logo

Report on Project Risk and Procurement Management - DOC

   

Added on  2020-06-06

8 Pages2050 Words57 Views
Project Risk andProcurement Management

Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6

INTRODUCTIONThe risk can defined as the situation of uncertainty which may or may not arise in thefuture. It can be a potential loss, threat or damage to an organisation. Risk management is theprocess of managing the risk so that the damage or the loss can be minimized whereasprocurement management is a process which focuses on effective procuring and goods andservices and reviewing the same at regular intervals. The risk management and procurementmanagement go hand in hand. These are closely related to each other it focuses on minimizingthe risk in a procurement of goods and services for the organisation.TASK Risk is defined to be a situation of uncertainty which may or may not arise in the future.According to the view point of Larson and Gray, (2013) “ Risk is defined as the Probable threator loss which may arise in the organisation. An organisation environment is uncertain as thereare number of factors because of which a unavoidable and unpredictable threat arises. It can bein form of investments, trading or because of the market. Risk-management is a discipline whichfocuses on minimizing the risk in the organisation and develop contingency plans for the same.Evaluation of information in the area of project risk and managementAccording to Bryde, Broquetas and Volm, (2013) “Risk management is the process ofevaluation of the risk which may arise in the business and identifying whether the existingcontrols are adequate in terms of facing or countering the risk. In order to successfully deal witha risk, it is crucial for organisations to identify, evaluate, control and manage a risk anddelivering the projects with minimum losses.The Procurement management is prone to risks. Which means a uncertain situations cancause potential harm to the organisation. The risk is in every step of the procurement processbeginning from identifying the planning requirement, specification, risk in choosing the methodsand evaluation techniques.From the viewpoint of Eriksson and Westerberg, (2011) “Procurement managementfocuses on solving the problems and management of risk. In order to fulfil the requirement of thecustomers continuous delivery of supplies and services are necessary. These are only fulfilled byeffective procurement planning and strategic development so that the risk factor can be reduced1

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Project Risk and Procurement
|18
|3751
|103

Risk Perception & Analysis - Desklib
|5
|1174
|445

Project on Probabilistic Risk Assessment
|7
|1722
|66

Project Risk and Procurement Management Report
|9
|2203
|55

Project Risk and Procurement Management16 Project Risk and Procurement Management Project Risk and Procurement Management
|20
|5204
|405

Report on Security and Risk Management in Unilever
|13
|3686
|105