MODULE 3 Procurement Management: Financial Aspects Introduction It is often asked whether the components of the project deliverables will be developed internally or is there a need to outsource some of that development. Most project managers will, at one time or another, need to procure the expertise, materials, equipment, or services required for development, implementation, or execution of the project deliverables. In this module, you will apply judgement and initiative as part of the discussion board participation – to clarify procurement and financial risks for complex projects, discuss key areas of financial exposure, agree on (?) important financial risk themes, benchmark and articulate the learning outcomes and apply these to the Case Study Project. Module 3 learning activities will include a review of the learning resources (essential, highly recommended and other learning resources), viewing of essential videos, engaging with other students to discuss key sub-topics (noted below) and ultimately record key aspects through reflection in your reflection journal. This module will cover: Financial aspects of procurement and total cost of procurement;Financial aspects of contracts, risks and opportunitiesDiscussion board participation looking at the Case Study contract provisions and to explore key aspects through benchmarking with best practices or excellence frameworks. This module will help you: Understand financial aspects of procurement, will review total cost of procurement (including products and services);Identify financial aspects of contracts and inter-dependencies with risks;Explore risks/mitigations and opportunity creation through improved Contract Management.Apply judgement and initiative to participate in discussion board to clarify procurement and financial aspect of complex projects generally and also discuss and benchmark against a real-life Case Study to better understand the remaining procurement and financial risks and themes that may require further critical review;To leverage the learning outcomes from Modules 1, 2 and 3 to enhance group participation and find solutions to complex issues.Exchange ideas with other students through the discussion form on the above topics and also record key aspect in the Reflection Journal. MODULE 3 Learning Resources Essential learning resources for all modules Procurement Management is the knowledge area involved in purchasing or acquiring products, services, or results from outside the project team, including developing and administering the contract or purchase order needed to obtain them. Project Management Institute. (2013a). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). Newtown Square, PA: Author.Chapter 12, ‘Project Procurement Management’Also retrieved from http://www.pmi.org/Macbeth, D. K., & Project Management Institute. (2012). Procurement and supply in projects: Misunderstood and under-researched. Newtown Square, Pa: Project Management Institute.Subject, and assessment specific, case study provided by Learning Facilitator Essential learning resources for this module: Government of South Australia, State Procurement Board. (2014). Procurement Authority and Accreditation. Accreditation – Better Best Practice Handbooks.Category One Leadership and StrategyCategory Two Organisation and PeopleCategory Three Governance and Performance ManagementCategory Four Processes and SystemsRetrieved from http://www.spb.sa.gov.au/content/policies-guides/procurement-authority-and-accreditationFor Module 1 the focus are Categories One, Two, Three and Four documents.Sollish, F., & Semanik, J. (2012). The Procurement and Supply Manager’s Desk Reference. Upper Saddle River, NJ: Wiley. For Module 3, the relevant chapters are:Chapter 1, ‘Procurement and Best Business Practices’Chapter 2, ‘Sourcing Managements’Chapter 3, ‘Solicitation of Bids and Proposals’Chapter 4, ‘Supplier Selection Criteria’Chapter 5, ‘Contracts and Legal Aspects of Procurement’Chapter 7, ‘Risk Management’Chapter 9, ‘Negotiation’Chapter 10, ‘Contract Formation and Administration for Optimum Supplier Performance’ Essential videos for Module 3 Procurious HQ. (2014, May 22). Introduction to Procurement: Spend Analysis Fundamentals [Online video]. Procurious HQ. (2015, March 5). Introduction to Procurement: Spend Analysis Fundamentals – Part 2 [Online video].Note: Embedding has been disabled by request. To view this video, click on the link. Highly recommended reading (Applies to all assessments) KPMG International (2015). Public Private Partnership.Shaw, Carol Lyle. (2012). Virtual Team Success Pyramid. Other recommended reading Steel, G. (2013) Tender Management. In P. Morris, & J. Pinto (Eds.). The Wiley Guide to Project Technology, Supply Chain & Procurement Management(pp. 282-316).Jaber, M. Y., & Goyal, S. K. (2009). A basic model for co-ordinating a four-level supply chain of a product with a vendor, multiple buyers and tier-1 and tier-2 suppliers. International Journal of Production Research, 47(13), 3691-3704. doi:10.1080/00207540701805604 MODULE 3 Complete this Module’s Learning Activities Learning activities: Learning and engagement activities will involve watching selected short videos (see learning resources section), exploring learnings on sub-topics from Modules 3 (refer to module introduction) and by participating in the discussion board to explore issues in relation to the Case Study. The focus of the engagement exercise will be for you to explore key financial risks and exposure that exists in complex projects and how they apply to the Case Study project over the remaining project life cycle (in particular risks up to Project Handover and through the Operating life), reach alignment on key financial themes and risks, benchmark and develop possible lessons learnt when compared with better practices or excellence in procurement and contracts management (including PPP-procurement). Reflection Journals should also record a critical self-reflection of how they would apply some of the learnings in their own professional development as project / procurement / contract managers. In Module 3, you should demonstrate a high level of interaction within your Group as well as demonstrate behaviours and actions consistent with the Virtual Team profile. Learning should also include individual participation, contribution and co-learning within the students groups and wider student community – through active engagement with blackboard discussions. To participate in this module’s Discussion, click on the “Discussion Forums” link in the subject navigation menu, then on this Module’s Discussion Forum. If you wish to start a new discussion thread, click on Create Thread, or respond to one of the existing discussion threads by clicking on the title of the thread and then on Reply.
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