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Project Procurement Management Assignment

   

Added on  2020-09-08

13 Pages3962 Words134 Views
PROJECT PROCUREMENTMANAGEMENT
Project Procurement Management Assignment_1
AbstractStudy is based on ABC food firm which imports its raw material from Greece and conductoperation globally. It offers quality food products and services to consumers. Report discussesabout significance of procurement management in the organization and potential risk which areassociated with the entity when it has supply raw material from outside countries. Study hasresulted that supply partnership is the great approach that supports in effective mutual planningand resolving problems effectively. Purchasing raw material from other nation s benficial inexpansion of entity.
Project Procurement Management Assignment_2
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1CONCLUSION ...............................................................................................................................8RECOMMENDATION...................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONProcurement management is related with supplier relationship management wherecompanies try to build strong relationship with its potential suppliers. Project procurementmanagement is the term which concentrates on acquiring goods and services from outside thefirm or called suppliers in order to meet needs of potential buyers. Project procurement managershave to make connection with providers during project life process (Larson and Gray, 2013).They have to develop strong relationship with suppliers so that entities can get quality materialon time within its designed budget plan. Present report is based on ABC food firm which sourcefood material extensively from Greece. Cited firm imports raw material from Greece andconduct operations globally. Current study will discuss importance of procurement for globalorganizational operations. Furthermore, study will describe risk faced by companies when it hasto deal with outside suppliers or have to import material from outside country with reference toABC food firm. Importance of procurement for global organizational operationsProcurement management has become the essential part of business units. Procurementmanagement supports entity is making sound decision related to purchasing. This can help ingetting quality material at low price. By this way organization can provide goods to consumers ataffordable rates (Larson and Gray, 2013). This can help in attracting more consumers andincreasing their satisfaction level to great extent. ABC food firm is operating its business well, itpurchases raw material from Greece. This procurement management is beneficial for the citedfirm in getting goods as per the needs of clients. Through this management strategy, entity canmake the right decision of purchasing right items from the correct suppliers (Phillips, 2013). Furthermore, project procurement management is very important for the business becauseby this way corporation can manage its cash flow and can reduce cost of operations. With theassistance of this strategy company can reduce its maximum time of purchasing the raw materialmanually. It handles direct and indirect purchasing which supports managers to effectivelyutilize resources and improve efficiency level (Schwalbe, 2015). Procurement management helpsin developing strong relationship with suppliers which assist in reducing expenses and increasingrevenues. 1
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