Advanced Project Procurement

Project Procurement

BUS 612 – Advanced Project Procurement

06/25/2012

ABSTACT

Project management has proven to be an effective tool to use with various projects in many different organizations. In this paper several topics are covered to include; procurement and contract management are and the importance to the business world, what RFP selection tools are and how to improve the assessment of proposals, procurement planning and the various strategies necessary for project success, how to select the most qualified vendor in a proposal, evaluation of a contract and the legal aspects of procurement in a project, and comparisons of the critical elements of a contract to include the relationships between the client, supplier, and completion and payment terms. By using project procurement techniques an organization is able to purchase high quality supplies or services at a low cost, along with ensuring just-in-time inventory which reduces the need for large inventories. It will also ensure that projects are being completed on time, on budget, and within the scope defined.

Project Procurement

The focus of this paper will be to discuss the diverse elements of project procurement. Topics covered will include what procurement and contract management are and the importance to the business world, what RFP selection tools are and how to improve the assessment of proposals, procurement planning and the various strategies necessary for project success, how to select the most qualified vendor in a proposal, evaluation of a contract and the legal aspects of procurement in a project, and comparisons of the critical elements of a contract to include the relationships between the client, supplier, and completion and payment terms. Examples will be included to show real life examples of project management being used to its full advantage.

To begin, it was in the 1950’s that the project management era had begun. Prior to this, many projects were managed on an...