Assignment for Project Risk & Procurement Management
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Added on 2020-05-11
Assignment for Project Risk & Procurement Management
Added on 2020-05-11
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Running head: PROJECT RISK AND PROCUREMENT MANAGEMENTProject Risk and Procurement ManagementStudent Number-Module Title-Assignment Title-Word Count-Declaration of Originality-
1PROJECT RISK AND PROCUREMENT MANAGEMENTAbstractSupplier Relationship Management (SRM) is needed for a company to establishrelationship between the supplier and the company. Strong Supplier Relationship Managementwhich are mainly concerned with the procurement professionals are used to develop supplierrelationship that is robust and negotiate the terms and conditions that are favorable. A strategicimportance in the international companies is given to the procurement management. Thebusinesses that are held in the modern world consider the procurement process as the strategicrole in their management system. The time procurement concept or the purchasing concepts thatare associated with the category and value chain are predefined. The landscape processes of theentire business that are held in this modern era are changed totally and will also change incoming 25 years. The business world is changing in its marketing demand, new issues ariseregarding the environmental factors and new upcoming attitudes to social also influence theprocurement function. This results in business globalization, alteration in business models andtechnological progress. The procurement process is considered as the most strategic role in thebusiness processes because they are considered as the diverse factors that are present in theprocurement process. There is also a second role of procurement process that changes the entirebusiness world in respect to value management. This report deals with the importance ofprocurement process in global organizations that operate with environment of complex markets.It also illustrates some literature review about the procurement management and project risk.There is a case study of a company named Toast Ale Ltd. in United Kingdom which deals withwastage bread that is not used in the sandwich manufacturers or the bakeries. This report alsosolves current issues of Project Risk and Procurement Management and also gives theimportance of Risk Management in Sustainable Procurement.
2PROJECT RISK AND PROCUREMENT MANAGEMENTTable of ContentsAbstract................................................................................................................................2Importance of procurement in global organizations............................................................3Literature Review of Project Risk and Procurement Management.....................................4Case Study of Toast Ale Ltd. of UK....................................................................................8Solve Current issues of Project Risk and Procurement Management.................................9Importance of Risk Management in Sustainable Procurement..........................................11References..........................................................................................................................13
3PROJECT RISK AND PROCUREMENT MANAGEMENTImportance of procurement in global organizationsProcurement before was considered as a component of international corporations. But thetime is changing now. The procurement organizations within the company play an important rolein making the business success globally in such a way that the purchasing managers of earlytimes cannot even imagine about that. Procurement has a strategic importance in internationalcompanies and will have much significance in the coming years (Baily and Farmer 1947). Themodern business considers procurement to play a strategic role in their business. To build apoliformic interest in the needs of internal and external business, the things that are required areglobalization, changing customer demands, extending product range and the economic pressure.These can be done by revising the approach to the concept of value change and also accepts theprocurement power in regards with modern business organizations. In businesses, the process ofsupply and purchase has now become integral process of value contributing. These effect the topline as well as bottom line of the business and is related closely with the technological solutionsthat deals with the risk and the data management issues and also reduce the cost of all theprocesses that are carried out in an organization. The procurement process mostly changed in 1990s and there was change in the economicmodels that enter the business world which defined the importance of procurement in thecompetitive market and their related processes and driving forces that are behind it. The conceptof time procurement or the purchasing that are allocated to the category and the value chain hasalready being defined by a writer Michael Porter in his book (Jeynes 2002). The total landscapeof the business process has changed totally over these 25 years. The changing of marketdemands, new upcoming attitudes to social and the environmental issues and the other factors
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