When a significant percentage of project costs are related to procurement, project reviews will necessarily spend some time on procurement issues. Select two of the following four industries:â¢Service (public and private)â¢ Manufacturingâ¢Software and ITâ¢Construction/building/maintenanceCompare the two industries with respect to how you would conduct project reviews to integrate procurement, risk management, and contractual obligations. How would the reviews differ in the two industries if the project were carried out completely in-house instead of involving a third party for some or all of the work?Week 8 introductionThis week you will look at procurement and contracting from the financial, legal, and operational perspectives. The last 20 years have seen a proliferation of information systems designed to automate project processes, from project control through procurement and contracting to requirements management. You will explore the use of information systems in procurement and contracting from the perspective of the project manager. You will examine the application of project audits and reviews to the procurement process. Financial accounting is important for all projects, but it is critical in cases where procurement makes up a significant part of the project cost. You will study how cash flow and interest rates affect procurement planning and analyze the legal and regulatory considerations involved in project procurement activities.
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