ASSIGNMENT BRIEF: REFLECTION JOURNAL Copy of the student’s Reflection Journal to demonstrate the progressive learnings through Module 3, 4, 5 and 6, including critical self-assessment of how some aspects may apply to student’s current or future roles. Reflection Journal is expected to have a nominal word limit of 800 words. In considering the above, please be mindful of, and reflect on (and record in the Reflection Journal), the findings and the lessons learnt from the case study and how they can be applied in your own personal development and professional career. Highlight any specific instances where your strengths and limitations as a project manager or manager have been identified. COURSE SUBJECT Introduction to Contracts and Procurement Module 3 Procurement Management: Financial Aspects Introduction It is often asked whether the components of the project deliverables will be developed internally or is there a need to outsource some of that development. Most project managers will, at one time or another, need to procure the expertise, materials, equipment, or services required for development, implementation, or execution of the project deliverables. In this module, you will apply judgement and initiative as part of the discussion board participation - to clarify procurement and financial risks for complex projects, discuss key areas of financial exposure, agree on (?) important financial risk themes, benchmark and articulate the learning outcomes and apply these to the Case Study Project (new Royal Adelaide Hospital). Module 3 learning activities will include a review of the learning resources (essential, highly recommended and other learning resources), viewing of essential videos, engaging with other students to discuss key sub-topics (noted below) and ultimately record key aspects through reflection in your reflection journal. This module will cover: • Financial aspects of procurement and total cost of procurement; • Financial aspects of contracts, risks and opportunities • Discussion board participation looking at the Case Study contract provisions and to explore key aspects through benchmarking with best practices or excellence frameworks. This module will help you: 1. Understand financial aspects of procurement, will review total cost of procurement (including products and services); 2. Identify financial aspects of contracts and inter-dependencies with risks; 3. Explore risks/mitigations and opportunity creation through improved Contract Management. 4. Apply judgement and initiative to participate in discussion board to clarify procurement and financial aspect of complex projects generally and also discuss and benchmark against a real-life Case Study (new Royal Adelaide Hospital) to better understand the remaining procurement and financial risks and themes that may require further critical review; 5. To leverage the learning outcomes from Modules 1, 2 and 3 to enhance group participation and find solutions to complex issues. 6. Exchange ideas with other students through the discussion form on the above topics and also record key aspect in the Reflection Journal. MODULE 4 Procurement Documentation, Procurement Constraints & Contract Negotiations Introduction If we consider a typical health-care project, the procurement manager would need to purchase clinical equipment, medicines and services at the best possible cost that meet the patient safety and health (quality) requirements. The documentation that passes between the Health Services procurement manager and the supplier (or vendor) is called procurement documents. Procurement documents are an important part of all stages of project execution and serve a very important aspect of the organizational control of the project. It provides vital input and output processes to ensure fair bidding and review of supplier proposals and ensuring accountability and performance. Procurement documents therefore form an important contractual relationship between the Client and the vendor or the service provider. Project managers are frequently involved in negotiations with different project stakeholders; including suppliers, distributors and regulatory bodies. While all negotiations are important, those involving contracts receive particular attention in this subject due to their potential impact on the project’s success or failure. In this module, you look at standardized procurement documents and procurement constraints. You also begin looking at areas for contract negotiations for completions management in relation to the Case Study project (new Royal Adelaide Hospital) and compile your Group Summary. Module 4 learning activities will include a review of the learning resources (essential, highly recommended and other learning resources), viewing of essential videos, engaging with students to discuss key sub-topics (noted below) and ultimately record key aspects through reflection in the student’s reflection journal. This module will cover: • Procurement documents and contracts including standardised procurement documentation; • Contract negotiation and key factors to consider; • Discussion board participation to benchmark key aspects against the Case Summary project (new Royal Adelaide Hospital. This module will help you: 1. Build your understanding of key procurement documentation, constraints and contract negotiation aspects; 2. Explore standardised procurement documentation and standard contracts. 