Procurement Plan for Techvision 2.0: Definition, Type of Contract, Risks, Cost Determination, Standardized Documentation, Constraints

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University
Author Note

1PROJECT MANAGEMENT
The procurement plan for Techvision 2.0.
1 Procurement Definition
This section defines the items that need to be procured. Along with that this section also
provides the justification for the same like why particular item is selected, what is the
justification behind that. As these are termed to be the most important for the project plan and
the overall project success, these items are also assigned with a timeframe within which the
items or the service has to be delivered (Matthews 2013). This timeframe will be applicable
to each and every vendor assigned to the project through the contracts.
Item/Service Justification Needed By
Item A Food Throughout the
entire event of
two weeks
(08.11.2018 to
22.11.2018)
Item B Stage decoration 3 days before the
event
(05.11.2018)
Item D Hiring the musician From 14.11.2018
to 17.11.2018
Item E Safety measurement Throughout the
entire event of

2PROJECT MANAGEMENT
two weeks
(08.11.2018 to
22.11.2018)
Item F Waste management Throughout the
entire event of
two weeks
(08.11.2018 to
22.11.2018)
2. Type of Contract to be used
Although there are various types of contract used for various procurement plan like firm-
fixed price, time and materials (T&M), cost-reimbursable, and others, it depends on the types
of project and the procurement plan associated with it (Paulus, Lester & Dempster 2013). In
this context, firm-fixed price contract will be used as the product and the service required for
the entertainment project, is well defined and hence there is no requirement for research and
development effort.
3. Procurement Risks
1. RISK REGISTER
Risk Name &
Description
Current
Controls
Impacts
Risk Assessment
Likeliho
od
Conseque
nce
Risk
Rating

3PROJECT MANAGEMENT
Insufficient
funding none
Delays to
purchasing Possible Major High
Delay in
contract
None
Delays to
project
schedule
Possible Major High
Variation in
price
None
Variation in
project
budget
Not
possible
Major High
No of Vendor
not sufficient
None
variation in
project scope
Possible Major High
2 Procurement Risk Management
Risk Name & Description Risk mitigation
Insufficient funding
Only after the funding is raised
through sponsorship , advertisement
and college fund the project will be
initiated
Delay in contract The contract will be invited in
advance so that if delay occurs it
does not affect the project schedule

4PROJECT MANAGEMENT
and it can be modified accordingly
Variation in price
The vendors who will offer firm-
fixed price will only be considered
for allocation of the contract
No of Vendor not sufficient
The bid for the contract will only be
invited if the number of vendors are
sufficient. Otherwise the contract for
the event will be awarded to some
popular vendor chosen online in the
best price possible if enough vendors
are not arranged for organizing the
bid (Seawright, 2016).
3. Cost Determination
This section identifies the selection criteria for the vendors with reference to the cost
determination. Vendors will participate in the Bid organized by ECU and they will submit the
bid with the price quotation. Then the cost will be determined in response to the quote.
However the quote for the price has to be provided in firm-fixed price basis only and no
variation will be entertained in the price after the bid is submitted by the vendor with the
price quotation.
4. Standardized Procurement Documentation
In order to prepare the procurement document which basically design the contract
form for the vendor to follow will be done with proper standardization. Now these documents

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are considered for different applications (Vinik, Casellini & Nevoret, 2016). The documents
standard that will be followed in the context are the following:
Document type Application of the documents
Request for proposal or RFP Invitation for suppliers
Request for information Discussion with the potential bidders
Request for quotation Selection of successful bidders in terms of
price only
Solicitations Invitation for bids, proposal and quotes
Contracts Signed agreement between the client and
suppliers after the products are supplied to
clients
3 Procurement Constraints
This section defines the constraints that is likely to be associated with the
procurement procedure. Hence these serve as an integral part of the project’s procurement
management process (Larson & Gray 2015). The project constrains are identified bellow in
details
Constraints Requirement
schedule The project has to be finished as per the
schedule as variation in the schedule will
not only delay the project, it will actually