Assignment task:
My name is Regina, but I prefer Gigi. The five project management groups can also be used when buying a car, the initiation phase is the start of the process when you realize you need to buy a car, during the planning phase is when you do research on cars to help decide what type of car you want to buy and why, during the execution phase you are now out physically looking at cars. The monitoring stage in this case would be test driving and comparing the reviews to the actual car as you test drive, confirming things like maintenance cost etc. The closing stage is when you purchase the car or close the deal. The requirements of this procurement were to find a safe reliable car that was not too expensive. Another contract that could be used to purchase a car would be a lease versus a sale contract. However, in the lease contract there would be additional things to consider like mileage, length of the lease and maintenance cost when returning the vehicle. Also, there would need to be a plan for when the vehicle is returned to ensure there is no gap in transportation.
In response to your peers' posts, comment on the characteristics of an effective procurement process and indicate what you may have done differently if you made this purchase.