Financial Aspects of the Procure Management

Running head: PROJECT MANAGEMENT
Project Management
[Name of the Student]
[Name of the University]
[Author note]

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Module 3:
This module would be mainly discussing about the financial aspects of the procure
management. Which means understanding the fact if the components of the projects which are to
be delivered are developed internally or if there is need of any type of outsource for the
development. This module helps in understand the fact that one time or another the project
managers need to procure the expertise, materials, equipment, or services which would be
needed for the development, implementation, or execution of the project deliverables. The
module also includes the implementation of various types of judgments and the initiatives which
would be acting as a major component of the discussion board. The main reason for doing this is
for the purpose of clarifying the procurement along with the various type of financial risks
related to the complex project. Besides this the module would also be discussing about the
financial aspects of the procurement and also the total cost of the procurement along with the
financial aspects related to the contracts, risks and the opportunities.
Module 4:
The module 4 mainly consists of the different aspects of a project related to the health-
care. The general requirements of the procurement manager has been provided over here which
mainly includes various equipment’s related to health care. Besides this the section also provides
a description about the procure document, this documents mainly includes the documents which
are passed between the Health Services procurement manager and the supplier. This module also
states that this document is very much essential for controlling the projects. There exists various
important I/O processes which are very much essential for the project. The module has been
associated with standardizing the procurement documents and the various procurement

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constraints. The major areas included in this module are the Procurement documents,
procurements contracts and the standardized procurement documentation. The module also
covers the Contract negotiation along with key factors which are to be consider.
Module 5:
This model would be discussing about the performance based contracting and the
management of the vendors. This module helps in understanding the fact there is a requirement
of significant effort by the project managers in order to make sure that all the requirements and
the constraints of the project are meet. Besides this it is also the responsibility of the project
managers to monitor all the performances throughout the entire phase of the project. This is to be
done for eth purpose of ensuring the fact that the work is progressing according to the terms and
condition of the contract. This metrics might include the improved reliability or availability,
improved certainty of delivery and reduced cost of ownership. Besides this the module also
suggests a way by which all the metrics can be done is by incentivizing the terms of the contracts
assisted by the specific and measureable levels of performance which are agreed by the
contracting parties. Along with this the management of the vendors is also associated with
allowing the companies to build a resilient relationship assisted by the service providers and the
contractors. This would be initially helping in the benefit of all the parties. The module would be
helping in understanding the contracting which are based upon the Performance along with the
key terms and conditions which are responsible for driving the performance. Along with
Contract management and contract administration which includes the enforcement of contracts
for the purpose of delivering the project outcomes. Besides this it is also understandable that the
Project constraints and contractor’s role are responsible for ensuring the delivering by the
contractor within the parameters and the requirements of the project plan.

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Module 6:
This module consists of the ways in which the relations can be managed and the closure
of the project. As time passes by the scope of the project also grows and for this reason the
managers of the project are asked if they would be capable of completing their project by their
own or not. Beside this from this model it is also understandable that the society of today’s world
is becoming much more global and are getting interconnected. For this reason it can be
understood that the likelihood of the working with the projects would be including more number
of individuals who are belonging to different culture. This would be helping a lot in managing
the crucial relationships which are responsible for the success of the project. This module covers
the management of Relationship and effective procurement along with the relationship with the
Supplier, ethics and transparency.

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Bibliography:
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA.
Kerzner, H. R. (2012). Project management case studies. John Wiley & Sons.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Mosadeghrad, A. M. (2012). Towards a theory of quality management: an integration of strategic
management, quality management and project management. International Journal of
Modelling in Operations Management, 2(1), 89-118.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Shirley, D. (2016). Project management for healthcare. CRC Press.