Project Management and How it Relates to Purchasing and Supply Research Paper

Project Management and How it Relates to Purchasing and Supply Management - Research Paper Example In this scenario, project management processes are required to perform these operations successfully. The basic purpose of this research is to analyze project management in the context of its use in procurement and supply management. Procurement and Project Management Procurement is the most important element of a business industry. It encompasses a wide variety of aspects of project management such as acquiring material, goods, equipment, and services from external firms. However, procurement does not include other internal departments inside an organization. In view of the fact that procurement is a domain for which a project manager will be responsible for providing information and input, in various and possibly a number of firms, hence it is believed to be an area that the project manager does not own. Though, the project managers generally are not authorized to take part into contracts in support of the business organization, as well as they are not responsible for controlling t he contracts once they are prepared or in process. However, it is still a most important area which an organization must need to have knowledge of. In this scenario, the project Management Institute (PMI)’s Project Management Body of Knowledge (PMBOKÂ ®) outlines six key processes that deal with certain Project Procurement Management knowledge areas (Mochal, 2007). Plan purchases and acquisitions: This process of project management is concerned with identifying and determining the resources that need to be acquired for a project and when a project needs them. This area of procurement comes directly under the control and authority of the project manager, for the reason that the top management and organization’s purchasing committee do not... This paper has presented a detailed analysis of the project management function in the context of its role in procurement and supply chain management. Project management is a set of well-organized and synchronized processes, and each process is connected with another however the basic purpose remains to achieve a common goal. The research has shown that both the project management and supply chain management are similar disciplines. The research has also shown that if both supply chain management and project management are combined effectively then it can improve the performance and efficiency of a firm. This paper has also discussed various aspects associated with procurement and purchasing. This paper has also presented recommendations on how to use project management to improve procurement and supply chain processes. In short, the survival of successful project management depends seriously on the proper execution of the supply chain process, for the reason that well-timed, accurat e, and well-organized delivery of materials, equipment, supplies and resources are critical to success of project management. In order to make the procurement process a success, there is a need for reliable aftercare and organizational record, which should be carried out by a variety of professionals from the legal and financial settlement of purchases. In addition, even a project is in progress, the performance of the suppliers should be constantly assessed and, where essential, alternatives should be adopted.