Discussion on Planning for Success

Planning for Success
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Planning for Success
A procurement management plan is a document that specifies how the processes of procurement will be carried out (Schwalbe, 2014). Although many parts make up the procurement management plan, I think the type of contracts to be used and the metrics to measure the performance of contractors are the most important ones in the success of the procurement process. This is primarily because they are relevant to the project’s cost, quality, and timeliness elements.
Three major types of contracts that are important in procurement management are fixed-price contracts, cost-reimbursable contracts, and time and materials contracts (Watt, n.d.). Understanding these types of contracts is critical in order to select the one that offers the most workable and fair deal for the organization and the contractor. For example, Watt (n.d.) noted that a fixed-price contract often documents the quality of products and services, the price, and...