Project Management and How it Relates to Purchasing and Supply Research Paper - 2

Project Management and How it Relates to Purchasing and Supply Management - Research Paper Example In fact, project management is a profession that most businesses embrace and there is a high possibility that the field will develop over the years. Typically, the general idea behind project management is not different from that of purchasing and supply because the methods, processes and approach applied aim at minimizing the chances of failure or forfeiture. However, there is more to the relationship of the two aspects apart from the common similarities such i.e. they both need professional managers. In purchasing and supply management, the experts engage in the management of the procurement procedures, all those that involve the goods and services (Zigiaris 2000). Definitely, ample management skills apply but the most critical responsibility involves managing the supply chain. This requires negotiations involving the contracts required for the upkeep of an organization’s production sequence. Decisively, a great relationship exists between project management, and purchasing and supply management, not necessarily in terms of the results and goals, but in the essence of knowledge and skills required. Consequently, this research paper focuses on analyzing both factors as a way of establishing the core relationship between the two. Evaluation revolves around aspects such as the concepts of procurement and contract management, RFP selection tools, procurement planning and its legal characteristics. Generally, the discussion entails a comprehensive assessment of these foci as the basis for the argument on the relationship. Obviously, almost all companies use procurement professionals for the purchasing and supply management requiring them to have resources, tips and tools for all modules in the chosen strategies. The common expectations for the procurement professionals entail being able to produce savings, managing contracts effectively, maintaining productive supplier relationships, negotiating and