PM 6000-8 – Source Selection and Contracting

Source Selection and Contracting In this unit you will explore the process steps involved in selecting sources as a part of the project procurement process.Review the resources listed in the Books and Resources area below to prepare for this week’s assignment(s).Books & Resources:BookKerzner, H. 2013 Project management: A systems approach to planning, scheduling, and controlling.Instruction:Read Chapter #19Article/JournalGAO-04-367. (2004). http://proxy1.ncu.edu/login?://search.ebscohost.com/login.aspx?&&&-liveInstruction:Read ArticleMaser, S. M., & Thompson, F. (2013). http://proxy1.ncu.edu/login?://search.ebscohost.com/login.aspx?&&&-liveInstruction:Read ArticleWebsite LinkTurner, R. W. (2011). http://proxy1.ncu.edu/login?://search.ebscohost.com/login.aspx?&&.10520078&-liveInstruction:Read Chapter 9Assignment: Create a Flowchart of the Procurement Source Selection ProcessInstructions:Create a source selection matrix and use it to select the optimal supplier. Address each of the following:Identify a real or hypothetical project (like a project to resurface the parking lot of an apartment complex) for which a product or service (like painting the parking space lines after resurfacing is completed) must be procured during the Execution phase. In a Word document, briefly describe the project, identify the product or service that must be procured, and identify three possible suppliers (like Painting Company A, Painting Company B, and Painting Company C).Create a source selection matrix in Microsoft Excel in which you list five criteria (like price, proximity of headquarters to job site, supplier’s projection of how long the painting will take, warranty duration, and attractiveness of payment terms) that are important in selecting one of the three alternative suppliers.Once the source selection matrix is created in Excel and populated with suppliers and criteria, weight each criteria (using the same scale for all criteria), score each supplier relative to each criterion (using the same scale for all scores), and then multiply the weight of each criterion by the score for each supplier-criterion combination. Arrive at the optimal solution. This video provides an explanation of this method: https://www.youtube.com/watch?-zsALfgTrw.In the Word document in which you described the project, reflect on this process for selecting suppliers and identify at least one advantage and one disadvantage of it relative to another approach that could be taken.Support your paper with a minimum of three (3) scholarly references.Length of MS Word file: 2-3 pages not including title and reference pages.Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University’s Academic Integrity Policy.Upload your Word document and Excel fileAlignment to Course Learning Outcomes:5.0 Explain source selection considerations and methodsSection 5: Project Procurement Close-Out ExplanationThe Closure phase of a project must include checks, audits, and reviews related to procurement activities. The project team must ensure that the goods, services, materials, and personnel procured were delivered according to contractual requirements, that invoices were received, that the invoices were accurate, that payments were issued to close out the invoices, and that all related costs have been accurately reflected in the final accounting of the total cost of the project.