Question: Due to my success as a project manager in the traditional marketplace, I have opened my own business as a contractor for unique projects. I’m having some trouble with the financial side of things. How can I make sure I’m covering my own expenses and profit, while also protecting my customers from feeling uncertain about the cost for my services?
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As any Project Management professional would appreciate, Procurement Management is an important element of managing complex projects. In his webinar in November 2020 (Titled “Procurement Management – a review of Important concepts”), Manish had discussed important concepts of Procurement management. Based on the feedback received from the previous webinar he has attempted to cover various aspects of selection of suppliers, contractors, consultants and other vendors (addressed as partners in general). The concepts of identifying and shortlisting partners based on technical competence and financial capability etc. will be discussed. Further the aspect of assessment of bid capacity for a particular project based on the partner’s position at any given point in time will also be discussed. These concepts will be discussed with examples and case studies. This webinar should help the Project Management professionals select the right partners to enable an efficient and effective procurement for their projects.
As any Project Management professional would appreciate, Procurement Management is an important element of managing complex projects. Through this webinar/series of webinars, Manish will discuss important concepts of Procurement management like types of contracts, standard forms with a brief overview of FIDIC documents as an example, Instructions to Bidders (ITB), importance of independent estimates, change management, Extension of time (EOT), Payment terms, Price escalation, Suspension and termination of contract, types of securities, Force Majeure and finally dispute resolution. These concepts will be discussed with examples and case studies.
Save Time With Tools + Templates
Use this template to monitor and control the procurement cycle of materials during a project. It helps you track procurements by comparing planned activity dates with actual activity dates, allowing you to forecast/adjust progress.
Keep track of equipment for your project using this simple Excel log.
This document can be used to manage procurements in your project. A procurement is the process of acquiring products or services from third parties. This process includes any preparations, the actual purchase and controlling the compliance with a contract or agreement.
While actively participating in mentorship during a project with a local design/build firm, this practitioner compiled an overview of the project management process as detailed in PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Use this overview with other project managers as a tool to reference in your day-to-day PM activities (as well as share with new project managers).
Learn From Others
Many project managers don’t think they have any accountability in contract management because their organization has a procurement of contract management function. Nothing could be further from the truth.
Question: Due to major cutbacks at my organization, I have been asked to work on getting new software that we need to update. In the past, we had a procurement department to do this. Since they were all let go, finances are at a low level for us. How can I quickly get myself up to speed so that I lower the company risk when we sign a new software contract?
We can’t always do it all ourselves. Choosing the right vendor is critical to your project’s success. Ensuring your goals are aligned, conducting deep due diligence, and creating a win-win scenario will get you there. This article looks at approaches to help you gather accurate information about your vendor and their capabilities.
Suppliers play an important role in projects, so the supplier selection process is crucial. We can avoid some risks if we take the following considerations into account during the supplier selection process.
The Pay for Success (PFS) approach provides a compelling “try before you buy” platform for conducting a new product or service analysis. Is there a way to “experience” the needs and challenges of engaging in a PFS initiative, and to “visualize” the potential benefits of the offering, without a large commitment of resources to such an up-front effort?
Delays in engineering, procurement and construction projects almost feel inevitable. However, they can be avoided if we understand and identify their causes before the start of the project—and try to mitigate the gaps during the project lifecycle.
Coordination in the Supply Chain Management of Complicated Engineering, Procurement, Construction and Commissioning Projectsby
Coordination plays an important role in both project and supply chain management, especially in regard to complicated engineering, procurement, construction and commissioning (EPCC) projects. Analysis of supply chain management for a floating production storage and offloading unit (FPSO) building illustrates the differences between traditional-industry and complicated EPCC projects.
In his first article, the author examined design and preconstruction in tier 1 construction projects (over US$ 100 million). This entry in the series explains the contracts and contractor requirements for planning. The project management plan consists of multiple parts requiring contractor submittal and owner approval. The elements of the plan are described along with instructive stories and lessons learned.
Negotiating prices during procurement does not only depend on the purchaser's soft skills or negotiation techniques; technical skills also have a role. In this article, the author shares technical ideas and advice that may lead to cost reductions or price discounts.
Winning contracts is a team effort. An organization must practice transparency so that project managers have enough information to understand the wider picture to focus their projects on creating business value.
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