Description Please reply to both POST1: and POST2 Module 1: Discussion Forum …

Description Please reply to both POST1: and POST2 Module 1: Discussion Forum How and why does procurement contribute to the success of a project or project-based organization? What are some procurement-related factors that support project success? What are some procurement-related factors that lead to project failure? POST1: Procurement     According to Baily, Framer, Crocker, Jessop, & Jones (2015),  “procurement is the acquisition and purchase of goods and services”  (p.1).  Procurement is an essential function of any project.  As such,  project managers must be able to manage their project procurement.  The  PMI (2017) states that “Project Procurement Management includes the  processes necessary to purchase or acquire products, services, or  results needed from outside the project team” (p. 495).  Without proper  procurement management, project managers may find that their projects  are hindered by a lack of materials and/or services.  Procurement-Related Factors that Support Project Success     Numerous procurement-related factors support project success.  These factors include the following: A clear understanding of project goals and challenges Focusing on all applicable factors when selecting products and/or services Effectively sourcing and selection of vendors (Lindstrom, 2014) Procurement-Related Factors that Lead to Project Failure     Many procurement-related factors may lead to project failures.  These factors include: Failure to understand, recognize, and plan for project goals and challenges Focusing product and/or service selection solely on cost and/or short-term solutions Failure to properly source and select vendors (Lindstrom, 2014) References Baily, P., Farmer, D., Crocker, B., Jessop, D., & Jones, D.  (2015).  Procurement, principles, & management (11th ed.).  United Kingdom: Pearson (Intl) Inc.  Hardback ISBN: 978111813009 Lindstrom, D. L.  (2014).  Procurement project management success: Achieving a higher level of effectiveness.  J. Ross Publishing. Project Management Institute.  (2017).  A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.).  Newton Square, PA: PMI Publications POST2:      The function of procurement management is just as important to a  project, like any other part of project execution.  Procurement  management is the process of obtaining services, products or results  from outside the formal project team (PMI, 2017).  This process involves  determining project requirements, researching different vendors and the  products they supply, along with gathering information, quotes, and  proposals from suppliers to determine which vendor will best meet the  project requirements.   Research by Depaoli, Sorrentino, & De (2013)  states that procurement management is one the most critical areas in  project management due to the wide scope of elements, such as planning,  organization, leading, communicating, staffing and controlling.       When an organization does not have a defined procurement plan  management or does not follow strategies for success, their projects  ultimately suffer from budget overruns, inferior products or services,  and difficult vendor relationships. A well-defined plan by the  organization will lead to successful overall projects in factors like  cost, time and quality. An organization that uses a well-defined  procurement management plan will have more success with project  execution.   Depaoli, Paolo & Sorrentino, Maddalena & De Marco, Marco.  (2013). Depaoli, P. Sorrentino M., De Marco M.(2013), “Publicness and  organizational theory Building: opening the black box” in Atti del  Convegno del Bicentenario AIDEA, Lecce 19-21 Settembre. Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Newton Square, PA: PMI Publications.

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