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NBC4001 Procurement Management

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NBC4001 Procurement Management

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NBC4001 Procurement Management

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Course Code: NBC4001
University: Victoria University

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Country: Australia

Question: 
Explore ideas on different procurement methods, including an in-depth review of the Public Private Partnership (PPP) procurement method, giving particular consideration to the KPMG Document (refer to the Highly Recommended Learning resource).Discuss the general procurement and financial risks requiring management for complex projects; what are the specific financial risks that remained for the nRAH project to completion, at the time the audit was written? Also, discuss the possible risk mitigation actions that could be taken according to better practice guidelines published by State Procurement Board of South Australia, or benchmarked against PPP procurement excellence.
Answer: 

Introduction to Project and Procurement
Generally speaking, there are various procurement methods which the procurement department in an organization uses. Some of these methods include request for quotations, request for proposal, open tendering, restricted tendering, single-source procurement, Public Private Partnership (PPP or 3P), and single-source procurement. However, the actual names of these procurement approaches may vary depending on an organization and industry, but the process remains similar. All of them adhere to a tight legal framework to make sure all standards are met and that there is quality in the selection process. Public Private Partnership (PPP) refers to a contractual concord between a private entity and a public agency. It is through this agreement, the assets and skills of each party (private and public) are shared to deliver a facility or a service for usage for the general public. As a procurement method, PPP is used as a funding model for public infrastructure projects like new power plants, airport, and telecommunication system. During the contractual agreement, the public party is represented by the government at national/state, and or local level. If well adopted Public Private Partnership method can transfer significant risks that can alter the procurement process in a project (Abbott, 2015).
The procurement contractual process is prone to various risks which can actually lead to the failure of the entire procedure. Some of the general ones include delivery, fraud, quality, and cost risks. Most of them involve financial dealings, like corporation loan and exposure to loan default. The case of the new Royal Adelaide Hospital represents a clear failure of the national government to mitigate risks, uncertainty, and financial costs in project delivery. Lack of a treaty management outline for the medical equipment procurement program, cost of project modifications, and poor budgeting strategies were some of the financial risks which remained at the time the audit was written. According to the State Procurement Board of South Australia, these risks could have been easily mitigated by establishing efficient risk regulation practices and procedures which consist of the identification, implementation and constant monitoring of risk mitigation strategies (Keys, 2018). The new RAH could have been built, financed, maintained, and provided with non-medical amenities and equipment using a Public Private Partnership (PPP) agreement.  A well designed PPP model could have helped to deliver the project as well as its underlying financial contractual concords.
References:
Abbott, T. (2015, June). Public Private Partnerships . Retrieved August 4, 2018, from KPMG: https://assets.kpmg.com/content/dam/kpmg/pdf/2015/06/public-private-partnerships-june-2015.pdf
Keys, P. (2018, January). AGFMA . Retrieved 8 4, 2018, from AGFMA NewsletterJanuary 2018 – issue 11: https://www.dpti.sa.gov.au/__data/assets/pdf_file/0008/407978/DOCS_AND_FILES-12168162-v1A-AGFMA_Newsletter_January_2018.pdf

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