This website uses cookies to ensure you have the best experience. Learn more

Procurement In Project Management Essay

866 words - 4 pages

Procurement in the main stream of the business world is to ensure organizations has the proper necessities for the selections process of the suppliers. Procurements within an organization helps to develop the right tools necessary when selecting and maintaining performance criteria, speciation’s and defines the terms and conditions in an organization. As set forth by the company the procurement area of the company conveys and develops the necessary values and mission with an in organization. In looking further into the importance of procurements we can determine the alternative methods to procurement, the methods necessary to keep procurement in order and the overall value of procurement with in management project.
Procurement within a project can help organizations create and develop the right elements necessary to obtaining goods and services. In which, allows organization to help streamline the buying process, while making sure the good and services adhere with the market conditions at the present time. As stated by Sollish and Semanik (2012) “Supply and demand continually drive process up and down. As economic conditions change, demand increases or declines, generating shortages or excesses in supply or decreased demand (or combinations) generally lead to reduced prices.” Understanding the market gives the organization the knowledge necessary to making the right buying decisions. Ultimately, the organization has the buying power to take advantage of reduces prices within the markets. Also, gives the organizations the ability to negotiate prices with the suppliers to reduce or maintain cost. Having the right procurement process can thoroughly examine and define the requirements and understand the company objectives and understand the benefits of procurements tools to not only analyze the cost/prices and negotiations. Procurement gives the organization the stability to make decisions based on planning and operational objectives which is important for the organization.
Procurement is a purchase of services, goods or works from an outside source. In addition, procurement gives an outlook of market conditions, economic conditions, and market complexity in order to purchase the necessary product and product substitution for the organization. There are many reason procurement will not fade. However, there is a new way that organizations are cutting cost on procurement itself such as using a system such as e-procurements. E-procurement allows companies to forgo the written proposal bids cutting down on paper cost by submitting bids electronically. As stated by Heaton (2012) “While the typical procurement process has been around for decades, three states are breaking the mold when it comes to how vendors can respond to RFPs. Montana, Utah and Colorado are experimenting with allowing companies to submit their project...

Find Another Essay On Procurement in Project Management

Management Lifecycle for Tourism Project in Sultanate

1025 words - 5 pages department who is responsible to search for the financial funding through several channels such as has partnership with government or private entities, joint venture or fully financed by MOF. When this issued decided, the matter transferred to project management team to take over managing the whole project phases. Finally, the asset management team takes their role in managing the process of project delivery to the determined owners. It is obvious

Should You Invest in Enterprise Project Management?

1025 words - 5 pages on the findings from CIO – Project Management Definition and Solutions, Project Management Certification, Wisconsin School of Business – Project Portfolio Management, and Project Management Institute this paper will answer the question: how can organizations justify investing in enterprise project management for IT projects? CIO - Project Management Definition and Solutions Joseph Phillips’ article “Project Management Definition and Solutions

Use of Project Management Software in Business

1278 words - 5 pages Use of Project Management Software in Business Project Management is using the concepts of information technology in businesses to meet the requirements of a particular project. It depends on the process it needs to take to implement a project. The application of knowledge, skills, and tools and techniques is needed ( There are 3 main phases of project management, they are planning, scheduling and

Success and Failure Factors in Project Management

747 words - 3 pages In this Literature review, the discussion is about the Project management success/failures. In industry business model had lot of variance in the last few years and also the major role of technology being played in this industry. In this Literature review we are going to explain briefly about the various reasons for success and failure of project management and also identifying the major issues relating to Project management, the

Project Management Issues in Construction Sites Environment

2802 words - 11 pages Abstract The main purpose of this research is to investigate project management issues in construction sites environment, to recognize which issues are more vital for overall success of any construction project or vice versa and to suggest recommendations for improvement of the performance of all the parties involved in the construction projects. The study is mainly focused on Pakistan, a developing country in South Asia and the research

