According to me, one of the most important factors which can help to effectively maintain a business is the connections with sellers.
While outsourcing any service, numerous organizations pick the least cited provider without giving quite a bit of an idea to whatever is left of the criteria. Analyzing a specific seller from every one of the points of view prompts effective vendor selection. Essential steps to pick a merchant are:
1. Examination Business Requirement
2. Vendor Research
3. Request for Proposal & Request for Quotation
4. Vendor Selection
5. Contract to Hire

Sometimes I do support Sales to spec in a new project and see what is the best solution we can provide to the customer based on their application. However, sometimes Procurement plays a big role in these choices. As a PC storage solution provider for SSD and DRAMs, Flash IC allocation is very important not only to the project but also to the product lines. We always work very closely with tier one provider like Samsung and Toshiba. We even have to sync ower roadmap of the project based on their capabilities of the support. So for us, we have to make sure from the quality of the IC that it's not a second hand IC especially we support industrial solution only. Also, we have to make sure they have enough stock to support our orders. and if the price competition to the market value.

During this semester in capstone, my team and I had to procure aluminum T-Slot framing material to construct our device. We originally found the website 8020.net and found everything that we needed, but our vendor had to be NJIT approved to utilize our grant. From that point we searched for a university approved vendor that met our needs. We needed a vendor with flexible delivery times, reasonable prices, excellent customer service in case of returns and of course, a wide range of products. We were able to get our material in less than 10 days.

According to this weeks simulation the thought process of procurement management has been initiated. I had a good clear process for the selection of goods, sources as the vendors and their costs. Finding the vendors that provides the required specification has to the first step of this process. Shortlisting them on the basis of which vendor's product suits best and are closest to your product specification. It works the same way for cost after the specification. and also not to get away from other option without even thinking of that product on basis of not so close as others in specification.

As explained in this week's lecture for procurement planning before choosing your vendor the team should identify the project needs which comes from having a broad understanding of the entire project and what you need, how much to get and where to get it from. Finding the vendors that provide the products with the necessary specifications needed for your project is the first step followed by evaluating certain criteria so that the company selling the product fulfills the requirements of the project is important. This includes consideration of the price of the product, the life cycle, technological capabilities, a thorough understanding of the needs of the buyer by the seller and at all times having an expert judgement on the types of contract and the checking the details of the contract is important.

I should know what are the requirements of my project and what is the role of the material that I am getting from the vendor and see if the product matches the specifications desired.
Also, it could be great if I could be able to get contacts of people the vendor supplies as it is important to know the vendor history also through them I would be able to know if he supplies the materials on time so it won't delay the project.
I have not worked in the industry so I don't have ever run in an issue like that but for a part that we are getting from the vendor, it will be important to run a cost analysis before going through the vendor.

In my experience with procurement management, it is necessary to have a very clear idea of the plan of the project and the specs of the materials needed. This is where procurement management becomes important. There are a lot of products and materials out available for purchase and many of them can be interchanged to complete similar tasks. However, most projects have multiple user requirements to be met, and a strict budget to maintain. For these reasons, a strict procurement management plan is necessary to ensure the best item for the project is being procured and at the best price. In order to do so, market research is very important. Look at similar previous products in order to determine possible items and then research on achieving the best price is second. Success in procurement management will allow progress in product development in the the development stage.

Procurement management is a process carried out by a project manager that requires them to collaborate with the purchasing department to determine the most optimal vendor for any particular provision. A few essential requirements for project procurement is to have an adequate idea of the project's evaluation criteria, know the project's spending limits, properly conduct audits at the vendor facility, and source solicitation. The evaluation criteria most notably takes into account financial factors such as the project's budget, a vendor's costs with respect to materials and labor, and consent from management to proceed. Audits on the other hand mainly requires a PM to physically arrive on-site to a vendor facility and either undergo an inspection or be guided through a tour to ensure the vendor's standards match that of the project company. Another important aspect of procurement is source solicitation, in which vendors write up proposal documents that displays conformance to company expectations. An example of this at my company is for a supplier of bioreactor cell bags to provide tightly sealed supplies that do not exhibit any leakage of cellular content. Failure to do so, as indicated in the solicitation proposal, will require the vendor company to compensate the project company in all lost products that ultimately come at the expense of a patient.

