This assignment is designed to help you improve your communication, critical thinking, and research skills

This assignment is designed to help you improve your communication, critical thinking, and research skills. Your deliverable should answer the following questions:

· What did you learn this week?

· Was the material valuable and/or applicable? Please elaborate.

· If yes, how are you planning to use this material in the future?

· If no, what changes would you recommend?

What we learn

This is week 4, and we will be dealing with the term “Procurement” which is defined as the process of acquiring the materials, supplies, and services that a company or project needs in order to successfully operate. As such, an effective procurement strategy is a financial plan to manage your budget, workflow, and production timelines and keep everything aligned with the organization’s objectives.

A sound procurement strategy needs to include a planned approach of cost-effectively purchasing a company’s required supplies, a timeline for procurement, the funding and budget, contract strategies, and risk projections, among others.

Objectives:

· Identify the scope of conducting procurement for a project.

· Explain why risk is associated when conducting procurement.

· Outline various types of contracts and associated strategies for minimizing risks.

Planning Procurement Strategy

Planning Procurement Strategy

The term “Procurement” is defined as the process of acquiring the materials, supplies, and services that a company or project needs in order to successfully operate. Therefore, an effective procurement strategy is a financial plan to manage your budget, workflow, and production timelines and keep everything aligned with the organization’s objectives.

A sound procurement strategy needs to include a planned approach of cost-effectively purchasing a company’s required supplies, a timeline for procurement, the funding and budget, contract strategies, and risk projections, among others.

Objectives:

· Identify the scope of conducting procurement for a project.

· Explain why risk is associated when conducting procurement.

· Outline various types of contracts and associated strategies for minimizing risks.

Activities:

· Read, view, and engage with Readings and Resources.

· Actively participate in Unit Discussions.

· Complete and submit the Unit 4 assignment.

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Readings and Resources

Textbook or eBook:

Wilson, R. (2015). Mastering risk and procurement in project management. Upper Saddle River, NJ: Pearson FT Press.

· Chapter 4: Plan Procurement Strategy

The Project Management Body of Knowledge (PMBOK) Guide, created by the Project Management Institute (PMI), consists of widely accepted standards, frameworks, techniques, processes, and terminology for the project management profession.

· Project Management Institute. (2021). A guide to the project management body of knowledge (PMBOK Guide) (7th ed.). Project Management Institute, Inc

Contract Strategies