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In the recent past, numerous developments have been made in the field of project management. These changes have been necessitated by the need to guarantee that investments do not go to waste. The changes have also been necessitated by the need to avoid delays that often lead to loss of clients within any industry. Project management is the application of methods, processes, skills and experience to achieve certain goals and objectives of a given project. In this essay, I identified a given project and applied the various project procurement processes that were mentioned in the PMBOK. These procurement processes include planning, executing, monitoring and controlling, and closing of the project (Morris & Pinto, 2010). The project that I identified is the construction of a dual carriage between two cities in the United States. In project management, one of the most vital aspects is project procurement. It involves purchasing and delivering the various components that are required for a given project. It involves acquiring services and products from outside sources that gradually allow the completion of a project.
Procurement Management Processes
The knowledge in this area involves four core concepts. These concepts include planning, executing, monitoring and controlling, and closing of the procurement process. In the construction of the road, it is important that these four concepts are applied so as to ensure that the goals of the project are achieved. Some of the goals include, completion of the project in time, minimization of the costs, undertaking the project with significant quality, and meeting the needs of the respective stakeholders of the project under consideration.[Click Essay Writer to order your essay]
In any activity that an organization undertakes, it is always important to ensure that there is a plan. The plan offers the framework of the various activities that will be implemented towards the completion of the project. The process involves development of the procurement management plan. This becomes the guide for the framework of all the processes to be undertaken. In the construction project in question, the plan will involve estimating the time frame of the project. These steps will be implemented in phases at different times within a four year period. The plan must have two types of orientations including cost orientation and schedule orientation (Lock, 2013). For the project to be finished with the four years, all stakeholders must provide the relevant. In procurement management, the plan must detail the various stages when procurement of resources must be made. These stages include the purchase of excavation machines and any other heavy machinery that will be required during the construction of the road. [Need an essay writing service? Find help here.]
The planning also involves identification of the contractors that will provide the materials and various items for the construction project. These are organizations that provide the various goods and services. Services here include identifying firms that can provide employees and grounds men who will be charged with the responsibilities and duties of constructing the road. Another process that may be undertaken in this step is comparing the various prices and costs for the relevant goods that the construction of the road will require. This is the most important step in the procurement program since it determines whether the construction program will be completed on time and whether the associated costs will be in line with the budget that was made in the first place by the local authorities. In procurement management, professionals charged with these tasks need to be tentative since it may lead to increased costs and this may make the project to lack feasibility.
Execution is the second step that is undertaken in the procurement management process. It involves conducting the procurements for the goods and services that will be required for the project. Execution needs to be undertaken in an orderly manner since it has a direct impact on the cost and the time frame towards the completion of the project (Eglin, 2013). In the construction of the road, there are several procurement processes that may be implemented in the future to ensure that the project is completed within the assigned timeline. The first step would be to write to the vendors of various goods and services that are required for the construction of the road. Writing to the vendors would require them to offer their prices and costs for the various goods and services. The next step would be to obtain the seller responses. These responses would be in the form of various price lists and quotations that would help the construction firm to understand how much the project would cost.
The procurement team should then select the seller who offers the best price for the identified goods and services. Such selection must be based on the price and the quality of the goods and services to be delivered. The selection must also be free from bias or corruption. The selection should also be in line with the ability by the vendors to deliver the selected goods and services on time. Once the sellers and vendors have been selected, the organization must go a step further and start awarding the contracts. These contracts should have legal ramification so that when the vendor fails to deliver the requested goods and services on time, the construction company may sue for damages. Such contracts also mean that the vendors are at all times under obligation to respect the terms agreed on (Project Management Institute. 2013). The contracts also play a huge role in ensuring that the project is completed within the assigned time frame.
Monitoring and Controlling
In project management, monitoring and control is an activity that is undertaken by the management. Such monitoring has two major goals that it tries to assess. The first goal is to ensure that the project is being undertaken in line with the time schedule. In the construction of the road in the case, the construction company must assess that various stages indicate that the road has been build according to the plan. The second goal is related to the cost of the project. At each stage, the management must ensure that the completion and progress of the road is in line with the projected costs. It is also an important aspect since the management can assess the quality of the road and what changes may need to be implemented in the future. Another process that may be integrated in this step is the management of procurement relationships. These relationships must at all times be healthy so as to ensure that the road is completed within the stipulated timeline. The management may also ensure that the vendors are paid appropriately as their contract suggests.
The construction company may also monitor the performance of the contracts that have been entered into between the vendors and the construction company. Vendors ought to perform on their contracts if the project is to be completed within the planned time frame and under the relevant costs. Failure to monitor the performance of the contracts would mean that the cost of the project would escalate and this would lead to loss of resources and other investments that were made by the state authorities towards building the road. Monitoring also helps identify several loopholes that may exist in the road construction project. These may be issues that could have detrimental impacts on the completion of the project and the associated costs. Once these flaws are identified, managers can make recommendations and corrective measures that can easily ensure that the risks and uncertainties associated with the project are significantly reduced in the coming future. [“Write my essay for me?” Get help here.]
This is the final stage of the project procurement process. It involves closing all the relevant procurement processes that had been started in the first place. The deliverables from the sellers and vendors also takes place in this step. The construction company and the different vendors come to a conclusion on the various types of settlements that have underlined the length of the contract. An important process that may be undertaken during this stage is assessing whether the initial goals of the project procurement process have been reached. Achievement of these goals determines the measures that may be applied by the organization in the future constructions. It also aims at assessing whether the time schedule and the cost constraints have been made during the construction of the road.
Eglin, I. (2013). Procurement Management. Oxford, UK : Egism Limited
Lock, D. (2013). Project Management. Burlington : Gower.
Morris, P. W. G., & Pinto, J. K. (2010). The Wiley Guide to Project Technology, Supply Chain,
& Procurement Management. Hoboken, N.J: J. Wiley.
Project Management Institute. (2013). A Guide to the Project Management Body of Knowledge
(PMBOK® guide). Newtown Square, Pennsylvania: Project Management Institute, Inc.