...Running head: THE CLOSE-OUT OF PROCUREMENT CONTRACTS 1 The Close-out of Procurement Contracts: The Steps to Successfully Close Out a Contract Including the Processes of Termination and Settlement of Seller Claims Kelley L. Clanton Northcentral University THE CLOSE-OUT OF PROCUREMENT CONTRACTS 2 The Close-out of Procurement Contracts: The Steps to Successfully Close Out a Contract Including the Processes of Termination and Settlement of Seller Claims Procurement contract close-out is a heavy and important topic for organizations that have procurements needs on a consistent or even a fleeting basis as the materials and products acquired through these procurements are often needed to keep the flow of good sales going and/or keeping operations under control and running at optimal performance. There are really only a few basic ways that an executed contract can end with the hoped-for outcome, and probably the usual one as well, being that the contract is fulfilled at the satisfaction and agreement of both sides of the contract. However, there are some pitfalls and other negative outcomes that can happen before, during and after a procurement contract is in force and indeed procurement contracts can end in a quite ugly fashion if one is not careful and/or does not exercise a proper amount of foresight. Even with this potential blowback, this does not mean that a...
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...Project Procurement Process Kristen R. Dinger University of Maryland University College PMAN 641 Author Note Kristen R. Dinger, Graduate Student, Project Management, UMUC Correspondence concerning this article should be addressed to Kristen Dinger. Contact: Kristen.r.dinger@gmail.com Abstract Project procurement is concerned with establishing, maintaining and continuing to grow the relationships that one has with suppliers. The relationships made, aid in the procurement of goods and services for a project. Establishing the relationships needed to procure the appropriate goods for a project are critical in the completion of the project life. Once the relationship between the vendor and the project company is established goods and services can be procured in a timely manner. There are four major processes concerned with procurement. They are as follows: Plan procurements, Conduct procurements, Control procurements, and Close procurements. Within the analysis, each process will be thoroughly reviewed, in ordinance of importance, in the process of project procurement. Project Procurement Process Project procurement starts with establishing, then maintaining, and then closing the relationship with the supplier in order to obtain a material or service. There are four main process involved with project procurement. Each of the four process outlines a distinct step that is required in order to procure goods...
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...The Processes of Project Procurement Derrick A. Gardner University of Maryland University College PMAN 641 March 1, 2015 Project procurement management is an overall process that identifies and acquires the necessary products and services to successful support the development or the ongoing work of a project. Typically, it is the project managers responsibility to oversee the entire procurement process. However, in some instances, the company or organization may seek another person to carryout these responsibilities. According to the PMBOK (2013), there are four processes to project procurement management: Plan Procurements; Conduct Procurements; Administer Procurements; and Close Procurements. Upon examining the processes from the PMBOK, it has been discovered that each of these processes interact with one another to ensure that the designated project is executed successfully. To demonstrate the effectiveness of each component of the procurement management process, this paper will analyze each component and how they were successfully used, or could be applied in The Springfield Interchange Improvement Project case study. PLAN PROCUREMENTS According to the PMBOK (2013), Plan Procurements is the process of documenting project purchasing decisions, specifying the approach, and identifying potential sellers. During this phase, project managers utilize the plan procurement process and their techniques to identify possible risks associated with the project...
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...Conducting and Closing Procurements NAME;BRIAN TONY Institution; USIU Conducting and Closing Procurements Introduction For any project to be implemented, goods and services must be availed to be utilized. This is achieved through procurement whereby interested external suppliers are contracted to provide the goods and services needed. The procurement process ought to be planned in order to establish a formal and working relationship with the external suppliers. At the end of a project the procurement has to be closed and the formal relationship with the external supplier for that project then ends. Project procurement has a number of processes including planning and research, conducting the procurement, administration of the procurement and closing the procurement. Each of these components has a role in the success of the procurement process. (Sanghera, 2014) High-level process steps for conducting project procurements The process of conducting project procurements incudes an exercise whereby responses are obtained from sellers, selection of a seller who the project finds suitable and awarding the contract to this seller. This process involves utilization of various inputs, tools and techniques to obtain desirable output. The process of conducting project procurement is multistep and the process includes five major steps as follows: Specification is the first step whereby a decision is made on which products required...
