Procurement & Contracts: A Reflective Journal on Key Concepts

This reflective journal summarizes key learnings from six modules on procurement and contracts. It covers topics such as leadership, risk management, strategic approaches, project deliverables, contract negotiation, and relationship management. The journal emphasizes the importance of understanding the project lifecycle, the roles of project managers and team members, and the impact of globalization on contract processes. It also highlights the significance of risk assessment, stakeholder engagement, and effective communication in achieving successful project outcomes. The reflection draws upon case studies, such as the New Royal Adelaide Hospital project, to illustrate real-world challenges and complexities in procurement and contract management.

Running head: PROCUREMENT AND CONTRACTS
PROCUREMENT AND CONTRACTS
Name of the Student
Name of the University
Author note

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Table of Contents
Module 1..........................................................................................................................................3
Module 2..........................................................................................................................................3
Module 3..........................................................................................................................................4
Module 4..........................................................................................................................................4
Module 5..........................................................................................................................................5
Module 6..........................................................................................................................................5
References........................................................................................................................................7

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Module 1
In the working of the organisation, there can be various sections which should be
focused. I have seen that leadership quality, and style can drive the project to the factor of
success. A leader usually focusses on the different areas of working so that project does not incur
any form of an issue in the working and the delivery standard. The managing of risk can be one
of the factors which can play a significant role in the working of the organisation. According to
me, the project manager and other official have a specific role to play which can help the project
reach the success factor. Tender process can be important which considers the resource’s
allocation of the project which is usually done in the planning phase of the project. I have seen
that the scope of the project is one of the primary factors which states the work which can be
done in the working of the project.
Module 2
According to me a strategic approach always allows an organisation which is approved to
consider a term goal which is long-term, for example, maintaining of the sector of the efficient
and competitive market supply (Gilbert, 2017). I have seen that the contract management is a
process of management relating to execution, creation and analysis of the financial and operation
of the organisation. One of the important factors which play a significant role is the reduction of
the risk factor which can get involved in the working of the project. I have seen in the case study
of AGCO which is a company related to the development of farm and tractor equipment.
Strategic management was implemented which directly focused on the sector of the internal
working which directly applied different criteria for modifying the operation. Management of
risk was another criterion which was included in the working of the domain.

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Module 3
One of the concepts which are explained in the module is related to the project
deliverables. The main thing which I have learnt in the sector is related to the delivery of the
project and what are the factors which are associated with the sector of the working. The focus
point is related to the financial risk and the clarification procurement for the complex project. I
have seen in the case study which is related to the New Royal Adelaide hospital that in the
process of procurement there can be different forms of risk which can be associated with the
proper working of the project. In most of the cases, the identification of the factor of the risk can
be one of the crucial points which should be focused. According to me, there should be a
framework of risk assessment which can be implemented so that there can be the identification
of the risk factor before it is enforced. Contract management can be helpful in the sector of the
creation of opportunity which would be helping the project to thrive to the factor of success.
Module 4
In this module, I have learnt a basic area which is related to the working which is linked
to the role of the project manager. The project manager’s role in the project can be explained in a
sector were they continuously interact with the project stakeholders so that the need and the
demand of the stakeholders are not compromised and matched. The interaction which is done in
this sector mainly comprises of different topics, but one of the focus topics which is included is
in the sector of the negotiation which involves contracts. According to me, there are a few steps
which can be included in the sector of negotiation which majorly include the following points:
 Identification of the issue
 Information about the issue
 Classification of the issue

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 Meeting agenda preparation
 Getting ready to negotiate.
The standard contract area which can be applied in the process is linked to the
requirement of the project and how the needs and the demands would be fulfilled. The features
of the project are explained and modified taking into consideration the changing demand of the
customers and the stakeholders. One of the important factors which can be stated to be playing a
role is the budget and the time constraint of the project.
Module 5
Project plan according to me is one of the important documentation which helps in noting
the different needs and expectation of the clients (Gilbert, 2017). The project manager has to
play a significant role to order to meet the requirement and the standard which is stated in the
project plan. Throughout the life cycle of the project execution process, it can be stated that the
project manager has to continuously check the requirement and whether the project is being
executed properly. Some of the points which play an important role in the sector are related to
the reduction of the cost of ownership, improved delivery level of certainty and improved
availability and reliability. There are various contracting models which can be implemented in
the sector for the proper execution of the different process relating to working of the project.
Module 6
In recent times it can be stated that society is becoming more interconnected and global.
In this context, it can be stated that there can be various person and individual involved in the
working of the project which can come from different culture and organisation. Managing the
different areas of the people can be a challenging job in the hand of the project manager.

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Relationship management can be considered to be very much crucial in the successful
completion of the project (Gilbert, 2013). The concept of team management can be considered to
be very much crucial in the successful completion of the project and maintaining of the standard
of the project so that the end product would be delivered satisfyingly. In the sector of working it
can be stated that the emerging issue is one of the points which can alter the success factor of the
project.

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References
Gilbert, K. (2013). Project Management Body Of Knowledge (PMBOK®) Guide 5th Edition.
Project Management Institute.
Gilbert, K. (2017). Project Management Body Of Knowledge (PMBOK®) Guide 6th Edition.
Project Management Institute.
.