3. Participate at individual and Group to unpack complex issues for the Case Study (new Royal Adelaide Hospital). 4. Apply judgement and initiative to participate in discussion board to clarify procurement constraints and negotiation processes; 5. Apply the learning to enhance group discussion, participation and dissemination of knowledge. 6. Exchange ideas with other students through the discussion form on the above topics and also record key aspect in the Reflection Journal. Module 5 Performance-based Contracting and Vendor Management Introduction Projects with a substantial procurement component require significant effort by the project manager to ensure that contracts meet the requirements and constraints of the project plan. Throughout the project phases, project managers must monitor performance to ensure that work is progressing according to the contract’s terms and conditions. The performance based contracting approach was pioneered in the US defence industry and now is being adopted worldwide, across many industries and the private sector. The approach focuses on outcomes rather than activities and tasks and uses measurable performance standards that are tied to required outcomes. It includes a pricing model that comprises or includes reward and risks. Examples of such metrics include; improved reliability or availability, improved certainty of delivery and reduced cost of ownership. A successful way of doing this is through incentivized term contracts with specific and measurable levels of performance agreed by contracting parties. A balance needs to be struck between defining the outcomes required in sufficient detail to ensure the customer’s requirements are understood and capable of being measured, and not unduly constraining the contactor or service provider. Vendor management allows companies to build a resilient relationship with service providers and contractors that will ultimately benefit all parties. Module 5 learning activities will include a review of the learning resources (essential, highly recommended and other learning resources), viewing of essential videos, engaging with students to discuss key sub-topics (noted below) and ultimately record key aspects through reflection in the student’s reflection journal. This module will cover: • Performance-based contracting and key terms and conditions that drive performance; • Contract management and contract administration including enforcement of contracts to deliver project outcomes; • Project constraints and contractor’s role in ensuring contractor delivers within those parameters and the requirements of the project plan. This module will help you: 1. Learn about performance-based contracting model and to explore its relevance particularly during the procurement execution and closeout phases; 2. Understand the importance of establishing performance criteria, how performance can be measured and the key contractual terms and conditions that drive performance outcomes; 3. Understand the strategic aspects of contract administration and examine contractor’s role in facilitating effective contract management within the project constraints; 4. Critique and benchmark the Case Study project against similar projects and capture lessons learnt; 5. Exchange ideas with other students through the discussion form on the above topics and also record key aspect in the Reflection Journal. Managing Relationships and Project Close Introduction As projects grow in scope, project managers are often asked whether it is possible to complete the project on their own. On top of that is the fact that society is becoming more global and interconnected. This increases the likelihood of working with many individuals across different languages and cultures, which makes managing relationships crucial to project success. Part of that communication should be in the form of discussions regarding project close inclusive of lessons learned throughout the project. In this module, students will assess areas where improvements can be made in the area of relationship management and project closure actions for the Case Study project and identify possible benefits or outcomes to deliver a successful project completion. This module will cover: • Relationship management and effective procurement • Supplier relationships, ethics and transparency • Supplier development strategies and best practices • Project closure documentation and lessons learnt • Emerging issues, trends and contract management excellence This module will help you: 1. To understand importance of relationships in procurement of complex projects and reinforce key processes that will ensure effective procurement. 2. To learn about ways to manage relationships with Suppliers and Vendors within the bounds of ethics and transparency. 3. Understand Supplier development strategies and share some of the best practices in strategic supplier development. 4. Explore emerging trends and effective contract management processes. 5. Critically analyse the importance of project closure documentation and lessons learnt. 6. To apply the learnings of the Course in preparing a comprehensive and succinct Group report (or PowerPoint presentation). 7. Critique a real-life Case Study, complex procurement project, summaries ways in which the Case Study project can reach successful closure, understand key the lessons learnt 8. Exchange ideas with other students through the discussion form on the above topics and also record key aspect in the Reflection Journal.