SAVE DISTINCTION MARKS IN R/618/0226 PROCUREMENT RISK AND CONTRACT MANAGEMENT - OTHM LEVEL 7 DIPLOMA IN PROJECT MANAGEMENT ASSIGNMENT WHICH IS WRITTEN BY OUR PROFESSIONAL WRITER!
Qualification - OTHM Level 7 Diploma In Project Management
Unit Name - Procurement Risk and Contract Management
Unit Level - Level 7
Unit Credit - 30
Unit Reference - R/618/0226
Assignment - Procurement Risk and Contract Management
Learning Outcome 1: Understand the core concepts of procurement and contract management.
Answer: Procurement encompasses the processes of acquiring goods, services, or works from external sources, involving steps like identifying needs, sourcing suppliers, negotiating terms, and purchasing. Contract management, on the other hand, focuses on the administration of agreements made with these external parties, including drafting, reviewing, executing, and ensuring compliance throughout the contract lifecycle. The core concepts of both involve understanding the importance of value for money, managing supplier relationships, mitigating risks associated with external dependencies, and adhering to legal and ethical standards to achieve organizational objectives effectively and efficiently.
Learning Outcome 2: Be able to critically evaluate procurement operating environment and legislation.
Answer: Critically evaluating the procurement operating environment involves analyzing factors such as market conditions, supplier capabilities, economic trends, and technological advancements that influence procurement activities. This also includes understanding the relevant legislation, which can range from public procurement laws and trade regulations to contract law and ethical guidelines, and assessing its impact on procurement processes and outcomes. A critical evaluation enables organizations to identify opportunities and challenges, ensure compliance, optimize their sourcing strategies, and mitigate potential risks within the specific context in which they operate.
Learning Outcome 3: Understand the management of procurement operations.
Answer: Managing procurement operations involves overseeing the day-to-day activities related to acquiring goods and services, ensuring efficiency, effectiveness, and alignment with organizational goals. This includes tasks such as processing purchase requisitions, managing supplier relationships, conducting negotiations, placing and tracking orders, handling logistics, and ensuring timely payment. Effective management of procurement operations also requires implementing and monitoring key performance indicators, optimizing processes to reduce costs and improve quality, and maintaining compliance with relevant policies and regulations.
Learning Outcome 4: Understand the risk management process in procurement and contract management.
Answer: The risk management process in procurement and contract management involves identifying potential risks associated with sourcing and contractual agreements, analyzing the likelihood and impact of these risks, developing strategies to mitigate or avoid them, and monitoring and controlling these risks throughout the procurement and contract lifecycle. This includes considering risks related to supplier performance, pricing volatility, supply chain disruptions, legal and regulatory compliance, and contractual disputes. By proactively managing these risks, organizations aim to ensure the successful acquisition of goods and services and the fulfillment of contractual obligations, minimizing potential negative impacts on project timelines, budgets, and overall business objectives.
Aim: The aim of the unit is to enable the student to understand the core concepts of procurement along with the importance of identifying and managing risks related to procurement and contract management. The learners will also develop a critical understanding of various legislative frameworks important for procurement and consider frameworks for risk assessment in the procurement context.
Boost Your Cybersecurity Skills with Our Assignment Help - Unit 5.39: Cyber Security for ATHE Level 5 Diploma in Computing
Scenario
GLP a newly established procurement firm, has approached an UK based prominent consultancy firm DTS to assist in managing the challenges the organisation faces in the next five years due to changes in the political, social and economic factors in the UK. You work as a Senior Analyst in the firm. Your line manager has allocated this firm to your workload and asked you to produce a detailed report that should resolve GLP's queries.
HIRE PROFESSIONAL TUTORS FROM MIRACLESKILLS.COM AND GET BEST QUALITY R/618/0226 PROCUREMENT RISK AND CONTRACT MANAGEMENT ASSIGNMENT HELP AND OTHM LEVEL 7 DIPLOMA IN PROJECT MANAGEMENT ASSESSMENT HELP SERVICES!
Task 1 Management Report Instructions
Your report should consist of two sections containing the following:
Section A
1. Define procurement and contract management.
2. Examine the principles of procurement and contract management as applied to a large multinational organisation.
3. Evaluate the importance of sustainable procurement.
4. Assess the impact of legislative frameworks on procurement in the impact public and private sector.
5. Critically assess the role of European Union in procurement.
6. Evaluate the importance of establishing ‘Contract Procedure Rules' and applying financial regulations.
Streamline Your Administrative Skills with Our Assignment Help - Unit 4.27: Administrative Systems for ATHE Level 4 Diploma in Business and Administrative Management
Section B
1. Discuss the key principles and application of category management.
2. Critically assess the impact of technology on procurement operations.
3. Examine the use of electronic promotion of contract opportunities and electronic tendering.
4. Explain the various risks associated with e-tendering.
5. Evaluate the risk management factors that impact on procurement and contract management.
6. Evaluate frameworks of risk assessment in relation to procurement.
Elevate Your Understanding of Medical Physics Applications with Our Assignment Help - Unit 22: Medical Physics Applications for Pearson BTEC International Level 3 Qualifications in Applied Science
MOST RELIABLE AND TRUSTWORTHY R/618/0226 PROCUREMENT RISK AND CONTRACT MANAGEMENT - OTHM LEVEL 7 DIPLOMA IN PROJECT MANAGEMENT ASSIGNMENT HELP AND SOLUTION AT YOUR DOORSTEPS!
|
Learning Outcome The learner will:
|
Assessment Criterion - The learner can:
|
|
1. Understand the core concepts of procurement and contract management.
|
Define procurement and contract management.
Examine the principles of procurement and contract management as applied to a large multinational organisation.
Evaluate the importance of sustainable procurement.
|
|
2. Be able to critically evaluate procurement operating environment and legislation.
|
Assess the impact of legislative frameworks on procurement in the impact public and private sector.
Critically assess the role of European Union in procurement.
Evaluate the importance of establishing 'Contract Procedure Rules' and applying financial regulations
|
|
3.Understand the management of procurement operations.
|
Discuss the key principles and application of category management.
Critically assess the impact of technology on procurement operations.
Examine the use of electronic promotion of contract opportunities and electronic tendering.
Explain the various risks associated with e-tendering.
|
|
4. Understand the risk management process in procurement and contract management.
|
Evaluate the risk management factors that impact on procurement and contract management.
Evaluate frameworks of risk assessment in relation to procurement.
|
MOST RELIABLE AND TRUSTWORTHY R/618/0226 PROCUREMENT RISK AND CONTRACT MANAGEMENT - OTHM LEVEL 7 DIPLOMA IN PROJECT MANAGEMENT ASSIGNMENT HELP SERVICES AT YOUR DOORSTEPS!