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...make a reasonable make-or-buy decision. | | Instructor Explanation: | PMBOK® Guide, Chapter 12 | | | | Points Received: | 10 of 10 | | Comments: | | | | Question 2. | Question : | (TCO A) In industry, there are four processes one follows in the procurement area of project management. Describe and explain these four processes in the procurement management process for the buyer. | | | Student Answer: | | There are four processes in procurement management; plan, conduct, administer, and close procurement. Plan Procurement Process of documenting project purchasing decision, specifying the approach and identifying potential sellers. The first out of four procurement-related project management processes is in the Planning Process group, and is the process which creates the guidelines for all of the procurement activities on the project. It helps document the project procurement decisions, specifies the approach taken to identify potential sellers and carry out the procurement. Conduct Procurement Process of obtaining quotations, offers, information, and proposals from sellers, and then selecting a seller and awarding a contract. Administer Procurement Process of managing procurement relationship, monitoring performance and making changes and corrections as needed. The buyer...
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...Technology Project procurement Process. IT-PROJECT PROCUREMENT PROCESES By Taiwo D. Ladeji PMAN 641 – Project Procurement Management Professor Michael Hagerman University of Maryland University College Date: 10-/2/2012 TABLES OF CONTENT Introduction and Objectives..…………………………………………………….1 Project Procurement Management Processes…...2 Plan Procurements…………………………………………………….……… …3 Conduct Procurement…………………………………………………………….4 Administer Procurement ………………………………………………………....5 Close Procurement………………………………………………………………..6 Conclusion……………………………………………………………………….7 References……………………………………………………………………...8 Introduction and Objectives According to PMBOK Guide (2003) project procurement management includes the process necessary to purchase or acquire products, services or resulted from outside the project team. Which includes the contract management and change control processes required to develop and administer contract purchase orders issued by authorized project team members? The objective of a procurement management plan is to describe the end-to-end procurement process that the project will use to acquire its goods and services. This plan will be completed in the Project Management Plan document. The purpose of project procurement is to acquire the goods and services necessary to achieve the project scope. The purpose of the project procurement management plan is to define the methodology that will be used by the project to manage project procurement. The plan describes...
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...Customer Service Centre (CSC). FCC CSC does not currently have a good reputation for Customer Service in either the business or general community. You have a lot of ideas on how to improve this situation, but as a Team Leader, you do not have the authority to implement any of these ideas. You have recently undertaken a Risk Assessment and Workforce Planning Exercise to identify ways of filling the skills gap and improving Customer Service at Fynntown City Council. There are three major parts to the Customer Service Improvement Initiative: 1. Restructuring the Customer Service Centre to deliver an 80% first Point of Contact Resolution Rate (it is estimated that this will reduce complaint calls by 75%) 2. Introducing a Workforce Management Plan that identifies and rewards talent 3. Installation of a new Database across all of Council that will house all constituent and business details, customer call histories, a knowledge base with information and FAQs, and performance reports (this forms a sub-project of the larger project with the IT Manager, Jim Pertwhistle, as the Project Manager). A budget of $175, 000 plus $25,000 contingency requiring Project Sponsor Authority and Mayoral Authority has been allocated. The project must be completed in a timeframe of 365 days. You are required to manage the implementation of this Customer Service Improvement Initiative. Using the Project Brief and any communications with the Project Sponsor, define the project using the FCC Project...
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...FINANCIAL SERVICES BUSINESS PLAN 2007 – 2010 C Salter Chief Financial Services Officer Audit Exchequer & Procurement Projects Revenues Development & Supplies Accountancy Service Strategic Technical Venues Accountancy Estates Accountancy Management http://web1.com/finance Issue 1 March 2007 Process Owner: Chief Financial Services Officer Authorisation: Christine Salter Page 1 of 17 FINANCIAL SERVICES BUSINESS PLAN 2007 - 10 Contents 1. Overview of Service 1.1 1.2 1.3 Service Aims Services Provided Resources Summary 2. Contribution to Corporate Plan and Service Context 3. Performance Report 3.1 3.2 3.3 Performance Indicators Customer Focussed Services Achievements Against Corporate and Service Objectives 4. Future Service 4.1 4.2 Programmes, Projects & Improvement Actions Developing Internal and External Communication 5. Aligning Resources 5.1 5.2 5.3 5.4 5.5 Finance & Assets Efficiency People IT Delivered Systems Knowledge 6. Action Plan 6.1 6.2 6.3 Risk Assessment Sustainability & Equality Appraisal Business Continuity Appendices A. B. C. D. E. F. Issue 1 Business Objectives Matrix 2007/10 Business Objectives Update 2006/07 Workforce Planning Template 2007/08 Budget Analysis (i) Sustainability & (ii) Equality Appraisal Matrix Business Continuity Template March 2007 Process Owner: Chief Financial Services Officer Authorisation: Christine Salter ...
