Overview of Procurement Management Plans: Milestone III S, Lecture notes of Accounting

Download Overview of Procurement Management Plans: Milestone III S and more Lecture notes Accounting in PDF only on Docsity! Overview of Procurement Management Plans: Milestone III Southern New Hampshire University Professor Harshbargercritiqued my Milestone submission as follows: "You discussed some of the contracting process. However you needed to discuss the contracting decisions made in your case. For the final project make sure you also discuss how some of the principles could be enhanced with additional work." V. Procurement in Practice Summarize the key principles of: 1) Value for money, Business Dictionary gives an in-depth definition as “A utility derived from every purchase or every sum of money spent. Value for money is based not only on the minimum purchase price (economy) but also on the maximum efficiency and effectiveness of the purchase.” Value for money has to be about more than money, or you couldn’t differentiate between two items that cost the same. 2) Ethics as explained by the Project Management Institute, “is the discipline of ‘how to do it best’(Bonghez, Karpe, & Nuseibeh, 2020).” Ethics can be thought of as just doing the right thing, but when that is complicated, PMI has a createdCode of Ethics and Professional Conductto guide the project management professional. 3) Competition is simply giving all players a fair chance to play. In this instance, giving all potential qualified vendors a fair opportunity to bid on the project. 4) Transparency refers to making all decisions with and trough open channels and without secrecy or bias. 5) Accountability is the responsibility to account for one’s actions or inactions (or of a party or organization) and the ensuing result(s). Discuss the importance of the key principles in effective procurement.