PJM Final- Due in 4 hours- PLEASE help- see attached

Introduction

Procurement can be described as the process of finding, agreeing terms and acquiring goods, services or works from an external source, which is often done through a tendering or competitive bidding process (Hodges, 2013). The process of procurement is always so completed that mismanagement of the process can lead to failure of project (Kerzner, 2017). This paper will take the case of Louis Vuitton, a fashion house and luxury retail company to give an outline discussion of the procurement management perspective.

Project description

The stock of the company in regards to jewelry is depleted and the company needs another company to help supply for it the jewelry. So, the project will be suppling of jewelry to help take care of the depleted stock.

Procurement process

Requirements

There are various things that are required for the project. One is the jewelry, which in fact is the main requirement for the project. The security set boxes where the jewelry will be kept safe is another requirement. Lastly, a company that will supply the jewelry and their safe boxes.

Requirement Review and Signoff

The various stakeholders, in particular the board of directors will go through the process and check the list of requirements one by one to ascertain the effectiveness of the process (Bridging the Gap, 2017). Then Board of Directors will then sign off the document so that it can be submitted to the relevant authorities for implementations.

Request for Proposal (RFP)

Request for proposal can be defined as a document that solicits proposal, often made through a bidding process, by an organization interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals (Spears, 2015).

RFP creation, review, and signoff

The creation of the RFP for the project, the following will be included: the price of the project, basic corporate information about the bidding company, financial information, and technical capability. This will be reviewed by the procurement department to ascertain where the information provided meets the threshold to have such a project awarded to them. This will be signed off by the procurement manager.

Bid Solicitation and Review

Bid Solicitation

This involves advertising the tender so that various organizations can bring their bids on the table for consideration (Martin, 2014). The solicitation will be done through advertisement on national circulation newspapers and national television channels. This is to ensure all the potential bidders are reached.

Bid Review and Evaluation

After the deadline of bidding has ended, the procurement manager together with the board of directors will review all the bids that have been put on the table. The review will just to ensure that all those bidding are qualified. This will then be followed by a session of evaluation to pick who among the many bidders has the best qualification for the project.

Conclusion

After all the process have been made and a company is selected, the selected company will be notified and the project will be given go ahead by the board of directors on advice by the procurement manager.

References Bridging the Gap. (2017, July 23). How to Conduct a Requirements Review. Retrieved from Bridging the Gap: http://www.bridging-the-gap.com/requirements-review/ Hodges, H. (2013). Procurement: the modern science of purchasing. New York City: Harper & Brothers. Kerzner, H. (2017). Project management. New York City: John Wiley & Sons . Martin, J. (2014). Procurement: career development program guide. New York City: Routledge. Spears, M. (2015). Foodservice procurement: purchasing for profit. Chicago: Merill Publishers.