Report Contracts And Procurement

Running head: PROCUREMENT
Introduction to Contracts and Procurement
Name of Student
Name of University
Author Note

1
PROCUREMENT
Reflection Report
Contracts and procurement are crucial for consideration in a project as it helps in
acquiring the services and the materials required in the project from somewhere outside and not
from the project team (Rose, 2013). The procurement management in a project mainly involves
the process of management of the contracts along with controlling the changes that are critical
for administering the purchase of the orders by the authorized team members.
This unit focused on introducing the concept of contracts and procurement and I have
gathered effective knowledge related to the process of project procurement management. From
the PMBOK guide, I have learnt about the different processes linked with the understanding of
the plan for procurement management, conducting the procurements and controlling the
procurements (Sollish & Semanik, 2007). The last stage of procurement management involves
closing the procurement. The PMBOK guide has helped me in understanding the inputs of
procurement management such ad project management plan, risk register, project schedule and
different organizational assets. In the conduct procurement phase, the input include the different
procurement document, the procurement management plan along with the selection criteria of a
project (Masterman & Masterman, 2013). In the control procurement phase, I have learnt about
different inputs which include the project plan, plan for managing a project and the reports of the
works that are completed. The main output of the projects include the information of work
performance and document updates in a project.
Throughout this course, I have understood the vitality of procurement in management of
supply chain. It is quite integral to understand the need of procurement in utilization of the sound
business practices that generally maximizes an organizational value. In the introductory chapter