Project Procurement and Control: Analysis and Management Strategies

This project analyzes project procurement and control, emphasizing the importance of a well-defined procurement management plan. The assignment covers the entire procurement process, from planning and documentation to contract closure, highlighting risk mitigation and cost-saving strategies. The project emphasizes the importance of time management, scheduling, and the selection of suitable vendors. It discusses the execution of effective project control frameworks and strategies. The project also references relevant literature to support the analysis and provides practical insights into achieving successful project outcomes, including approaches to cost control, risk management, and stakeholder communication. The report provides a comprehensive overview of the project's procurement strategy, including the selection of contractors, contract types, and management approaches. It also details the importance of risk assessment and the need for effective communication and conflict management to ensure project success. The assignment provides a detailed project plan, covering the scope, schedule, resources, budget, and quality management aspects of the project, and analyzes the key components of the project. It also explores the approach to procurement of key components, negotiation, and conflict management.

Project procurement and control
Student’s name
Institution Affiliation(s)

Approaches to Procurement Management
A procurement management plan is designed to define the process and requirements for
the project. This plan will unite the scope of the project with the risks associated with
procurement. The plan will elaborate on the process from procurement planning to procurement
closure. Standard operating procedures minimize risks and increase efficiency. Procurement
management provides us with a standard operating procedure for the procurement of products
required to complete the project. Procurement management saves not only monetary cost but also
saves time cost. It streamlines the workforce and recommends the most suitable workforce for a
particular job. From the first step of documentation to the contract closure, procurement
management takes into account all the risks that may occur in the process. The damage of these
risks can be enormous. However; procurement management deals with these risks beforehand
and protects the organization from loss (Araújo et al., 2017). The procurement process runs
smoothly as all the precautionary steps were taken. There was no risk of understatement or
overstatement of goods which protected the project from bearing the high cost. Due to the
extensive market knowledge, the budgeted amounts and expected amounts were close. The
procurement team member was skillful enough that they did not allow the negotiations to come
to a halt. An ideal vendor was chosen that would fulfill the contract. There were no unanticipated
increases in cost as all the negotiations were recorded. Products were delivered on time and were
of expected quality. In all, the procurement part of the project was completed in an ideal cost.
The organization was able to save all the unnecessary costs and expenses which could have
amounted to 60 % – 70 % of the ideal cost above the ideal cost (Kivilä, Martinsuo, & Vuorinen,
2017).

Approach to successful delivery and project control
The execution of appropriate frameworks and strategies to maintain the effectiveness of
project control is a source of critical concern for project managers specifically because of the
attachment of particular requirements with specific projects as put forth in the client’s demands.
It is therefore important to explore the critical factors which essentially determine the extent to
which a project can be characterized as successful in meeting the outlined objectives
(Vanhoucke, 2019).
In accordance with this understanding, the most important element to ensuring effective
control can be labeled as the determination of a critical path and the management of time. Also,
Integral concepts in effective project control and management comprise of understanding the
significance of time management and scheduling (Shokr & Torabi, 2017).
Good procurement management contributes and directly correlates to the success of a
business. By doing the initial parts of the project in a very organized manner, savings are
generated. For one, time is engaged in the most manageable manner in order to prevent delays
and conflicts of schedules in the implementation of the project plan since materials and
commodities need not be scarce when they are needed in the operations. Secondly, hard savings
in terms of purchase dealings and best pricing alternatives are being employed when such good
practices are in place. Finally, the achievement of project control is also applicable when
discussing the long term objectives of a project.

References
Araújo, M. C. B., Alencar, L. H., & de Miranda Mota, C. M. (2017). Project procurement
management: A structured literature review. International Journal of Project Management,
35(3), 353–377. https://doi.org/10.1016/j.ijproman.2017.01.008
Kivilä, J., Martinsuo, M., & Vuorinen, L. (2017). Sustainable project management through
project control in infrastructure projects. International Journal of Project Management, 35(6),
1167–1183. https://doi.org/10.1016/j.ijproman.2017.02.009
Shokr, I., & Torabi, S. A. (2017). An enhanced reverse auction framework for relief procurement
management. International Journal of Disaster Risk Reduction, 24, 66–80.
https://doi.org/10.1016/j.ijdrr.2017.05.019
Vanhoucke, M. (2019). Tolerance limits for project control: An overview of different
approaches. Computers & Industrial Engineering, 127, 467–479.
https://doi.org/10.1016/j.cie.2018.10.035