Conduct Procurement Part 1

For this assignment, you will expand upon what I started in the Discussion Board. You will expand on the risks I identified in the Discussion Board and describe how you will handle them. For the procurement management process, you will update the project schedule to include the extra tasks related to this work and develop a contingency budget component. For the contract administration process, you will supply the details for how you will manage the overall contract process and define your relationship with the vendor doing the work, including checkpoints and payments.

New content to be inserted is as follows:

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Procurement Contract Award
Complete the award letter.
Procurement Risks
Provide the list of risks related to the procured or contracted work.
Rate the risks according to likelihood and impact.
Include the response strategy for each.
Include potential costs of each if it occurs.
Procurement Management Process
Update the existing schedule or plan to include the additional tasks related to the deliverable that is now outsourced.
Update the contingency budget to include additional costs that may be related to resolving risks.
Design the overall communications process related specifically to the procured work.
Contract Administration Process
Determine the communications process through status meetings, how often they occur, and what information will be supplied.
Describe each of the checkpoints and what reviews and sign offs will take place.
Identify the roles and responsibilities of both the vendor (seller) and the project manager (buyer).
When problems arise, describe in detail what the process will be to solve them.
Use the following attachments as a guide to help with the paper. You may use more than 3 references.

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