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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 discussing problems regarding the accuracy of data in the procurement environment and its effect on the objectives of procurement management.In "Bad Data - The Problem with Procurement," Daniel Teachey discusses a problem that plagues most organizations today - the accuracy and validity of product data. Organizations are trying to cut costs across the board, especially in today's economic downturn. Procurement managers are being tasked to find ways to minimize expenditures, in some instances by as much as 20%. To do this, the organization must have a better understanding of what they are purchasing and at what cost.One of the major underlying problems is centered upon the data the organization maintains. Every organization collects data about its environment in order to conduct business, either in the form or customer data or product data. Every organization maintains data on the products or services they utilize while conducting business. However, each organization may maintain and catalog product data differently from another company. A standard method of maintaining data does not exist and is often developed by each company to meet its needs. Due to lack of standardization, errors and redundancy are common. Teachey provides the example of classifying a simple light bulb. The following table depicts multiples ways that a light bulb could be classified in a supply system.Table 1 - Poor product description leads to poor classification and supply managementProductProduct DescriptionLight bulb60-watt, frostedLight bulb60-watt, brass base, 10,000 life hoursLight bulbIncandescent, A19 bulb shape, 60 wattsWith the emergence of Enterprise Resource Planning (ERP) and other automated supply management tools, the problem is further complicated since they currently do not have mechanisms in place to validate product data. Once data is entered, modification is difficult, tedious and costly.Errors in data classification, duplicate or obsolete product part numbers, and poor product description exist in every organization, affecting its ability to accurately budget expenditures. "The bottom line is that poor-quality product data create difficulties in controlling the costs of production, reduce the productivity of the company and affect the delivery of finished goods. After all, the data within your applications drive every decision you make, from long-range strategic planning to day-to-day operations" (Teachey).There are steps that the organization can undertake to improve data quality. For instance, data quality...

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