Question

Develop a 14-16 slide presentation in which you do the following:

• Describe the project procurement planning process.
• Identify the most valuable output of the plan procurement process and explain why you believe it is most valuable.
• Explain the various contract types and describe who--buyer or seller--has the most risk for each contract type.
• Explain methods that can be used to mitigate the risks for each contract type.
• Develop a project monitoring process to track procurement orders for the project.
• Describe a source selection criterion that would be applicable to any project.
• Analyze the ethical concerns that should be considered when identifying source selection criteria.
• Explain the role of risk management in the procurement planning process.

Answer 1

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•Describe the project procurement planning process.

Answer: Acquisition arranging is the procedure of choosing what to purchase, when and from what source. Amid the acquisition arranging process the obtainment strategy is allotted and the desires for satisfaction of acquirement necessities decided. Procedure of archiving task buying choice, determining the methodology and recognizing potential dealers. Great acquisition arranging and educated choice making are vital to conveying fruitful results. Arranging helps you effectively accomplish your goals and convey best esteem for-cash over the entire of-life of the merchandise or administrations. Effective procurement planning includes:

• Establishes proof based, straightforward choice making
• Provides an organized methodology that permits key partners to connect with at the suitable stages and impact the result
• Ensures adequate exploration and examination of the business
• Ensures adequate engagement with suppliers to advise your options
• Makes government an educated, intelligent client. (Procurement planning, n.d.)

After the choice has been made to buy merchandise or outsource administrations, the acquisition group adds to an arrangement that incorporates the accompanying:

• Selecting the proper connections and contract approaches for every kind of acquired merchandise or outsourced administration
• Preparing and Evaluating RFQs and RFPs and assessing organization opportunities
• Awarding and marking contracts, Managing quality, opportune execution.
• Managing contract changes, closing contracts. (PROCUREMENT PROCESS, n.d.)

•Identify the most valuable output of the plan procurement process and explain why you believe it is most valuable.

Answer: The most valuable output is Procurement Management plan.

This depicts how the majority of the other obtainment management procedures are to be done. It portrays in point of interest what will be acquired for the undertaking, the kind of agreement utilized, in what manner or capacity there will be chosen and oversaw, how their execution will be measured, and how acquisition danger is to be overseen. The Procurement Plan is vital in light of the fact that:

1. It records all prerequisites anticipated that would be secured more than a time of time.
2. From it the acquisition calendar is created, which builds up the courses of events for completing every progression in the obtainment process up to contract grant and the satisfaction of the prerequisite.
3. It takes into account the solidification of comparable necessities under one agreement or the division of a necessity into a few agreement bundles for economies of scale.
4. From the quantity of prerequisites on the acquisition arrange, the acquiring element can focus previously any requirement for extra staffing, including outer help with the end goal of finishing all obtainment necessities recorded on the acquirement arrangement.
5. It takes into account the observing of the acquiring procedure to decide how real execution contrasts and arranged exercises, and in this way to caution the germane divisions and alter the obtainment arrange in like manner.
6. It improves the straightforwardness and consistency of acquirement process. (LYNCH, n.d.)

Explain the various contract types and describe who--buyer or seller--has the most at risk for each contract type.

Answer: There are three fundamental contracts types that may be utilized, however stand out estimation system called the purpose of aggregate presumption. The sort of agreement that is decided to get products or administrations will have an expansive effect on advance bears the danger. The fixed price kind of agreement will put the danger on the. The cost in addition to settled charge and Time & Materials sort of agreement will put the danger on the buyer. The expense in addition to motivating force charge contract sorts will share the danger between the buyer and seller.

1. Fixed Price (FP)

Buyer knows the amount of payment will be made to the Seller. Buyer has a fixed obligation. Henceforth Buyer has minimal effort Uncertainty. The Seller may lose cash or make benefit. The Seller makes Profit if work is finished inside of the stores gave by the Buyer. Generally the Seller makes a misfortune. Seller has high Profit Uncertainty. Danger is low for the Buyer while high for the Seller in FP Type of Contracts.