Alternative sourcing is also an important topic that comes up in this course when it comes to establishing supply sources. What is an advantage to having 2-3 vendors for a Class III medical device project as opposed to just one? On the other hand, what are the disadvantages of having too many vendors? The PMBOK Guidebook covers other topics in procurement such as procurement performance reviews and a procurement statement of work. How do these terms relate to the success of source selection?

In my current line of work I am often responsible for order various parts from vendors. The first thing that I look for when selecting a vendor (assuming we already have an account & are able to order from them based on company SOPs) is the quality of the company that makes the part. Next, I look at the price of the part from 3 separate companies. Finally, I evaluate the amount of time it will take to actually receive the part.

There has been issues where the company takes the order, however, they did not actually have the part in stock. In this case, I check on an alternate vendor and order through them if the part will come in sooner.

Procurement management is the process of ensure that everything required from outside the organization is in place when it is needed so the project can proceed successfully. Failing to plan the procurement schedule or process is one of the most-costly mistakes that can be made because the entire project can be brought to a halt if products or materials aren’t available when needed. Successful projects required detailed scheduling and excellent timing to maximize efficiency. The project manager will need to oversee the procurement planning process to ensure that a purchasing failure isn’t responsible for harming the project as a whole.

I believe that of a small organization is looking for outsourcing, then it should go for smaller vendors to cut down on the cost and to maintain flexibility rather than going for larger players as they may not provide that much attention to a smaller client. As explained in this week’s lecture for procurement planning before choosing your vendor the team should identify the project needs which comes from having a broad understanding of the entire project and what you need, how much to get and where to get it from. I also believe that company should try to go for a smaller specialized provider as much as possibly as to better evaluate cost and efficiency issues.

I have had to source vendors several times at my work for different equipment and material needs. Sometimes all it starts with is a good old google search to get it going and find all the different suppliers. Usually you will then get in contact with a salesperson who can find the exact product you are looking for and get you an official quote for the cost and lead time. In terms managing the supplier, there may be an audit of their site to ensure they adhere to certain quality standards. You may also require a certificate of compliance with all incoming product so you know for sure that the supplier is meeting your requirements and takes the liability of any non-conformance off you. Lastly, if it is a recurring product then you will most likely need some sort of contract which dictates the terms of deliver, size of batches, and frequency.

Procurement management is the strategic approach to managing and optimizing organizational spend. it involves acquiring quality goods and services from preferred vendors within a stipulated budget. Procurement management is the process of ensure that everything required from outside the organization is in place when it is needed. Procurement involves the process of selecting vendors, establishing payment terms, strategic vetting, selection, the negotiation of contracts and actual purchasing of goods, services and work that is vital to an organization.

I specifically have not had to encounter choosing vendors, but our company has had specific vendors and vendor changes. What I believe are some steps to choose a vendor is how long it takes for them to get the request of the goods and how long it'll take to ship it and receive it. For an instrument that needs repairs will take some time to get shipped to the vendor and then fixed and then sent back to the company for inspection. The longer the vendor takes the longer the customer will have to wait so if the vendor has a shorter turn around time, the better. Another good quality of a vendor is how specific the goods are and if they follow those inspection standards. Some vendors can have different handles for instruments and the main focus of the instrument is the same but to the customers, it’s not what they want. Sometimes vendors may charge a lot more than others so a more cost-efficient vendor is ideal as well. When we are switching vendors, usually the vendor takes too long to ship out the goods or the good have too many issues in inspection and don’t pass. Choosing vendors also depends on what kind of goods/product you’re selling.

Procurement management is one type of management where the goods and services are acquired from different organization or firm. It involves acquiring goods from preferred vendors within the budget. This management is known to help the organization to save the money spent while purchasing goods and services outside. In order to ensure whether everything goes well, it is important to keep track of the progress of procurement.