Variance Analysis Project Management

Variance Analysis in Project Management

The successful completion of many business projects is reliant on efficient and effective procurement. Roughly translated, the organisation must obtain the goods, services, materials, manpower, third-party assistance, and anything else required to make a success of the project. Successful procurement is a process that involves identifying requirements, analysing the available options, and making key decisions accordingly. Depending on requirements, there could be dozens, hundreds, or even thousands of options to explore. Project procurement management exists to ensure that each of these critical decisions is made strategically and proactively.

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Whatever the size and nature of the project, an advanced understanding of procurement management is invaluable. This professional tutorial provides a broad overview of the procurement planning process, exploring how to determine suitable contract types and source key materials. Additional subtopics covered include preparing for solicitation, completing solicitation, the source selection process, and applying variance analysis in project management to monitor and evaluate deviations from planned budgets and schedules.

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