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...all projects. These knowledge areas are Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications Management, Project Risk Management, and Project Procurement Management. The 5 basic process groups are initiating, planning, executing, monitoring & controlling, and closing. This knowledge area focuses on the larger tasks that must be done for the project to work. It is the practice of making certain that every part of the project is coordinated. In Integration Management, the project is initiated, the project plan is planned and executed, the work is monitored and verification of the results of the work is performed. As the project ends the project manager also performs the tasks associated with closing the project. This knowledge area involves control of the scope of the project. It involves management of the requirements, details and processes. Changes to the scope should be handled in a structured, procedural, and controlled manner. The goal of scope management is to define the need, set the expectations, deliver to the expectations, manage changes, and minimize surprises and gain acceptance of the project. In Scope Management, the project is planned, monitored and controlled. Project Time Management is concerned with resources, activities, scheduling and schedule management. This area of knowledge involves defining and sequencing activities...
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...Memphis International Airport UCS Learning Team B November 7, 2015 CMGT/575 Instructor: Gary Denney Memphis International Airport UCS Project Charter Memphis International Airport UCS: Project Charter | Project Stakeholders | Name | Title / Role | Contact Number | Email Address | Terry S. Blue | VP or Operations | | | Forrest Artz | VP of Finance and Admin /CFO | | | James A. Hay II | Director of Development / Sponsor | | | J. Jarrett Morgan | Director of Information Technology / Sponsor | | | Project Description | * This is a Unified Computing System, meaning that all the resources are available to access through virtualization. This involves a controller for the administration of it. | * Organization needs for lowering cost and more efficient. | * The company will be using Cisco’s UCS to have a working system within a year | Measurable Organizational Value (MOV) | * Deploy a UCS, which will allow the virtualization and administration of resources for the Memphis International Airport systems within the next year that will lower costs by 30% and show an increase in efficiency by 50 % within six months of deployment. | Project Scope | * Integrate the UCS into Memphis International Airport's current systems that will lower costs by enabling faster access to network applications and centralized data. * Implementing the Cisco UCS solutions will reduce maintenance overhead with less physical servers to maintain and...
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...Includes Over Two Hours of Bonus Audio on the CD Includes Real-World Scenarios and Leading-Edge Exam Prep Software Featuring: Updated for the Project Management Body of Knowledge (PMBOK® Guide), Fourth Edition • Custom Test Engine • Hundreds of Sample Questions • Chapter Review in Audio Format • Electronic Flashcards • Entire Book in PDF PMP Fifth Edition SERIOUS SKILLS. ® Project Management Professional Exam STUDY GUIDE Kim Heldman Project Management Professional Exam Study Guide Fifth Edition PMP ® Project Management Professional Exam Study Guide Fifth Edition PMP ® Kim Heldman Acquisitions Editor: Jeff Kellum Development Editor: Alexa Murphy Technical Editors: Terri Wagner and Brett Feddersen Production Editor: Christine O’Connor Copy Editor: Judy Flynn Production Manager: Tim Tate Vice President and Executive Group Publisher: Richard Swadley Vice President and Publisher: Neil Edde Project Manager 1: Laura Moss-Hollister Associate Producer: Angie Denny Quality Assurance: Josh Frank Book Designers: Judy Fung, Bill Gibson Compositor: Craig Woods, Happenstance Type-O-Rama Proofreader: Publication Services, Inc. Indexer: Nancy Guenther Project Coordinator, Cover: Lynsey Stanford Cover Designer: Ryan Sneed Copyright © 2009 by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada ISBN: 978-0-470-45558-6 No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form...
