Critically evaluate the risks associated with contract and procurement management approaches

a) Critically evaluate the risks associated with contract and procurement management approaches
b) Evaluate procurement requirements to formulate procurement processes in order to initiate contracts
Weighting 20%
Total Marks 20 marks
Assessment Task
Critically read the assigned case study, available from either the Subject Learning Resources tab on the course homepage or as sent to you by the Learning Facilitator as an announcement. Read the Module 1-2 learning resources, especially those focused on project risk. Engage with other students by posting a 600-800-word discussion forum post and 300-word critiques detailing your response to the question below.
Please refer to the instructions for details on how to complete this task.
Context
Procurement and contracts are integral to successful project management. Planning for purchases and acquisitions, requests for proposal, vendor selection, contract administration, and contract closure are integral parts of the process. Learning from case studies and benchmarking against better practices, standards and excellence is vital to understand complexity of issues and successful strategies for procurement and contract management. It will also ensure improved responsiveness to key issues, promote supplier client relationships through proactive management of risks and ultimately deliver higher level of focus on performance-based outcomes.
Assessment 1 is a discussion with other students of key issues to better understand the principles of project procurement, challenges, and risks, as well as develop key procurement themes and quantify financial exposure.
This assessment requires that you critically evaluate the risks associated with contract and procurement management approaches. This assessment requires that you answer the following question, evaluating the following risk and procurement concepts:
“What are some important procurement risks that typically exist for large or complex projects? What procurement/financial risks exist in the assigned case study, and what strategies do you propose for mitigating these risks?”.
To do so, address the following concepts in your post:
• Identify 2-3 typical procurement risks required to be managed for complex projects
• Identify 2-3 specific financial risks from the case study project
• Propose possible procurement/financial risk mitigation actions for the case study project, and explain these relate to better practice guidelines
• Identify possible areas for further vendor negotiations and management that you believe are important to achieve a successful contract completion
• Identify areas of key accountability that exist for the project manager and procurement manager in facilitating a successful outcome for the case study project
To answer this question, you will need to:
(a) Post a 600-800-word (+/-10%) response to this question, based on your informed opinion and demonstrated knowledge of project management procurement risks, project lifecycles, and PMBoK, to the Discussion Forum on the Learning Portal.
(b) Respond to a minimum of two other students’ posts by critiquing their opinion and comparing it with yours in 300 words (+/-10%).
Instructions

Read module 1-2 learning resources, particularly those relevant to procurement risk, to familiarise yourself with fundamental concepts. Critically reflect on your readings to form an opinion. Commence writing your opinion to answer the question and support that opinion by using at least six (6) references from academic or industry literature. Cite these references in your opinion of 600-800 words both in-text and as a reference list at the end of your opinion piece. The word count does not include the reference list. It is expected that you will undertake sufficient research and reading to effectively contribute and share ideas individually. This is important for discussions to achieve sufficient depth of analysis as to provide high quality information to satisfy the requirements for the case study analysis – based on the above guidelines.
Read other students’ posts. Think about their opinion and try to compare and contrast them with yours. This will allow you to “critique” the views of at least two other students. You can do this by highlighting the things you agree with and those you disagree with in their post. You need to justify and explain your critique of their opinion. In your response, you will need to refer to some of the literature. Your responses will need to be a minimum of 300 words. This does not include the reference list
Referencing
It is essential that you use appropriate APA style for citing and referencing research. Please see more information on referencing here https://library.torrens.edu.au/academicskills/apa/tool
Submission Instructions
Submit this task via the Assessment 1 link in the main navigation menu in PROJ6004 – Contracts and Procurement. The Learning Facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades.
Academic Integrity Declaration
I declare that except where I have referenced, the work I am submitting for this assessment task is my own work. I have read and am aware of Torrens University Australia Academic Integrity Policy and Procedure viewable online at http://www.torrens.edu.au/policies-and-forms
I am aware that I need to keep a copy of all submitted material and their drafts, and I will do so accordingly.
Assessment Rubric
Assessment
Attributes Fail
(Yet to achieve minimum standard)
0-49% Pass
(Functional)
50-64% Credit
(Proficient) 65-74% Distinction
(Advanced)
75-84% High Distinction
(Exceptional)
85-100%
Understanding of the Project
30%
10%
Superficial analysis of the project context and complexities Rudimentary analysis of the project context and complexities Proficient analysis of the project context and complexities Through analysis of the project context and complexities Sophisticated analysis of the project context and key elements
10%
The project complexities and nuances have not been understood Basic evaluation of the project complexities and nuances Thoughtful evaluation of the project complexities and nuances Discerning evaluation of the project complexities and nuances Insightful evaluation of the project complexities and nuances
10%
Responses to the key questions lack intellectual rigour and resolution Functional responses to the key questions posed Responses to the key questions posed show developing judgement Astute responses to the key questions posed Considered and highly resolved responses to the key questions posed
Application of Learned Theories and Frameworks
20%
10%
Learned theories and frameworks have not been understood or interpreted incorrectly Demonstrates a basic level of understanding of learned theories and frameworks Demonstrates proficient level of understanding of learned theories and frameworks Demonstrates an advanced level of understanding of learned theories and frameworks Demonstrates an exceptional understanding of learned theories and frameworks
10%
Learning theories and frameworks have not been used to support discussion contribution Learning theories and frameworks are applied at a superficial level to somewhat support discussion contribution Effectively synthesises and applies theories and frameworks to support discussion contribution Persuasively synthesises and applies theories and frameworks to support discussion contribution Eloquently synthesises and applies theories and frameworks to support discussion contribution
Effective
Contribution to
Discussion
30%
10%
Student’s contribution to the discussion and engagement in the developing conversation is limited or non-existent Student has only engaged in the developing conversation in a minor way Student is engaged in the discussion and responsive to the developing conversations Student initiates some discussions and shows consistent engagement in the developing conversations Student shows leadership in activating community discussions and contributing to developing conversations
10%
Original post lacks depth and consideration, with little opportunity for further group discussion Original post considered and offers relevant ideas for group discussion Original post is highly engaging and offers well reasoned arguments for group discussion Original post is conceptually evocative and and offers carefully considered ideas for initiating group discussion Original post is insightful and offers highly stimulating, authentic thought for initiating group discussion
10%
No response posts have been made Response posts have been made, but lack depth and consideration Response posts are considered and constructive Response posts are constructive and engaging, supporting further group learning Response posts are encouraging and provocative, supporting further group learning
Language and
Communication
10%
Significant grammar, spelling and punctuation errors resulting in a lack of clarity to ideas communicated. Ideas are understandable, but notable spelling and punctuation errors evident throughout. Ideas are communicated successfully but some minor spelling and punctuation errors are evident. Ideas are clearly communicated with only minor punctuation errors. Ideas are flawlessly communicated with no grammatical, spelling, or punctuation errors.
Research and
Referencing Quality
10%
5%
No independent research beyond lecture material Superficial independent research beyond lecture material Substantial research beyond lecture material Extensive independent research beyond lecture material Exhaustive independent research beyond lecture material
5%
Citations of sources and references used to inform ideas are not evident Some citations of sources and references used to inform ideas Proficient citations of sources and references used to inform ideas Significant citation of sources and references used to inform ideas Exemplary citation of sources and references used to inform ideas
The following Subject Learning Outcomes are addressed in this assessment
SLO a) Critically evaluate the risks associated with contract and procurement management approaches
SLO c) Evaluate procurement requirements to formulate procurement processes in order to initiate contracts