Week reading Procurement Monitoring and Control Planning for risk is important but monitoring and controlling risk throughout the project is even more critical because the proactive approach helps reduce or eliminate risks even before they happen

 This assignment is designed to help you improve your communication, critical thinking, and research skills.  Your deliverable should answer the following questions:

What did you learn this week?
Was the material valuable and/or applicable? Please elaborate.
If yes, how are you planning to use this material in the future?
If no, what changes would you recommend?

What I learn this week
Week reading  Procurement Monitoring and Control Planning for risk is important but monitoring and controlling risk throughout the project is even more critical because the proactive approach helps reduce or eliminate risks even before they happen. Project managers need to watch for early warning signs, based on triggers established, to monitor all purchases and contracts for early signs of problems. Procurement monitoring and control cover a wide area.  Some of the examples include assigning a new purchasing agent, looking for a substitute after finding out that an item is no longer available, changing the procurement process after internal requirements have changed, making contract changes after changes in external requirements, and more.Objectives:

Discuss various controls that can be implemented for the use of contract agreements.
Discuss the importance of preferred supplier/vendor lists.
State the importance of monitoring controls used by the procurement department.

Activities:

Read, view, and engage with Readings and Resources.
Actively participate in Unit Discussion.
Complete and submit the Unit 6 assignment.
Post to the Unit 6 Journal.

 Textbook or eBook:Wilson, R. (2015). Mastering risk and procurement in project management.  Upper Saddle River, NJ: Pearson FT Press. 

Chapter 7: Monitoring Risk and Control
Chapter 8: Procurement Monitoring and Control

The Project Management Body of Knowledge (PMBOK) Guide, created by the Project Management Institute (PMI), consists of widely accepted standards, frameworks, techniques, processes, and terminology for the project management profession.

Project Management Institute. (2021). A guide to the project management body of knowledge (PMBOK Guide) (7th ed.). Project Management Institute, Inc.

Articles, Websites, and Videos:In this video, the speaker outlines current areas of concern incorporating bidding processes and outlines a number of practical steps that companies can take to control their risks.Watch VideoMinimizing Procurement Risks: Establish Robust Policies and Processes