.
This presentation will present an overview of how the process of procurement management can fit into the whole project management besides discussing the various other aspects to get a braoder view of the whole process.
Procurement is a process which requires the involvement of different resources including people, goods, services as well as other resources. ...Show more


Project management is a collection of different components which combined together to give shape to the whole project management cycle. As defined earlier, in our presentation, that there are two approaches to the project management i.e. project management cycle as well as project life cycle…
Author : ewill
Contracting and Procurement in Project Management 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"
with a personal 20% discount.
Grab the best paper

Related Essays

Management Contracting
According to the research asking a firm to mastermind the whole project under some form of management contract best fits this project because the client requires complex designs- they want an innovative and eye catching new property to be a flagship of their enterprise. The client can supplement the expertise of the project management staff and have full control of the design as well as the construction process.
4 pages (1000 words) Essay
Management Contracting
The researcher of this essay focuses on presenting the strength and weaknesses of several approaches in contracting management, such as the design and build approaches as well as the NEC3 approach. The researcher also states that his study aims to discern a fitting solution for the issue of contracting management.
4 pages (1000 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 Essay
In order to successfully execute the process of procurement, it is very necessary that it must follow a systematic approach and should view the process of procurement as an integrated part of the whole project management. Once project managers achieve this objective of successfully integrating procurement management into the overall project management, the proposed project not only gets completed within time but also within the approved schedules and costs.
3 pages (750 words) Essay
Project procurement and contract management
In the first instant skills of the purchasing specialist would be enhanced by the vertically integrated organizational and management structure which essentially support the design planning and implementation of supply chain strategies, especially those directly related to the purchase of raw material and components for primary operations.
7 pages (1750 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