Reading Procurement Monitoring and Control Planning for risk is important but monitoring and controlling risk throughout the project is even more critical because the proactive approach helps reduce or eliminate risks even before they happen. Project managers need to watch for early warning signs, based on triggers established, to monitor all purchases and contracts for early signs of problems. Procurement monitoring and control cover a wide area. Some of the examples include assigning a new purchasing agent, looking for a substitute after finding out that an item is no longer available, changing the procurement process after internal requirements have changed, making contract changes after changes in external requirements, and more.Objectives:
Discuss various controls that can be implemented for the use of contract agreements.
Discuss the importance of preferred supplier/vendor lists.
State the importance of monitoring controls used by the procurement department.