Haunt Your Business,Procurement Process - Management Assignment Help

Assignment Task

Student 1 (Dharmika)
Some of the primary recommendations that I will give to my fellow project managers would be- To maintain a proper risk register that has been prepared with much caution and deliberation To understand all the elements of the supply chain network of the material ordered. This will reduce the cost of the entire procurement and will also eliminate corruption within the supply chain. To eliminate the instances of dark purchasing by indulging in, effective and careful budgeting. To consider various means of transport before zeroing in on a specific transport To note down the key decision in writing and keeping transparent communication with all the key personnel To develop elongated process cycles to develop timelines that are easily meetable and provides a scope to accommodate mishappenings and other non-desirable events.

Each strategy would be beneficial in different situations as follows- Maintenance of a risk register will enable the PM to record the most anticipated risks and develop processes to mitigate them properly with effective strategies. This strategy will come in handy when an anticipated risk happens and the management will already know what to do The PM can understand the delays or other events when he will know the entire supply chain network Proper budgeting strategy will come in handy when the company will not be able to understand where its funds are going (Procurement Process, 2020) The research on different means of transport opens the perspective of the PM with respect to a lot of things. It will be helpful in reducing the challenges of custom clearances and time spent in doing so. Clear communication and its written records make it easy to trace the person liable for the anomaly if any that occurs in the project Elongated process cycles help to provide time to change the things that are not behaving in the manner expected or are not aligning well with the project needs

ReferencesProcurement Process, (2020) Top 6 Procurement Challenges That Haunt Your Business,Procurement Process 
In a global world, I would advocate the following three important techniques for securing contracts and resources as a Project Manager. 
 
The first tactic is to minimise expenditures. This is accomplished by a careful selection of vendors, and the project manager should issue a request for tender to the market. In response to a tender invitation or request for interest, this entails making an offer or conveying an expression of interest. Similarly, you can compile a list of pre-qualified suppliers or approach potential vendors to obtain bids that meet the project's requirements while also being the most cost-effective alternative. As Greenhalgh and Squires (2011, p. 72) said: a shortlist of suitable tenderers will be drawn up either from the client’s own list of approved firms or from the responses to an advertisement in the media.
 
The second strategy has to do with lowering the risk of a supply shortage. Due to COVID-19, it is necessary to conduct an evaluation process that minimises any potential delays or errors. To accomplish so, an evaluative process of the offers made by potential suppliers, the terms and conditions of the contracts offered, and cost analysis from the purchasing department is recommended. In this case, a market study is possible.
 
The third strategy is to modernise procurement application platforms; 'Modernizing technology provides several benefits to procurement, including improved agility.'(Gibbons, Walden, 2021, p. 3) In this way, the processes required to develop the contract's key performance indicators can be optimised, emphasising whether the contract's agreements and expectations are being met. With this data, it will be possible to determine whether it was relevant or whether a new provider should be employed in the end.
 

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