Managing Procurement: MGT5211 Assessment Answer"

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MGT5211 Assessment Answers

Project management is one of the most common terms one shall come across in their lifetime. One involved in the process of projects, business or any other organizational aspects shall understand the need of project management. procurement and contract management processes are the two most important parts of the project management process. MGT5211 Assessment Answers are developed such that the students can be made aware of the usage of Federal Government Contracting.

This is a process of managing the contracts of procurement and/or purchases made with legal documentation for establishing a relationship with vendors, customers or sometimes partners. Basically, in this process negotiations of terms and conditions are performed between two parties. In procurement contracts parties comply with certain terms and conditions with proper signed documentation that is kept with both parties and often possible changes that can be made are also agreed on paper. Procurement organizations generally control the spending of funds and support operations to maintain smooth acquisitions of goods and services ensuring quality requirements.

When the efficacy of these strategic functions is improved then it can save significant costs for organizations, risks can be minimized and better purchasing strategies can be formed. The team that performed procurement and contract management mainly use manual processes, siloed systems, spreadsheets that are often lengthy processes. Larger organizations are much more strategic for this process as procurement activities like purchase and communication with suppliers are made centralized and automated. In the procurement cycle contract management is an integral part. The activities of contract management can be automated by a contract lifecycle management software with which vendor prices can be revised, contracts with new parties can be executed faster, compliance agreement can be boosted, risks can be mitigated and internal with external relationships can be managed effectively.

The procurement process is much more complicated and challenging as it involves significant commercial and regulatory risks. Some common challenges in the procurement process are making operations cost-effective, keeping up the turnaround time, not missing any obligations which perform an activity.

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Unit Details of MGT5211 Assessment

MGT5211 Assessment Answers are designed for providing an overview of the process of federal acquisition. It also introduces some of the basic policies and procedures which are used for the process of government contracting. Federal Acquisition Regulation (“FAR”) method is also taken into consideration for that instance. FAR is the set of regulations that helps in setting forward certain rules and regulations, which the government has to follow for acquiring services and goods with the help of a procurement contract. Other basic contract concepts which are addressed here include the usage of essential laws, regulations, procedures and policies and management and administration of the federal government contracts.

Location: Bisk College of Business is located in Melbourne, Florida, United States of America

Study Level: Masters

Unit code: MGT5211

Briefs of MGT5211 Assessment Answers

In MGT5211 assignment answers, the students will be provided with a case study which they have to analyse in the course. Each student shall portray their knowledge and understanding of the subject and shall not discuss the entire coursework with the students. However, they can discuss the structure and the framework of MGT5211 solutions with their peers, however, the communication should be limited to that itself. Any official communication should be performed via the chatroom which has been developed for this purpose.

The following learning outcomes are expected to be achieved after the completion of the assessment.

The students shall be able to apply the basic contract principles for the planning and development of the contract and its execution.
They can understand the need for the principles of acquisition. They shall be able to determine the basics of the process of planning of acquisition, which is inclusive of the understanding and describing the links of the agency.
They shall be able to identify the basics of the federal government contract process, their types and application as well.
They shall learn about the process of Sealed Bidding. They shall be able to describe the conditions under which sealed bidding is performed in an organization.
They shall be able to demonstrate their understanding regarding competitive negotiation process and their application
They shall understand the payment regulations and the rules that they have to keep in mind while working with the same.
They shall be able to demonstrate understanding of the ethical issues and frauds that are taking place
Shall be able to understand the concerns of the small businesses.
Shall be able to understand socio-economic policies and their application.
Shall be able to understand the ethical issues in the intellectual properties.
They shall be able to calculate the equitable adjustments
They shall be able to identify the constructive changes and define them appropriately as well.
They should understand the process which is involved in the development of specifications for a particular project within an organization.
They shall be able to understand the need, usage and regulation of Government Property
They shall be able to apply the fundamentals of the change of contracts.
Identification of the excusable delay and compensable delay in a project procurement process.
They shall be able to understand the basic requirement of Inspection and Warranty
They shall be able to identify the need for terminations in a process and the type which must be used for that purpose.
Students shall be able to understand the dispute in the contract process.
They shall learn the Construction contracting basics.
They shall learn about the issues in the process of subcontracting.

The students must be able to answer the following question for ensuring the completion of MGT5211 task answers.

Demonstrated knowledge of basic contract concepts and processes measured by online classroom activities, individual homework assignments, cases, quizzes, and examinations.

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What is The Weightage of This MGT5211 Course Code In Their Semester?

The overall grade for MGT5211 assessment answers are 50 %. Late submission is not encouraged and shall result in the reduction of the overall assessment grade. The students should take part in active participation in a minimum of 12 classes of MGT5211 assessment answers. They should participate in the project activities as well and also complete all the previous MGT5211 solutions.

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