Quality Management in Agile Compared to Traditional Project Management

2326 words - 9 pages development process (Vital S. Anantatmula, Manga Anatatmula, p. 1). On the other hand, corporate restructuring projects that are outsourced typically use traditional project management, such as in the aerospace or engineering industries (Max Smith, Project Management Outsourcing and Other Service Projects, p.1) In establishing a process determination for PMI standards, not every project is suited to fit the practices of the Project Management Body of

PRINCE 2 as a Methodology in Project Management

982 words - 4 pages PRINCE 2 as a Methodology in Project ManagementWhen I first started venturing into this field, project management has always just been about logically planning projects, setting targets (finances & time), retaining control of the project from start till completion and evaluating to review whether objectives have been met.My experience in this field has allowed me to better understand the essential roles and responsibilities of a project

Communications Management in GLOBe Small Systems Solutions Project

1050 words - 4 pages . Reflecting at the Communications Management that was in the project, it was noted that the Project Charter covered communications and types (Kylie, Price. 2005, p. 18). It was short and covered the importance of communication and types of communication mainly meetings within the Team and Stakeholders apparently. It is specific on the Who (People involved), what (Medium) and When (Frequency). Communication covered early in the project is a good

What is Project Management in the Construction Process?

1842 words - 8 pages that it guides you through the project life cycle in depth, so you can acknowledge which tasks need to be done, when they need to be done and how they need to be done. PRINCE2 PRojects IN Controlled Environments, more commonly known as PRINCE2, is a Methodology for effective project management which is in fact used by the UK Government extensively. Prince2 is widely recognised, in the UK and internationally, for being used in the private sector

Project Management: Organizing an Operation Smile Mission in Machakos, Kenya

1074 words - 5 pages This paper is in response to the development of a report for the Operation Smile Machakos Project Mission. Operation Smile in Kenya is a non-profit organisation that moves from site to site performing corrective surgery on children, adults and even the elderly. The main cases are usually in the form of correcting cleft lip, cleft palate and other facial deformities. Using the fundamentals of project management, the paper seeks to come up with a

Project Management in the Automotive Industry: A Critical Review

2053 words - 8 pages The chapter ‘Project Management in the Automotive Industry’ by Christophe Midler and Christian Navarre from The Wiley Guide to Managing Projects (September 2004) traces the inception and transformation of project management in the automotive industry from the post-war period to the early years of the new millennium. It is an interesting article which categorizes the period into four phases on the basis of organizational structure and strategy

Similar Essays

Project And Procurement Management Relationship Essay

1003 words - 4 pages Every stage in the project management life cycle involves some form of procurement, whether it be identifying potential sources of products or servicers during the initiation phase or preparing final payment at the closure of a project. Every project is dependent upon the goods and services acquired through the procurement process, thus, needs to be effectively managed and understood by project managers. This paper will discuss a news article

Ethical Issues In Procurement Management Essay

1317 words - 5 pages Ethical Issues in Procurement ManagementWhen people or business deal with contracting as a means of Procurement for their company, there may be issues regarding who the company will deal with. Procurement Management conducted correctly can be a valuable tool when combating this problem.The United States Government is a larger institution that relies on contractors to take care of many of the logistics necessary to keep our government running

Project Management In Germany Essay

674 words - 3 pages Leading Across Cultures: GermanyQ1. Discuss the significant elements of German culture and how they relate to management styles.The significant elements of German culture are: high levels of uncertainty avoidance, assertiveness, individualism, and low levels of humane orientation and power distance. German leaders are typically straight forward and willing to engage in constructive confrontation. They are more task focused than relationship

Investing In Enterprise Project Management Essay

925 words - 4 pages Justifying the investment in enterprise project management for IT projects. Information Technology (IT) can be expensive, but it is as necessary in the digital age as typewriters, file cabinets and telephones were not a half-century ago. Company growth and long term sustainability is hinged on investing on proper IT infrastructure. Yet, there are many examples of failed IT projects. What differentiates successful IT projects from failed ones