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Reflection and Discussion Forum Week 6
Student's Name
Institutional Affiliation
Course
Instructor
Date
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Reflection and Discussion Forum Week 6
In the reading exercise, I discovered several vital lessons that worth consideration. One of
the lessons learned is procurement management which refers to a controlled component of the
project management plan that explains how a project team will obtain products and services from
outside the performing company (Watt, 2014). It might contain advice on contract types to
utilize, risk management problems, and how to choose possible suppliers. This plan directs the
client company's efforts throughout all operations, including the purchase of all essential
materials and services for the project's completion. This plan leads the client company's efforts
throughout all functions, including the purchase of all critical materials and services for the
project's completion (Watt, 2014). As a project manager, it will assist in evaluating which party
will bear the most significant risk when deciding on a contract strategy. I will oversee the
project's risk level and select which risk allocation will be to the contractor. The project
management team will assist in the risk management of the project. They have more excellent
expertise, allowing them to mitigate the risk of the contractual task better.
Graduate Response
Question 1
The criteria that go into choosing a building contractor might differ from one area to the
next. To begin, check to see whether the contractor is registered and regulated; then, check to see
whether the contractor has expertise with the project you're hiring them for performance (Watt,
2014). It's also a good idea to double-check references. When picking the lowest bidder for a
contractor, many things might go wrong, ranging from poor quality to falsified paperwork.
Another thing that may go wrong is the contractor taking your money and disappearing.
Question 2
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The distinguishing factor in a Request for Proposal (RFP) and a Request for Quote (RFQ)
is evident since an RFP is used when you are aware of an issue while being unable to resolve it
(Watt, 2014). When you understand what you want but need additional information on how
suppliers will satisfy your needs and how much it will cost, you submit a request for quotation
(RFQ).
Creating an application for a software firm is an instance of RFP. They would call several
businesses and get proposals for what they would perform (Watt, 2014). You would have to
choose which bid best meets your requirements. A suggestion to close down a portion of a firm
is a second instance.
When a customer is searching for work to be done on their home, one instance of RFQ is
when they are looking for a contractor (Watt, 2014). They might do some research online and
contact various firms to acquire price quotations. Another instance would be a bride organizing
her wedding and receiving quotations on the cost of food.
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References
Watt, A. (2014). Project Management (2nd ed.). BCcampus.

Unformatted Attachment Preview

1 Reflection and Discussion Forum Week 6 Student's Name Institutional Affiliation Course Instructor Date 2 Reflection and Discussion Forum Week 6 In the reading exercise, I discovered several vital lessons that worth consideration. One of the lessons learned is procurement management which refers to a controlled component of the project management plan that explains how a project team will obtain products and services from outside the performing company (Watt, 2014). It might contain advice on contract types to utilize, risk management problems, and how to choose possible suppliers. This plan directs the client company's efforts throughout all operations, including the purchase of all essential materials and services for the project's completion. This plan leads the client company's efforts throughout all functions, including the purchase of all critical materials and services for the project's completion (Watt, 2014). As a project manager, it will assist in evaluating which party will bear the most significant risk when deciding on a contract strategy. I will oversee the project's risk level and select which risk allocation will be to the contractor. The project management team will assist in the risk management of the project. They have more excellent expertise, allowing them to mitigate the risk of the contractual task better. Graduate Response Question 1 The criteria that go into choosing a building contractor might differ from one area to the next. To begin, check to see whether the contractor is registered and regulated; then, check to see whether the contractor has expertise with the project you're hiring them for performance (Watt, 2014). It's also a good idea to double-check references. When picking the lowest bidder for a contractor, many things might go wrong, ranging from poor quality to falsified paperwork. Another thing that may go wrong is the contractor taking your money and disappearing. Question 2 3 The distinguishing factor in a Request for Proposal (RFP) and a Request for Quote (RFQ) is evident since an RFP is used when you are aware of an issue while being unable to resolve it (Watt, 2014). When you understand what you want but need additional information on how suppliers will satisfy your needs and how much it will cost, you submit a request for quotation (RFQ). Creating an application for a software firm is an instance of RFP. They would call several businesses and get proposals for what they would perform (Watt, 2014). You would have to choose which bid best meets your requirements. A suggestion to close down a portion of a firm is a second instance. When a customer is searching for work to be done on their home, one instance of RFQ is when they are looking for a contractor (Watt, 2014). They might do some research online and contact various firms to acquire price quotations. Another instance would be a bride organizing her wedding and receiving quotations on the cost of food. 4 References Watt, A. (2014). Project Management (2nd ed.). BCcampus. Name: Description: ...
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