Project Risk & Procurement Management Assignment
Added on 2020-05-04
17 Pages4404 Words191 Views
Leadership ManagementMaterials Science and Engineering
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Running head: PROJECT RISK AND PROCUREMENT MANAGEMENTProject Risk and Procurement ManagementName of the StudentName of the UniversityAuthor’s Note:
1PROJECT RISK AND PROCUREMENT MANAGEMENTTable of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................3Supplier Relationship Management.............................................................................................3Irwin’s Bakery.............................................................................................................................4Supply Relationship Management in Irwin’s Bakery..................................................................6Risks in Irwin’s Bakery...............................................................................................................6Mitigation Plans of Risks for Irwin’s Bakery..............................................................................9Procurement Function................................................................................................................10Conclusion.....................................................................................................................................11References......................................................................................................................................13
2PROJECT RISK AND PROCUREMENT MANAGEMENTIntroductionProcurement is the procedure for searching, obtaining several goods and services,agreeing to the terms by a competitive bidding procedure (Phillips 2013). This particularprocedure of procurement is utilized for ensuring the buyer for receiving the various goods,works and the services at the most affordable price. This procedure is executed when the variouscharacteristics like location, time, quality and the quantity are compared with the othercharacteristics (Larson and Gray 2013). The corporations and all the public bodies always definethe procedures, which are intended for promoting the open and fair competition for the businessfor the minimization of the risks. These risks mainly mean to the exposure to any type ofcollusion and fraud. The project procurement management can be defined as the process of thesupply of goods that are received and ordered. This procedure is sub divided into five portions,which are initiating and planning, selecting, contract writing, monitoring, closing, andcompleting (Kendrick 2015). The project risk management can be defined as the procedure forminimizing or mitigating the risks in a project with the help of certain steps. The following business report outlines a brief discussion on the Supplier RelationshipManagement or SRM with the help of project procurement and project risk management. Thebusiness report describes about a particular business of United Kingdom that sources foodmaterials from Greece (Kerzner 2013). This business often undergoes through various types ofthreats during the procurement of the services and products. This following report furtherdescribes about the management of the risks of the various threats, which are arising in theirbusiness (Bryde, Broquetas and Volm 2013). This report has taken the example of a popular
3PROJECT RISK AND PROCUREMENT MANAGEMENTbakery shop of United Kingdom, namely Irwin’s Bakery. Relevant information is provided in thereport regarding this famous bakery company. DiscussionSupplier Relationship ManagementSupplier Relationship Management or SRM is the first and the foremost approach that isutilized for the engagement of the suppliers on such a level, which reflects all the priorities of thecustomer company and how best these requirement can be fulfilled (Pryke and Smyth 2012).Supplier Relationship Management is a process of differentiation, which identifies that not all thesuppliers are of similar types and therefore not all the relationships between customers andsuppliers can be dealt with one single strategy. The relationship between the customer and the supplier is managed and controlled withthe help of the supplier relationship management (Edwards and Bowen 2013). The holistic natureof the supplier relationship management approach needs the overall engagement and consent ofthe entire company. Perfect supplier relationship management cannot be attained through onlythe functionality of procurement. At the level of partnership, this means it is the involvement ofthe executive team; at the very minimum. This eventually means those functions that are actingin a structured way so that the company does not appear unstructured or disorganised to the outerworld (Liu, Meng and Fellows 2015). As with most of the procurement activities and at the most basic level, the SupplyRelationship Management or SRM can be utilized for the reduction of both the costs and theprices paid to the company. By the development of proper styles of collaboration, even the onesthat adversarial, it is possible for saving money. The suppliers have various expectations like
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