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Field of Project Management Related to Purchasing & Supply Mgmt

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Please assist with writing ideas for a research paper that is in APA format. The paper must demonstrate the understanding of the field of project management and how it relates to purchasing and supply management. The following topics must be reviewed in order for the paper to be complete:

* The definition of procurement and contract management and the importance to the business world.
* RFP selection tools and how to improve the assessment of proposals.
* The concept of procurement planning and various strategies necessary for project success.
* How to select the most qualified vendor in a proposal.
* Evaluation of the contract and the legal aspects of procurement in a project.
* Comparisons of the critical elements of a contract including relationships between the client, supplier, completion terms and payment terms.

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The solution assists in writing in a research paper about the filed of project management and how it relates to purchasing and supply management.

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Please find the correct format for Project Management in the attached file.


Project Management

Table of Contents
Introduction 3
Procurement and Contract Management 3
Importance 3
RFP Selection Tools 4
Assessment of Proposal 6
Concept of Procurement planning and strategies 6
Vendor Selection 9
Evaluation of Contract 10
Legal Aspects of Procurement of Project 11
Comparisons of Critical Elements of Contract 12
References 15

In the global era, project management is an important part of the organization in terms of maintaining balance between purchasing and supply management of the firm. Success or failure of the project depends on the management and used tools of the firm in a project. There will be discussion about the procurement & contract management, RFP selection tools & role in assessment of proposal, concepts of procurement planning & strategies and vendor selection. Additionally, evaluation of contract and legal aspects of procurement and critical comparison of different elements of contract are also discussed.
Procurement and Contract Management
Procurement management focuses on business decision making and buying process associated with contractual aspect. It is concerned with supply chain in terms of minimizing transaction cost, auditing invoice, quality control, purchasing order (Bower, 2003). The main aim of the procurement management is to ensure maximum use of goods and reduce waste.
Contract management provides for target agreements between administrative units and external organizations as well as different hierarchical level in administrative units in the organizations. Contract management works on rules, laws, terms and conditions (Schedler & Proeller, 2010).
Importance of Procurement management:
• Procurement management is useful in selection of supplier
• It provides information regarding supplier specialty, weakness, working area and supplier can fulfill the demand of the organization in future (Kousholt, 2007).
• It covers all type of goods like indirect and strategic goods for the organization
• Procurement management is helpful in reducing the waste and maximize the use of goods of the organization
Importance of the contract management
• Contract management provides a legal framework and a platform on which a business is run
• Contract management creates a trust between two or more parties with the help of rules, laws, terms and condition (The Importance of a Good Contract Management System, 2010).
• It is helpful in monitoring and coordinating business activity
• Contract management is helpful for supporting management function
• It creates a better coordination and understanding between two or more party
RFP Selection Tools
RPF (Request for proposal) is an important part of any contract or project in terms of documenting the project process. In the RPF, various responsibilities and authority of contract or project are included such as instruction & information of the project, instruction of preparing proposal, evaluation method & method of selecting contractor and clauses for contract or project result (Kendrick, 2009). There are many tools of RFP those are noticed by the firms while selecting RPF for any project or contract. These are as follow:
Price: Price or budget is the main tool to select RFP for any project. In this, estimated budget is the main tool for any project in terms of selecting and running the project successfully. Offered price for the project should be according to the estimated budget of the project to attain the objectives of this successfully (Magnis, 2000). It helps the firm in minimizing the cost of the firm that are expensing on the project for completing that successfully. Price of the service or products also affects the selection procedure of the request for proposal (Perrin, 2008).
Timeline of delivery: Timeline of delivery is also included in the selection tools of RFP for any project. Timeline is an important part of the project in terms of attaining the objectives of the project. Allocated time for completing the project is an important determinant of selecting RFP. In this way, the party that delivers all products and services at time that is selected for RFP. If offered timeline for delivery is sufficient to attain the better results of the project, then the RFP is selected by the firms (Kendrick, 2009). Timeline of the delivered products or services can change the whole pattern of project in the form of delivering value of the products to the customers (Magnis, 2000).
References or Portfolio: Reference or portfolio is also an essential tool of selecting RFP of any project. In this, location, budget, expected time, deliverable results, etc are included. These are also important tools for selecting request for proposal for any project or contract. These are the determinants those affect the success or failure of the contract for any organization. Overview of the whole project is reflected by the reference of the project (Perrin, 2008).
Ongoing Process: Ongoing process is also incorporated in the selection tools those are required to select any RFP for any project. Status of present projects of the particular firms is recognized under this tool to select RFP for the project. In this, capacity or power of the firms is determined to handle any project (Magnis, 2000).
Specific Platform those are required: Firm's capacity to provide specific platform those are required for any project is recognized under this tool for selecting any request for proposal for the project. It also affects the selection of the RFP for any project. So, it is also an important as well as essential tool for selecting RFP (Kendrick, 2009).
Assessment of Proposal
Request for proposal selection tools are important part of the project in terms of improving proposal assessment to complete the project successfully. In this way, RFP selection tools provide an overview about the proposal that is offered by the firms for particular project. Additionally, RFP selection tools highlight the strong and weak areas of the project or proposal. It assists the project manager to minimize weakness of the project or contract. It also helps the management of the firm to compare and recognize the proposal criteria for adopting best and effective contents in the project (Perrin, 2008).
Along with this, RFP selection tools also discuss about the major contents those are ...

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