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Procurement

Discuss the concept of procurement as being "a project within a project."

What is a contract liquidated damages clause? What fundamental purpose does it serve? What is one of the biggest problem in its enforcement?

Discuss the relationship between standards and specifications in the procurement process. Give an example.

The preparation of the quality requirements for RFP's is affected by the type of contract pricing that is selected for a particular procurement item." Explain.

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PRACTICE QUESTIONS

STEP 1
Discuss the concept of procurement as being "a project within a project."

Procurement is a "project within a project" because procurement has specific function, an objective, it has a budget, it has a timeline with specific deadlines and strict specifications that needs to be met. For example, the specifications of the purchases have to be met.

On the other hand procurement is not an independent by itself, it supports the project. if the project is not launched, or is stopped the purchase activity gets stopped. The ultimate success of the procurement lies in the success of the project. In this sense procurement is not the same as an independent project.

This material is taken from the website: https://www.corpoflondon.gov.uk" Procurement is the full range of activities related to purchasing goods, services and works. Procurement can range from contracting for an entire service to purchasing small assets such as office equipment. The procurement process does not end at the commissioning or contract award stage, but spans the entire life cycle of the product or service from inception and design through to contract management and disposal of any redundant assets." https://www.corpoflondon.gov.uk

STEP 2

What is a contract liquidated damages clause? What ...

Solution Summary

Procurement is discussed in great detail in this solution.

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