2. Cost plus (CP)

Buyer does not know the amount of installment will be made to the Seller. Buyer has boundless obligation in an immaculate CP Type of Contracts. Henceforth Buyer has high Cost Uncertainty. The Buyer will repay every one of the expenses to the Seller in immaculate CP Type of Contracts. Likewise the Buyer will likewise give concurred Fees to the Seller. The Seller will dependably make benefit in an immaculate CP Type of Contracts. Seller has low Profit Uncertainty. Danger is high for the Buyer while low for the Seller in CP Type of Contracts.

3. Time & Material (T&M)

T&M is mediocre Type of Contract. It is crossover of FP and CP. T&M Type of Contracts are in light of a Fixed Rate. This Fixed rate is pertinent for both the Buyer and the Seller. The Buyer and the Seller share the instability in T&M Type of Contracts. Buyer does not know for to what extent will the Contract run or the amount of material/assets will be obliged to finish the Contract. The Buyer's expense may raise because of these questions. This prompts some Cost Uncertainty for the Buyer. (PRAVEEN MALIK, 2012)

Describe a source selection criterion that would be applicable to any project and identify three criteria that would apply to most projects.

Source Selection Criteria

Source selection criteria are utilized to score seller recommendations at this very moment the procurement process. The criteria could be subjective or objective and is by and large determined at this very moment the obtainment archives. Samples of source determination criteria incorporate life cycle cost, specialized capacity of the seller, past execution of merchants, references and protected property rights. This criteria must be defined before the seller being chosen so that the acquirement procedure is reasonable and successful. This could incorporate criteria, for example, financial or long term stability, specialized ability, on a favored supplier list, security plans, and so forth. Such choice criteria may not be known by the forthcoming Sellers. Following are three criteria that would apply to most projects.

• Life-cycle Cost - To assess the general expense, you ought to consider all expense related elements, for example: Purchase cost, Delivery cost, Operating expense.
• Administration approach - If the obtainment itself includes a task, does the dealer can execute administration procedures and methods to run a fruitful undertaking?
• Technical aspects - This incorporates the Technical methodology and ability:

5. Technical methodology - Will the specialized techniques, methods, arrangements, or administrations proposed by the dealer meet the acquirement prerequisites, or will they give more than the normal results?
5. Technical ability - Does the dealer have or is the merchant equipped for obtaining the specialized abilities and learning needed to create the deliverables?

Other source selection criteria that would apply to almost every other venture would be comprehension of need, budgetary limit, and risk. (Vijayakumar, n.d.)

•Analyze the ethical concerns that should be considered when identifying source selection criteria.

A standout amongst the most troublesome errand to finish is deciding the right ethical decision to make, presently persons have the same ethical qualities. Past history with a source is a standout amongst the most imperative ethical concerns when conduction source selection.

Another ethical concern to consider is the way to illuminate sources that they have not been picked at adequate source. In the event that both of these procedure is done without due determination it could prompt a bad reputation for a company. (PROCUREMENT PLANNING, 2013)

•Explain the role of risk management in the procurement planning process.

Risk Management

Danger is presentation to misfortune as an outcome of instability. Since danger spins around instability it assumes a vast part in the obtainment process. In acquisition nothing is sure until the item the item arrives or administration is finished. The danger that the inaccurate item arrives or low quality administration is given exist is constantly present. In light of this learning a purchaser must make an arrangement to decrease this danger. The purchaser should likewise be mindful of how the seller mitigates hazard on their end. Risk in procurement, then again, is frequently considered from a value-based perspective where hazard administration is centered on the things that can "turn out badly" in the acquirement process. This perspective is concerned with occasions that may contribute towards:

5. Breakdown in procedure.
5. Inability to agree to obliged procedures.
5. Insufficiency of procedure to accomplish the business result needed.