what common tools and techniques for planning project procurement did you learn about in the course

Some tools and techniques you may use during the procurement planning stage include make-or-buy analysis and definition of the contract type. Make-or-Buy Analysis This means figuring out whether or not you should be contracting the work or doing it yourself.

Full Answer

What is project procurement management?

Mar 18, 2016 · Specify and document the goods, works and services to be procured. Record the estimated costs within each project or programme. Set timelines, milestones, budgets and target completion dates for each project, providing a basis for tracking progress. Set up workflows and approval pathways which determine who needs to sign-off which activity.

What information is collected in the procurement management plan?

Before developing a procurement strategy, you need to assess your company’s current performance and its targets and needs. Collect all data needed for the evaluation. These might include process maps, resources used, costs for the departments and current growth projections. Using an org chart, list everyone who should be involved in the procurement process and …

What are the 6 helpful project management techniques?

May 22, 2018 · To guide these decisions there are tools and techniques, such as make-or-buy analysis, which helps to determine if the activity needs an external supplier or can be done in-house. Seeking help from experts, doing market research and meeting with stakeholders also helps guide this decision. 2. Conduct Procurements

How to develop a procurement strategy?

7. The tools and techniques used in the process of Plan Procurement Management includes all but (a) Make-or-buy analysis (b) Market Research X (c) Bidder Conferences (d) Expert Judgment 8. Which contract type places the most risk on the seller?

What are the tools and techniques used in planning procurement management?

What are the tools used in e procurement?

What are procurement techniques?

What is project procurement planning?

What are the E tools that replace the traditional procurement?

What are the seven basic steps in the procurement process?

What are the 6 procurement methods?

What are the 4 types of procurement?

Which is the best procurement method?

How do you prepare a project procurement plan?

How do you develop a procurement plan?

What is the importance of procurement planning?

How to develop procurement strategy?

Visual templates to plan and develop procurement strategies for you and your team 1 Streamline every stage in the procurement process by mapping it out 2 Clearly visualize your supplier network for better optimization 3 Collaborate with your team on finding and evaluating vendors 4 Segment and evaluate your suppliers together with your team

What is procurement management?

Procurement management is a strategic process of managing organizational expenditure and suppliers. It helps organizations benefit from a streamlined purchasing process for optimal results.

What is procurement management?

Procurement management is a way to more efficiently and productively handle the process of sourcing, requisitioning, ordering, expediting, inspecting and reconciliating of procurement. However, before making partnerships or purchases, the question of whether the goods and services are required from outside vendors must be answered.

Who said "No man is an island"?

John Donne famously wrote, “No man is an island.” He could have been talking about a project, too, because projects are not done in isolation. Most require obtaining other resources to get them done, be that through purchase or contract.

What is a SOW in procurement?

Procurements are first identified during the planning phase of the project. For every external contractor, there needs to be a statement of work (SOW) to serve as a document outlining the work being contracted.

What happens when a contractor is signed?

Once the contracts are signed, the management of those contractors must be folded into the overall management responsibilities. Contractors can have negative impact on budgets and schedules, which can lead to a project going off-track or worse.

What is a project manager?

The project manager is involved with procurement, same as any other aspect they control in the project management process. However, this is a process they might not own with the same authority as other parts of the project.

What is the first step in supply planning?

The first step in supply planning is to compile a list (the ‘portfolio’) of products and services that are to be procured. This can start before the final requirements are known, and can include different options for meeting the same functional requirements.

What is supply positioning?

Supply positioning is a portfolio analysis technique for discriminating between, and developing specific procurement strategies for, different supplies. Conceived by Elliot-Shirecore and Steele (1985), the supply positioning model was concerned with profit potential and business exposure to supply risks within a general purchasing context. In a project context it is more appropriate to consider cost and risk to the project.

What is the purpose of supply market analysis?

The purpose of supply market analysis is to establish the status of the supply market relevant to the areas of procurement and the likely impact the procurement will have on the market.

