Week 6 Final: Research Paper

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fnen11

Business Finance

Description

The text book for this class is: Benton, W.C. (2014). Purchasing and supply chain management (3rd ed.). New York, NY: McGraw-Hill Education

Research Paper

This is an assignment with a length of ten to twelve pages that should integrate the reading, multi-media and class discussion boards. It is mandatory to have research from the classroom text, as well as three sources from the internet or online library to support your views.

Consider the validity of your resources carefully before using them in academic papers. It is recommended to use examples from your professional experience where possible, or build from your learning in the discussion boards. Use at least one project you have been a team member or a project manager as an example to describe the topics below:

The following topics must be reviewed in order for the paper to be complete:

  • The definition of procurement and contract management and the importance to the business world.
  • RFP selection tools and how to improve the assessment of proposals.
  • The concept of procurement planning and various strategies necessary for project success.
  • How to select the most qualified vendor in a proposal.
  • Evaluation of the contract and the legal aspects of procurement in a project.
  • Comparisons of the critical elements of a contract including relationships between the client, supplier, completion terms and payment terms.

The final Research Paper for the course must be submitted by to the instructor by 11:59 p.m. of the time zone in which you reside on the last day of the class.

Writing the Final Paper

The Final Paper:

  • Must be ten to twelve double-spaced pages in length, and formatted according to APA style as outlined in the Ashford Writing Center.
  • Must include a title page with the following:
    • Title of paper
    • Student’s name
    • Course name and number
    • Instructor’s name
    • Date submitted
  • Must begin with an introductory paragraph that has a succinct thesis statement.
  • Must address the topic of the paper with critical thought.
  • Must end with a conclusion that reaffirms your thesis.
  • Must use at least five scholarly sources, including a minimum of two from the Ashford Online Library.
  • Must document all sources in APA style, as outlined in the Ashford Writing Center.

Must include a separate reference page, formatted according to APA style as outlined in the Ashford Writing Center.

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Explanation & Answer

Attached.

Procurement Project – Outline
Thesis Statement: Based on such knowledge, this project discusses the aspects procurement and
contract management, RFP selection tools, improvement of proposal assessment, procurement
planning concepts and strategies, selection of the most qualified proposal vendor, evaluation of
contracts and legal procurement aspects, and the comparison of various critical components of a
deal.
I.

II.

III.

IV.

V.

VI.

Procurement and Contract Management
A.

Procurement

B.

Contract Management

RFP Selection Tools and Improvement of Proposals Assessment
A.

RFP Selection Tools

B.

How Assessment of Proposals are Improved

Concepts of Procurement Planning and Strategies for the Success of a Project
A.

Concepts of Procurement Planning

B.

Strategies Required for the Success of a Project

Selection of the Most Qualified proposal Vendor
A.

Categorical method

B.

Cost-Ratio Method

C.

Linear Averaging Method

Contract Evaluation and Procurement Legal Aspects
A.

The sale fixed quantity has to be present and well understood

B.

The details for quality are supposed to be give

Comparison of the Critical Elements of a Contract

VII.

A.

Agreement

B.

Consideration

C.

Intent

D.

Form

E.

Capacity

F.

Consent

G.

Legality

Conclusion


Running head: PROCUREMENT PROJECT

1

Procurement Project
Name
Institution

PROCUREMENT PROJECT

2
Procurement Project

Project management refers to the process of knowledge, techniques, skills, and tools
application to project practices to meet the requirements of a particular project (Hesping &
Schiele, 2015). In general, it is considered to be an interrelated variety of processes that helps the
project team to produce a successful project. The formal project management is believed to have
started around the 1950s. Before this period, several projects mainly applied the Gantt among
other informal tools and techniques as well as used to be guided on an ad-hoc basis. This time is
said to be when the two mathematical projects models were developed. The models involved the
critical path model and the Program Evaluation Review Technique (PERT) (Hesping & Schiele,
2015). At this time the technology for projects also evolved which included the cost
management, cost estimation, and engineering economics. Later on in 1969, the Project
Management Institute (PMI) emerged in which the techniques and the tools for project
management could be applied among several projects such as purchasing and supply
management. Based on such knowledge, this project discusses the aspects procurement and
contract management, RFP selection tools, improvement of proposal assessment, procurement
planning concepts and strategies, selection of the most qualified proposal vendor, evaluation of
contracts and legal procurement aspects, and the comparison of various critical components of a
deal.
Procurement and Contract Management
Procurement
Project procurement is composed of guidelines, tools, and procedures that an
organization applied to ensure that the project activities are completed in time. A procurement
manager has to make sure that they look for the best deal possible for the company by making

PROCUREMENT PROJECT

3

sure that the organization is getting only the products of high quality at the minimum price
possible. Procurement management may be taken as a little more complex or a single entity
under the circumstances where there is a need of partnership for a long time with another
company that needs a contract. In such a case, several steps are involved which may include
planning acquisitions and purchases, selecting sellers, planning agreements, administering
contracts, requesting seller responses, and closing contracts (Saqib et al., 2018). This process
applies in times when contract management is involved.
Several critical factors are considered when procurement is applied in the business world.
One of the reasons as to why procurement is considered to be critical is since it helps businesses
to be more efficient because every product ordered is of the right quality, price, quantity and is
delivered ‘just in time (JIT).' Availability of these aspects of a product ensures that the
organization involved increases its profit.
Contract Management
However, even though contract management is different from contract management,
contract management may be included in such a process. Contract management involves the
techniques that an organization uses to monitor the performan...

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