The Importance of Procurement Management
One can ask “what is procurement and why is it assuming so much importance in project management?” In today’s global environment economic and competitive pressures have made it imperative that organizations focus on their core competencies and turn to third-parties for other secondary corporate functions. Such an approach can reduce costs and improve operating efficiency.
Today, it is very unlikely that any project will be completed by the organization using its in-house resources only and not engaging products or services or documents/results from outside suppliers. In fact organizations are also looking for third parties to perform functions that were previously done in-house. Procurement management is a very important knowledge area and many organizations owe their successful outcomes to project procurement management’s best practices.
Overview of the Procurement Book
This book which covers, one hundred and eighty one pages, examines all the processes of procurement management from the buyer’s perspective. The intent of this book is to provide students of courses such as, the Procurement for Projects course- PRM 211, at the Cipriani College of Labour and Cooperative Studies with a handbook which gives not only important information for their course, but references, examples, case studies, internet sites and questions that could be used to prepare them for their exams.
The book is meant to supplement the Project Management Institute, A guide to the Project Management Body of Knowledge (PMBOK Guide) Fifth Edition. Procurement issues relevant to Trinidad and Tobago are discussed throughout the book including the Procurement Bill of 2014. It recognizes the fact that the issue of procurement in Trinidad and Tobago is a critical issue which needs to be properly addressed if the trend of millions of dollars in overruns on large projects is to be prevented.
This book can be used by students across the Caribbean who are studying Procurement Management as it goes into detail on all the procurement processes. It also examines procurement from the seller’s point of view and discusses such issues as how you know which Request for Proposal to respond to, outlines factors to inform the seller’s strategy, discusses the various parts of the seller’s tender and gives tips for writing successful proposals.
Read and enjoy
This book is available from the author. For copies please fill out the contact form.
Theresa Frederick
Author MSc. BSc. PMP. Dilp