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PROJ6004 Contracts and Procurement
Task:
Assessment Task
Critically read the assigned case study, available from either the Subject Learning Resources tab on the course homepage or as sent to you by the Learning Facilitator as an announcement. Read the Module 1-2 learning resources, especially those focused on project risk. Engage with other students by posting a 600-800-word discussion forum post and 300-word critiques detailing your response tothe question below. Please refer to the instructions for details on how to complete this task.
Context
Procurement and contracts are integral to successful project management. Planning for purchases and acquisitions, requests for proposal, vendor selection, contract administration, and contract closure are integral parts of the process. Learning from case studies and benchmarking against better practices, standards and excellence is vital to understand complexity of issues and successful strategies for procurement and contract management. It will also ensure improved responsiveness to key issues, promote supplier client relationships through proactive management of risks and ultimately deliver higher level of focus on performance-based outcomes.
Assessment 1 is a discussion with other students of key issues to better understand the principles of project procurement, challenges, and risks, as well as develop key procurement themes and quantify financial exposure.
This assessment requires that you critically evaluate the risks associated with contract and procurement management approaches. This assessment requires that you answer the following question, evaluating the following risk and procurement concepts.
“What are some important procurement risks that typically exist for large or complex projects? What procurement/financial risks exist in the assigned case study, and what strategies do you propose for mitigating these risks?”.
To do so, address the following concepts in your post:
• Identify 2-3 typical procurement risks required to be managed for complex projects
• Identify 2-3 specific financial risks from the case study project
• Propose possible procurement/financial risk mitigation actions for the case study project, and explain these relate to better practice guidelines
• Identify possible areas for further vendor negotiations and management that you believe are important to achieve a successful contract completion
• Identify areas of key accountability that exist for the project manager and procurement manager in facilitating a successful outcome for the case study project
To answer this question, you will need to:
(a) Post a 600-800-word (+/-10%) response to this question, based on your informed opinion and demonstrated knowledge of project management procurement risks, project lifecycles, and PMBoK, to the Discussion Forum on the Learning Portal.
(b) Respond to a minimum of two other students’ posts by critiquing their opinion and comparing it with yours in 300 words (+/-10%).
Instructions
1. Read module 1-2 learning resources, particularly those relevant to procurement risk, to familiarise yourself with fundamental concepts. Critically reflect on your readings to form an opinion. Commence writing your opinion to answer the question and support that opinion by using at least six (6) references from academic or industry literature. Cite these references in your opinion of 600-800 words both in-text and as a reference list at the end of your opinion piece. The word count does not include the reference list. It is expected that you will undertake sufficient research and reading to effectively contribute and share ideas individually. This is important for discussions to achieve sufficient depth of analysis as to provide high quality information to satisfy the requirements for the case study analysis based on the above guidelines.
2. Read other students’ posts. Think about their opinion and try to compare and contrast them with yours. This will allow you to “critique” the views of at least two other students. You can do this by highlighting the things you agree with and those you disagree with in their post. You need to justify and explain your critique of their opinion. In your response, you will need to refer to some of the literature. Your responses will need to be a minimum of 300 words. This does not include the reference list.
PROJ6004 Contracts and Procurement
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