Consider how you would go about securing equipment and supplies for your home of

Question

Consider how you would go about securing equipment and supplies for your home office. Some of the items you require may already be available in your home. Others will need to be purchased. You complete some informal price comparisons, maybe search on the Internet, and then purchase the items you need and equip your office for use.

Now, think about how your approach would be different if you needed office equipment and supplies at work. How would you go about discovering the procedures for making the necessary requests? You need to consider: (1) what approvals will be necessary; (2) what cost constraints exist; (3) what business policies govern the purchasing of the equipment and supplies you need; and (4) which vendors you can use. Clearly, the second situation is more complicated and you will probably not succeed if you follow the same process you used in equipping your home office. In this Discussion, you will demonstrate your understanding of the significant impact procurement management has on both the organization and its projects.

What is the role of procurement and contracting for the organization and its projects?

In what ways does a formalized procurement process benefit an organization and contribute to project success?

Who are the major stakeholders in the procurement processes?

What are some strategies project managers can use to work with the stakeholder community to ensure that procurement activities are performed as expected?

Explanation / Answer

ANS1:

Role of procurement and contracting is crucial in governing the effectiveness of business outcomes. They help organizations, and projects thereof, in realizing return on investment by delivering business value - by enabling timely project delivery, which is efficient and within a pre-determined budget.

Procurement and valid, legal contracting helps in:

ANS2:

Benefits of a formalized procurement process can be realized at both organization and project level in a three fold manner:

By introducing formality and structure in the procurement process, we can align it with the company's objectives.

ANS3:

Major Stakeholders in the Procurement Process can be majorly divided in two categories:

ANS4:

Strategies to be used by Project managers to ensure that procurement activities are performed as expected are:

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