Project Procurement Management Process †MyAssignmenthelp.com

Question: Discuss about the Project Procurement Management Process. Answer: Project Procurement Management Process It is a way of establishing relations with the suppliers to facilitate the ordering, reception, reviewing and approval of all purchases made for project implementation (de Arajo et al, 2017). Following the Victorian Government Purchasing Boards (VGPB) policies and practices as advised by his CEO, would make Jims work lengthy due to the involvement of more parties. For example, the accountable officer would need to conduct an audit of the organizations compliance with the VGPB supply policies and report back. this would bring more productivity to Federation Enterprises if it was spent on actualizing the procurement and building of the ship (Eriksson et al, 2017). For a successful procurement, Jim Kirk should ensure that his company follow the major steps involved in this process which are: Specification: the purchasing department is responsible for stipulating the required products to the vendor after thorough discussion of these item with the project manager. Supplier Contact: Federation Enterprises can then proceed to requesting for information, quotations and tenders from Vulcan Dream Tour, after ensuring that this institution is the best supplier depending on quality, cost and delivery systems. Contracting: this entails creation of a procurement contract which communicates the delivery and payment methods within the organizations project budget. Jim Kirk should ensure that the contract already made is legally enforceable and it is in the best interests of the organization. Control: to ensure successful procurement, the purchasing department must have some level of control on the procured items through tracking delivery, checking the purchased goods against the orders made and making the necessary changes to the procurement contract. Measurement: this involves coming up with a performance system to identify the success of the purchase including communications with the suppliers, performance of the procurers and Vulcan Dream Tours adherence to the products specifications. Project Management Plan It is a formal and approved document which is developed by the project manager in consideration of the stakeholders and the project teams inputs, to control, execute and monitor the project. It is meant to ensure that the project is undertaken within the set budget, completed on time and the performance is measured against the set standards and policies (Uyarra et al, 2017). Procurement Documents These are the documents involved in the procurement cycle and are crucial in the early periods of project instigation, that is, they aid in the bidding and submitting of the project proposals and work facets that makeup a project. They include; a request for quotation (RFQ), request for proposal (RFP), request for information (RFI) and amendment documents. Projects Performance Evaluation Performance Review: This is a periodic undertaking to check the running of the project and offer the required support to the project team, thus it involves direct communication with the team members. It is carried out by the project manager, while referring to the projects objectives and the expected results. A project review should be documented for future reference. Reporting: This involves communicating the project progress, forecasting future plans and gathering and disseminating project information to the relevant stakeholders. Performance reports take either graphical or tabular formats. This can be effectively done by noting the project overview, using visualized data and using the same report format consistently for easy analysis by the stakeholders. Auditing:this is done to understand the project feasibility and ensure the projects management is in sync with the objectives. Closing Phase The key considerations during project closure include acceptance of the project deliverables, finalizing the lessons learnt, and writing the project report. Risks Involved: during the closing phase several risks such as lost or damaged items in transit, one party discrediting the procurement agreement, failure by Vulcan Dream Tours to meet the products specifications.These risks can be avoided or mitigated by ensuring that the risk breakdown structure is examined and that there are serious consequences to either of the participants for failure to honor the procurement contract (Olson, D.L. and Wu, D.D., 2017). The risk arrangement on risk transfer or sharing should also be binding and both Federation Enterprises and Vulcan Dream Tours should adhere to its terms. VGPB Procurement Policies Contract Management and Disclosure Policy: this rule states that all organizations must disclose all the key details concerning the procurement contract. Since this not an under-head contract, Jim Kirk must revealall the material concerning the convention if it proves to be worth more than 100 thousand Australian dollars. Evaluation,negotiation and selection: According to this policy, assessment of the procured productsrequireshighstandardsofintegrityandorganizedapplicationofvaluationcriteriaandweightings. This is for assurance purposes that the procurement agreement has been honored and the items delivered are of good quality and cost as per the participants arrangement. References Uyarra, E., Flanagan, K., Magro, E. and Zabala-Iturriagagoitia, J.M., 2017. Anchoring the innovation impacts of public procurement to place: The role of conversations.Environment and Planning C: Politics and Space, p.2399654417694620. de Arajo, M.C.B., Alencar, L.H. and de Miranda Mota, C.M., 2017. Project procurement management: A structured literature review.International Journal of Project Management,35(3), pp.353-377. Olson, D.L. and Wu, D.D., 2017. Enterprise Risk Management in Projects. InEnterprise Risk Management Models(pp. 161-173). Springer Berlin Heidelberg. Perrenoud, A., Lines, B.C., Savicky, J. and Sullivan, K.T., 2017. Using Best-Value Procurement to Measure the Impact of Initial Risk-Management Capability on Qualitative Construction Performance.Journal of Management in Engineering,33(5), p.04017019. Papke-Shields, K.E. and Boyer-Wright, K.M., 2017. Strategic planning characteristics applied to project management.International Journal of Project Management,35(2), pp.169-179. Eriksson, P.E. and Eriksson, P.E., 2017. Procurement strategies for enhancing exploration and exploitation in construction projects.Journal of Financial Management of Property and Construction,22(2), pp.211-230.