The document discusses procurement and risk management tools and techniques learned in a course by a learning team. It provides examples of team members' experience mostly not having direct project management experience but being involved in supporting roles. It then gives examples of how procurement is used in a construction project and processing industry. It highlights two valuable tasks learned in the course: procurement evaluation and strategic purchasing. It concludes the course helped provide a better understanding of aligning procurement and risk management which are important for project success.

1. Procurement and Risk Management PaperKimberly Hernandez,
Spencer O’Brien, Stephanie Robinson, De’Andra
YoungCPMGT/302: Procurement and Risk Management
August 10, 2020
Professor Pamela Hill
Procurement and Risk Management
The following report discusses the procurement management
process in alignment with risk management, as outlined by
Learning Team 4 and their collaborative impression of the
lessons learned while attending this course. The intent of this
outline is to discuss prior procurement management knowledge,
real-world examples thereof, along with learned tools and
techniques and their usage within a real-world example.
Risk and Procurement Management Tools and Techniques
Experience
Collectively, most of the team members have never been in a
project management role, but, see it as a career goal. Most
members have been involved in the project process, serving
team roles such as executive assistant. An executive assistant
works directly with the project manager, remaining active
within the management of procurement itself.
Typically, an executive assistant is responsible for ordering and
maintaining supplies, the issue of SOW, and the processing of
invoices. The executive assistant can also be involved with
various risk assessment situations, working alongside members
within the operational risk department.
2

2. Real World Project Management Examples
In project management, the procurement process is
regularly used and if performed well, will prove to be a
contributing factor in the project success. An example of
procurement can be taken from a construction project. Within
the procurement process, the project requirements will be
assessed, which would include expected deliverables within an
expected timeline. Once this information is obtained, the
availability of resources and material will be determined.
For resources needed from an outside vendor, the procurement
team shall qualify the available external resources to find which
may be the most suitable. Through negotiations with the vendor,
all the while referring to the risk assessment, contracts will be
created and executed, each carrying terms and conditions for the
buyer and seller to adhere to.
Upon full performance and delivery of the project, the
procurement process would then initiate a closing process. The
closing process would be executed so that the assurance of all
deliverables produced, and all invoices submitted and paid so
that no further obligations exist within the verbiage of each
contract. The overall Procurement process for the construction
company would end with the project itself, with documentation
delivered to the client reviewing the lifecycle of the project
processes along with lessons learned.
Tools and Techniques Learned While Taking this Course
During this course, a lot was learned about procurement,
especially when in alignment with risk management. The course
also emphasized the importance of a procurement strategy plan
which carefully analyzes risks associated with the project.
The team recognized two valuable tasks that showed evidence
of being utilized within the project setting in the future:
· Procurement Evaluation – The evaluation of procurements
finds the project manager performing a make or buy analysis,
purchasing as compared to leasing evaluations, and whether to

3. use internal or external resources.
A real-world example of procurement evaluation can be taken
from the processing industry, and the project determination of
how to produce a necessary part needed for a mission-critical
process. This scenario would see the evaluation of the
availability of the part produced and delivered from an exterior
source, as compared to the in-house resource and material
availability for the organization to produce it themselves.
· Strategic Purchasing – Strategic purchasing fins the project
manager determining the acquisition of resources through the
analysis of quality, capability, cost, and availability.
The processing industry offers a real-world example in terms of
strategic purchasing, as well. In evaluation of the project, the
project manager finds that a filter material can be purchased at a
lesser cost if bought in bulk. Though the filter material is not
used on a day to day basis, this evaluation finds the project
requiring an excessive amount before completion. This leads to
further evaluation by the project manager, who finds that
although it appears as a major purchase now, the cost savings of
buying bulk along with storage costs is much less than only
bought when needed.
Conclusion
The value of a properly executed procurement management
process has become strongly evident amongst the team,
resulting in a broader knowledge as to project activities when
aligned with risk management. Throughout this course, a
common theme of success was projected through the repeated
task of breaking the procurement process into much smaller,
more manageable ones. With this project environment mindset,
it is expected the members of this team should have a promising
career within the project management field.