Why do we use market soundings?

Market soundings may be used to determine the capability and capacity of markets in relation to specific projects, or where a project may impact on the way in which the market will operate. Market sounding will also provide the opportunity to ‘market’ the project and its outcome to the supply side.

What is the purpose of vulnerability analysis?

The purpose of vulnerability analysis is to examine the supply chains in more detail to understand specific vulnerabilities and develop plans to mitigate risk. This activity can often lead to creative alternative approaches to meeting the functional requirements.

What is the next step in a project team?

In light of the Requirements Analysis, the Supply Market Analysis and the Risk Assessment, the next step is for the project team to establish a set of procurement objectives for significant purchases. This will be followed by the development and evaluation of strategy options.

What is project procurement management?

Project Procurement Management. Most projects require some form of external purchasing (procurement) in order to meet their goals. Executing these procurements to fulfill the needs of the project falls under the knowledge area of Project Procurement Management. Contractors usually have better expertise or experience and can provide ...

How does poor subcontractor management affect projects?

Poor subcontractor management can cause budgets and schedules to spiral out of control and derail projects when everything else has been executed flawlessly. During regular project status intervals, the project manager must review subcontractor agreements, progress updates, and work performance information as necessary to ensure that subcontractors are on pace to meet their budget and schedule commitments. It is not enough to assume that subcontractors are “good at what they do” and will meet their contractual obligations. When subcontractors mismanage their work, everyone loses, including the contracting organization. Thus, project managers should be aware of the status of subcontractor work and make the appropriate change requests and project management plan updates as early as possible.

What is a statement of work?

For each external vendor requirement, a Statement of Work is composed which is known by many names (Terms of Reference, Scope Statement, etc.) but serves as a written statement of what work the contractor will do . Procurement documents normally consist of a Request for Proposal, Invitation to Tender, or the like, with the Statement of Work included as an attachment. Thus it is the guiding document to the project team and the more specific it is, the better the boundaries of each organization’s work is defined. Additionally, the procedures used to solicit proposals and/or bids as well as the decision making criteria are determined at this stage. Potential sellers are identified and preferred vendors might be contacted. All of this information is compiled into a Procurement Management Plan, a subset of the overall Project Management Plan.

What happens when subcontractors mismanage their work?

When subcontractors mismanage their work, everyone loses, including the contracting organization. Thus, project managers should be aware of the status of subcontractor work and make the appropriate change requests and project management plan updates as early as possible.

What is project management?

In today’s day and age, project management is all about using the right tools and techniques. Having these two things in order can help you manage your projects easily and effectively. It has been found in many surveys that using the right project management tools and techniques can increase your overall performance, productivity, and happiness-levels at work.

Is Zoho a good project management tool?

Zoho Projects seem like a nice option if you’re looking for a free online project management tool that lets you create and manage your projects on your own. It makes project management easier by letting you plan, track, and collaborate in an effortless manner.

Is Basecamp a good project management system?

Basecamp is a project management system that has been there in the business for more than 10 years and is still helping project managers to end their project management woes. If you are looking for a simple interface and collaborative approach to manage projects, Basecamp might be the ideal choice for you.

What is clickup project?

ClickUp is a top-rated project management tool helping project managers and teams to become more productive than ever. As it focuses on effective task management, people from different industries are using ClickUp for better work management. It has got a beautiful interface coupled with powerful features that make it a must-have for teams handling too many projects at once.

What is process based project management?

Process-based project management is a systematic and strategic strategy that recognizes the project’s goal and aligns it with the mission, vision, and core values of the company. This methodology emphasizes better collaboration between various departments within the company to achieve common goals. Process-based project management helps project managers to view all the activities within an organization as a collection of standardized processes, which are managed to achieve the desired result.

Why is planning important in a project?

