Reflective Journal: Procurement Management and Project Contracts

This assignment is a reflective journal focusing on procurement management and project contracts. The journal explores the understanding of fixed price incentive fee contracts, the challenges in grasping technical aspects, and the importance of procurement contracts in leading tender processes. The author compares various procurement contracts, emphasizing the need for alignment with project scope and the significance of contract management processes. The journal also includes an evaluation of different contract types, offering insights into their application in various project scenarios, and concludes with a reference list of relevant sources. This work is contributed by a student and published on Desklib, a platform offering AI-based study tools.

Running head: REFLECTIVE JOURNAL
Reflective Journal Week 8
Name of the Student:
Name of the University:

1REFLECTIVE JOURNAL
Week 8: Procurement Management: Project Contracts
In this week 8, it recommended on concept of the procurement
management and also focused on the technical aspects of the contract
management. Examples are described in this week readings on fixed price
incentive fee contract, cost plus contract. I understand that how to analyze
the technical aspects of project contract and recommend contract suitable
for the project based on provided example.
The Insight
Describe
Understanding purpose of the Fixed price incentive fee contract is my
understanding on the project contracts (Putri et al. 2019). It is quite
difficult for me to understand the technical formula of the contract,
therefore I took lot of time to understand this week’s readings. Knowing
role of the procurement contract helps me to achieve objective of leading
the contract among two parties, which also termed as tender process.
Interpret
Comparison table of various procurement contracts provided in this
readings for better understanding and distinguish between them. I evaluated
that the procurement contracts should support scope statement of the
approved project. In my point of view, there should require to mention
about the contract management processes through which contract
fulfillment methods are established (Zimmermann, Müller and Heinrich
2016). The contract is needed to share as well as bear responsibilities of the
individuals to complete the project work. It is helpful for both small as well
as large project work.
Evaluate
After comparing various contracts, I can identify which contracts should
use in which type of project. I used this course study for clarifying critical
aspects of procurement contracts.
Plan

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References
Putri, S.M., Pratami, D., Tripiawan, W. and Rahmanto, G., 2019, May. Assessing of project
management process knowledge area: procurement based on project management maturity
model pmmm)(case study of pqr company). In IOP Conference Series: Materials Science
and Engineering (Vol. 505, No. 1, p. 012004). IOP Publishing.
Zimmermann, S., Müller, M. and Heinrich, B., 2016. Exposing and selling the use of web
services—an option to be considered in make-or-buy decision-making. Decision Support
Systems, 89, pp.28-40.