Summary Project Performance Assignment .docx BUS419 Project Performance and Risks BUS419: Project Estimating & Budgeting Project Performance and Risks Considering that construction projects involve multidisciplinary integration of factors, procurement o
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Project Performance Assignment .docx BUS419 Project Performance and Risks BUS419: Project Estimating & Budgeting Project Performance and Risks Considering that construction projects involve multidisciplinary integration of factors, procurement officers must identify and recognize the unde...
project performance assignment docx bus419 project performance and risks bus419 project estimating amp budgeting project performance and risks considering that construction projects invo
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BUS419
Project Performance and Risks
BUS419: Project Estimating & Budgeting
Project Performance and Risks
Considering that construction projects involve multidisciplinary integration of factors,
procurement officers must identify and recognize the underlying risks in different production and
distribution levels. Identification of these risks poises procurement officers in a better position to
consider some of the formulations of effective and sustainable mitigation and control strategies.
These strategies play very critical roles in enabling effective project performance. This paper
delves into identifying and discussing some of the most prevalent risks in managing procurement
activities for construction sites. Further renders several viable recommendations that can be
applied to reduce the adverse impact of these risks. Moreover, the paper examines and discusses
how the earned value management (EVM) can be applied to improve project performance
management. The paper further examines several EVM metrics that would be used in the project.
A concise conclusion would serve to summarize and restate the key areas in the project paper.
Summary of the Project
Inarguably, one of the vital activities in contemporary construction sites is the distribution
of raw materials. This necessitates effective procurement project management practices. Through
efficient procurement project management practices, managers and contractors are better
positioned to minimize later delivery of construction materials, ensure effective tracking of
inventory, eliminate time wastage and eliminate possible risks during on-site storage of
construction materials. According to Li & Guan (2017), the procurement and distribution of
materials should be integrated with available construction management systems. The scholar
, asserts that the integration ascertains establishing a centralized location for all information in the
project. Moreover, the integration facilitates easy monitoring of the construction site.
Furthermore, the integration of procurement and construction management facilitates a
straightforward prediction of the number of waste products in the project. Lastly, the integration
of the two systems allows logistics personnel to conveniently notify and update on-site
construction managers about the need for construction materials. In a procurement management
project on a construction site, the key stakeholders include the construction site owners,
subcontractors, suppliers, and project managers. Therefore, a procurement project manager must
ensure the comprehensive integration of all the other stakeholders. The project's milestones
would be captured in the baseline plan, design document, and implementation plan. The project's
estimated cost would be $12,550, and the project is expected to take nine months. The
implementation of the project would be illustrated in a Work Breakdown Structure (WBS).
Risks
Due to the complexities involved in contemporary construction sites, project managers
are faced with problematic risks and uncertainties. Considering that these risks hinder and
threaten the project objectives, project managers must be able to identify these risks.
Furthermore, identifying risks necessitates project managers to formulate effective mitigation
strategies to offset the impact of these risks. Some of the common risks in procurement
management for construction sites include:
Delay in the Supply of Important Materials to Site
One of the most problematic issues in procurement project management in construction
sites is the expected delays in the supply and distribution of vital site materials. These delays
occur due to the failure of procurement managers to timely purchase and maintain an effective
inventory system (Abbasi et al., 2020). The limitation of an effective inventory system
incapacitates procurement managers to deliver the required construction materials in due time. In
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