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Project Risk and Procurement Management Report

   

Added on  2020-06-04

9 Pages2203 Words55 Views
Project Risk and ProcurementManagement
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................6
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INTRODUCTIONProcurement and risk management are those vital processes which are prone to high risk.The risk factors are related with identifying essential needs of planning and procurement,preparing selected documents and also, doing negotiation in between contracts. Main andimportant function of procurement management is linked with providing solutions to all types ofproblems and managing all risk factors in an effective and planned way (Burke, 2013). The mostimportant way to deal with risk factor is developing strategies and executing working accordingto them and development of procurement processes. Agora Greek Delicacies UK Ltd aresupplying food products from Grece. Risk factor can also be reduced by developing guidelinesand plans so that risk factor can be easily resolved. The undermentioned report is based on howfunctions related with procurement can solve the risk factors which are arising globally.TASK Concept of riskRisk is the main factor by which Agora Greek Delicacies UK Ltd is facing threats frombusiness activities. Thus, firms have to face huge losses in their business activities and they arenot able to achieve growth and profitability from their business operations. Loss can be indifferent forms like financial risk, marketing and trade risk when uncertain situations arise ineconomy. There is always chances that risk may arise in economy and thus, effective measureshave to be adopted in advance in order to fight with those risk factors (Kendrick, 2015). Plansand policies which are linked with contingency can be adopted in order to minimise the riskfactors that may arise in future times.Procurement and supply management1
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