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...accountability, focus B. Standardization C. Change D. Associated processing Standardization and change are still characteristics of a good PPM but associated processing is not among traits Define the characteristics of a program? A. Deliverables with a strategic intent B. Risk Management C. Controlling project D. Schedule and resources The other three options are characteristics of a project manager. What are the project management processes? A. Initiating, planning, executing, monitoring and controlling and closure B. Integration, human resources, rick management C. Cost, stakeholder management, scope D. Quality, communications, procurement The other options are project management knowledge areas. What is a project management plan? A. Document capturing the entire project end –to-end, covering all project phases, from initiation through planning execution and closure. B. Costs, quality, schedule C. Scope, business needs, requirements, deliverables, constraints and work breakdown structure D. Risk index, Risk evaluation, Risk mitigation and contingency plan The other options are elements of planning. What are the key features of a project portfolio management system? A. Project evaluation process or methodology, cost and benefits measurement, progress reporting B. Resource and capacity planning C....
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...PROJECT MANAGEMENT PART 1 1. maximum wealth of a share holder 2. P*I*T 3. P( 1+I)T 4. do constant strategic planning 5. Search Project for Aspects of Close Encounters 6. market growth 7. A+B+I 8. none 9. – 10. Zero 11. Program Evaluation Review Technique PART 2 1. SINKING FUND PAYMENT: Money set aside in a special account to which regular contributions are made by way of additional money and/or interest on the money,with the plans that by a specified date the fund will be sufficient for a particular purpose. A means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. From the investor's point of view, a sinking fund adds safety to a corporate bond issue: with it, the issuing company is less likely to default on the repayment of the remaining principal upon maturity since the amount of the final repayment is substantially less. This added safety affects the interest rate at which the company is able to offer bonds in the marketplace. 2. DIFFERENCE BETWEEN PERT AND CPM MODEL:...
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...Strategic procurement – an overview In the vast majority of organisations, procurement has evolved from a transactional function to one which is contributing to the current and future health of the organisation. Procurement Teams have done this by adopting a strategic approach to managing procurement. Below is a list of commonly used strategic procurement tools that will aid decision-making and support the efforts of commissioners. 1. Spend analysis 2. Collaborative procurement 3. Procurement strategy and plan 4. Category Management 5. Supplier Relationship Management 6. Supply/Value Chain Analysis 7. Competition 8. e-Procurement 9. Standard Terms and Conditions of Contract 10. Framework agreements 11. Preferred supplier lists 12. Sustainable procurement In addition the following section contains information on how to apply the tools above: 13. Applying Strategic Procurement Tools in Practice 1. Spend analysis When used at a strategic level this is a powerful and invaluable tool for identifying and manipulating detailed spend data by, for example, category, provider, cost unit and time period and combinations/permutations of these. This information is the key foundation for other strategic procurement decisions such as category management, supplier relationship management and the procurement strategy. It forms an important part of resource mapping and planning as it allows organisations and their commissioning...
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...Assignment Title: ‘Concepts & IT Effectiveness of Supply Chain Management and Logistics Improvement’ Name: Nazmul Haque Sumon Course name: PGD Student Id: OCL 0150 Tutor’s Name : Mr Harry Lindsay OPAL COLLEGE LONDON TABLE OF CONTENTS Task:1 1.1 explain the importance of effective supply chain management in achieving organisational objectives 1.2 explain the link between supply chain management and business functions in an organisation 1.3 discuss the key drivers for achieving an integrated supply chain strategy in an organization 2.1 evaluate the effectiveness of strategies used by an organisation to maintain supplier relationships the organization TASK :3 4.1 explain the role of logistics in supply chain management in an organisation 4.2 evaluate procurement practices in an organisation 4.3 discuss the factors that must be considered when improving logistics and procurement practices in an organization 5.1 plan a strategy to improve an organisation’s supply chain 5.2 assess how a supply chain improvement strategy will benefit overall business performance in an organisation 5.3 explain how barriers will be overcome in an organization when implementing a supply chain improvement strategy Task : 1 Introduction: supply chain management operates at three levels. These are strategic, tactical and operational strategic level, company management makes high level strategic supply chain decision that are relevant...
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