Compare and contrast traditional project procurement management with the more contemporary approach - project partnering. What are the conditions or sharing requirements for effective project partnerships?
Key concepts to be covered in the response could include, but are not limited to:
Project partnering is a newer procurement approach that replaces an adversarial relationship between buyers and sellers with a supportive relationship and mutual goals.
Trust and collaboration between clients and suppliers can lead to accomplishing the work faster and cheaper, and reducing litigation.
There are several requirements for these types of partnerships to make them effective. The five core requirements are defined as:
- Shared responsibilities for outcomes and quality
- Shared resources
- Open sharing of appropriate information between parties
- Shared rights to disagree
- Shared project rewards and risks
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