Every project is made up of various small and big tasks that can overwhelm both project managers and team members at first glance. This is why planning is essential before the project’s execution starts. This project management technique makes bigger, complex tasks organized by breaking them into smaller, more manageable chunks. WBS is a key project deliverable that defines a detailed cost or time estimate to help managers have a clear understanding if your estimate will exceed the intended budget or deadline.

What is proofhub?

ProofHub is a versatile project management tool used by leading organizations like NASA, Disney, Taco Bell, and many more. This all-in-one tool that comes packed with powerful features to eliminate the need of having too many different tools to run your business.

What is project management technique?

Project management techniques are your procedure. They are your roadmap. When you use a PM technique, you’ll organize all the moving parts of your project into a logical set of tasks, leaving nothing to chance. When you follow it step-by-step, you’ll ensure that you complete the project successfully.

What is a WBS project?

A WBS transforms big project activities into chunks of manageable tasks you and your team can easily understand and complete. So if you were constructing a house, like in the example above, you’d divide the work into segments such as: internal work, external work, and building the foundation.

What is waterfall in project management?

Waterfall is one of the oldest project management techniques. If you use this project management technique, activities and tasks will linearly flow through 5 phases: Requirements (Get all the necessary documentation) Design (Use a WBS to create a list of tasks) Implementation (Complete tasks)

What is a Gantt chart?

Gantt Charts – One of the First Project Management Techniques. Source. Gantt charts have been around for a very long time, and they’re still a great project management technique for beginners and pros alike. It’s another technique that emphasizes visuality.

What is critical path method?

Critical Path Method (CPM) The Critical Path Method is one of project management techniques used to accurately schedule all project activities. What you’ll be actually doing is calculating the critical path – the shortest route to project completion, and arranging tasks accordingly.

How long should a sprint last?

During each sprint, you’ll work on a particular deliverable/feature. Sprints shouldn’t last longer than 2 weeks, and you should hold daily status update meetings. After the sprint, you should hold a review meeting, make suggestions for improving the next sprint, and keep going.

Why is project planning important?

Project planning ensures project success and timely delivery, a crucially important function in any technical organization. Striving toward a perfect plan will help increase the probability of customer satisfaction and their trust in the organization for future investments. It’s the most crucial step in the reduction of risk and project failures.

What is project planning?

Project planning ensure s monitoring of the budget and schedule at every step. The project plan includes a schedule that guides team members in completing their tasks and helps them in knowing which tool they will need and when. It also helps the team stay engaged for higher project performance.

What is deliverables in project planning?

Deliverables are the reason why the projects are created. It is one of the most critical steps of the project planning to determine what these deliverables will be and how they will be delivered in time. 5. Create a Project Schedule.

What are the phases of a project?

A project consists of five different phases: initiation, planning, execution, monitoring and controlling, and closure. Planning is the second phase of the project life cycle, where a plan after the initiation phase is made so the process of execution may begin. The project plan serves as a roadmap for the entire process of project management.

What is the second phase of the project life cycle?

Planning is the second phase of the project life cycle, where a plan after the initiation phase is made so the process of execution may begin. The project plan serves as a roadmap for the entire process of project management. Project planning involves:

What is project objective?

Definition of Project Objectives. A plan is made, keeping in mind the various expectations of the stakeholders. The success of the project entirely depends on how much of the expectations the project is able to meet.

Why is it important to plan for more than one risk?

Proper planning ensures that if there is more than one risk, they can be prioritized and dealt with accordingly . This step ensures that nothing will fall apart and the plan makes it easy for the project team to remember all the crucial details and deadlines.

Purchase Requirements Analysis

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Supply Market Analysis

Procurement Risk Assessment

The Next Steps

Plan Procurement Management

Conduct Procurements

• Once the procurement needs of the project are identified and procurement procedures are determined, the procurements are executed. Requests for Proposal (RFP’s) or Invitations to Tender are sent out, and responses are analyzed. Selection criteria should be determined in advance. Agreements are signed and the project management planis updated with t...

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Control Procurements

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