Procurement and Contracts

Running head: PROCUREMENT AND CONTRACTS
Procurement and Contracts
Name of the Student
Name of the University
Author Note

1PROCUREMENT AND CONTRACTS
Reflection:
From my learning of project management concepts I have assessed that the procurement
and contracts is very much important for the successful project management. I have understood
that procurement planning and contract management is important for effective planning at the
initiation stage of the project. This also helps in quality evaluation process and helps in
successful management of the project. I have assessed that the adoption of procurement planning
is able to provide better value for money and high quality of service and project delivery. This
also reduce the risk of the agency. The contract management is considered as integral part of a
procurement management cycle.
From my learning I have gained the knowledge about procurement management and how
effective procurement management can be gained. For an effective procurement first of all
fundamental capabilities need to be developed properly. Also, it is very much important to bring
influence all over the organization for an effective procurement management. This relationship
among the procurement of the complex projects and reinforcing key process will ensure an
effective procurement.
From my learning I have also gained an idea about how to manage relationship with the
vendors and suppliers within the bound of transparency and ethics. From my learning I have
assessed that there are currently two types of approaches for management of the relationship.
First is the reactive approach and the strategic approach. The strategic type of approach for
management of the relationship has been always successful for the business campaigns. I have
also assessed that implementation of technology can make this relationship with the vendors and
supplier more simple and effective.