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PROJ6004 Contracts and Procurement Report 1 Sample

Context:

General

Procurement and contracts are integral to successful project management. Planning for purchases and acquisitions, requests for proposal, vendor selection, contract administration, and contract closure are integral parts of the process. Learning from Case Studies and benchmarking against better practices, standards and excellence is vitalto understand complexity of issues and successful strategies for procurement and contract management. It will also ensure improved responsiveness to key issues, promotesupplier- client relationships through proactive management of risks and ultimately deliverhigher level of focus on performance-basedoutcomes.

Specific (Assessment 1 Part A and Part B Context)

The context of Assessment 1 is a further deep-dive discussion with other students of key issues to better understand the principles of project procurement, challenges, risks, and to develop key procurement themes and quantify financial exposure. Using blackboard and class interaction to develop risk mitigation, to benchmark issues and capture lessons learnt. Discussion Board Participation based on further review of the subject Learning Resources and the Case Study. Students are encouraged to look at the full suite of module Learning Resources as well as otherpublic documents associated with the Case Study. Through a variety of contributing perspectives, Assessment 1 aims to encourage a further understanding of the procurement and financial risk, mitigations and benchmarking against better practices and excellence reports to ensure successful completion. The specific roles and responsibilities of project manager and procurement manager in the completions effort is also explored.

Students are also encouraged to understand and explore the related organisational issues, stakeholders and the funding and other procurement aspects associated with the Case Study drawing upon the learnings from similar procurement projects from the Essential Learning Resources.

Instructions:

There are 2 important aspects to Assessment 1 discussion boardparticipation:

• Protocols for postings: As a minimum requirement the student will submit a main post of approximately 250 words on the relevant topic, and then reply to at least 2 other students. The objective to create a fluent generation of ideas and authentic perspectives on each topic.

• Rules for participation: a culture of mutual respect towards other students or participants, being timely and relevant (staying on the topic), being creative and bringing critical thinking and thoughtful approach in the interactions. It is expected that student contribution to a particular discussion will be made within 3 days of start of a new Module.

Assessment 1 Part A and Part B will involve discussion board contribution by individuals exploring the following key issues:

• Typical procurement and risks required to be managed for complex projects;

• Specific financial risks from the Case Study project (use research information, initiative and judgement);

• Possible risk mitigation actions that relate to the Case Study project and how these relate to better practice guidelines

• Areas for further vendor negotiations and management - to achieve a successful contract completion.

• Areas of key accountability for Project Manager and Procurement Manager in facilitating successful outcome for the Case Study project;

• The questions for discussion board are formulated to critique the above topics and bring out ideas thoughts, develop solutions and ensure students active participation, leadership, feedback, cooperation and time-management aspects. It is expected that the students will undertake sufficient research and reading toeffectively contribute and share ideas individually during Modules 1 to 3 discussions, This is important for discussions to achieve sufficient depth of analysis asto provide high quality of information to satisfy the requirements for the case study analysis – based on the above guidelines.

Solution

Part A

Primary challenges to procurement management and globalization of contracts

These elements play a critical part in defining and launching the Bowen Terrace's operating requirements in Brisbane. For Assignment Help, The suggested procurement procedure includes a number of components.

Imitation request

For the desired output, this procedure necessitates the identification of needs for each part of the activity. It will be the most preliminary step of the procurement procedure in the context of the current project.

Development of requirement

A broad ideology is offered to the available contractors in regard to the required resources as part of this component of the procurement process.

Request for approval

It covers a wide range of activities across the designated fragments. To analyse the project's demands and capabilities, a sequence of approvals must be conceptualised and defined (Muller et al., 2019).

Managing Responsibilities Related To Contract

It takes into account the requirements as well as the organization's ability to indicate changes in operational models. The contracts are included in the proposals, and when they've been reviewed, a relative approval process begins.

Risk Mitigation Approach

The below risks are the risks related to finance in the Bowen Terrace project:

Risk related to construction

The firm is likely to have a substantial impact on the time frame and cost specificity. A construction process is, in many situations, an unexpected procedure, thus the dangers of time and resource limitations are relatively high in this circumstances.

Operating risks

There will be a financial problem for each of the different departments responsible for maintaining the stadium if the operating costs exceed the allowed level. Running a stadium is a significant responsibility, and as a result, the risks of misbehaviour and risk are high across the board (Radujkovic & Sjekavica, 2017).
Procurement Management approach

For the given scenario, the project procurement cycle begins with a need-based ideology and ends with the selection of a group of qualified contractors to achieve the intended outcomes.Because the desired process necessitates a wide range of operations and maintenance options, it necessitates a thorough examination. Public projects are an important reality for any social organisation since they give a steady development aim for any chosen public project management.

References

Muller, R., Drouin, N., & Sankaran, S. (2019). Modeling organizational project management. Project Management Journal, 50(4), 499-513.

Radujkovic, M., & Sjekavica, M. (2017). Project management success factors. Procedia engineering, 196, 607-615.
Smith, G. (2020). PROJ 6016 Capstone Case Study – Bowen Terrace.

Part B

Recommended Strategy

Transference of Risk

When the project is giving out the expected outcomes and all of the processes are efficiently running but there are some of minor defects then the contracting party or the vendor to which such responsibility is delegated must take the responsibility. Insurance is one such option to mitigate risks as it covers the projects from various risks such as financial risks, natural hazards and other sorts of risks.

Purchase Authorization

It specifies how well contracted resources and information systems can be used. Various processes necessitate a series of purchases, each at a different level.

Proposal Evaluation

Individual contractors and contracting organisations submit proposals for undertaking these operations, which are reviewed by the authority. Because the activities are large-scale, a number of requests and suggestions have been made to take advantage of the opportunity.

In which situation the strategy would align and benefits of strategy

The procurement process depiction through a flowchart

It also gives organisations the ability to interact and thoroughly investigate each step of the process. A flowchart is an excellent representation of each of the several methods that can be used to create significant long-term benefits (Bjorvatn& Wald, 2018).

Evaluation of Tenders

All of the previously described principles for measuring and managing the project's development aspects must be met during the evaluation phase. The tender evaluation process is carried out using the available process divisions across the given format.

Reference

Bjorvatn, T, & Wald, A. (2018). Project complexity and team-level absorptive capacity as drivers of project management performance. International Journal of Project Management, 36(6), 876-888.

Smith, G. (2020). PROJ 6016 Capstone Case Study – Bowen Terrace.

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