Proj6004 Contracts And Procurement |Supplier Assessment Answer
Questions:
Management processes
Answers:
CONTRACT AND PROCUREMENT MANAGEMENT
Supplier relationship management:
Involves the process of
tracing, managing, and controlling of the various processes involved in engaging suppliers and customer-organizations/ clients.
It is therefore important to ensure a smooth and trustworthy dealing among the concerned parties in procurement (Project Management, 2013).
This means there is need to create a more collaborative and closer working ties with main suppliers to achieve more values as well as risk reduction
Ethics primarily imply:
The adherence to the established moral principles or code of conduct of a definite context such as a society or community by an individual or group of people.
This is usually between or among parties involved in a dealing/ transaction and in this case, the suppliers and the clients (organization/firm)
Ethics is an inevitable tool in developing trust and reliance and confidence
Ethics involves being transparent and dependent when conducting any dealings or transactions
This means suppliers and organizations need to be transparent and dependent for the procurement and supply chain to be monitored and observed
This will help to reduce the level of uncertainties involved in transactions and thus cutting down risks and smoothening working relationships (lish & Semanik, 2012)
Therefore, to ensure a good working relationship, supply chain management is a very important sub-discipline in procurement.
Managing of organizational resources is mainly dependent on procurement which incorporates supply of resources to the firm/ organization.
And as highlighted earlier, it requires consistency and maintenance of values while observing the codes of conduct (Project Management Institute, 2009) .
Project Management Institute (2009) Practice Standard for Project Risk Management. Project Management Institute.
Project Management, I. (2013). Guide to the Project Management Body of Knowledge Fifth Edition. Newtown Square, Pennsylvania: Project Management Institute.
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