Project Risk and Procurement

Running head: PROJECT RISK AND PROCUREMENT
Risk Management is a problem for Project Management
Name of Student-
Name of University-
Author’s Note-

1PROJECT RISK AND PROCUREMENT
Abstract
This report analyses the risk assessment plan for a project. For completing a project successfully,
the risk associated with a project are to be identified first, and then plan for risk mitigation
accordingly. This report discusses the definition of risk in a project, and states the planning and
managing process of risk that can be involved in project by a project manager or the directors.
The mitigation plan of risk is also discussed in the project stating the procurement management
of risk. This report also discusses the supply chain risk in a project and sustainable procurement
process in a particular project.

2PROJECT RISK AND PROCUREMENT
Table of Contents
Introduction......................................................................................................................................3
Defining risk....................................................................................................................................3
Planning and Managing risk............................................................................................................5
Mitigating Risk................................................................................................................................7
Monitoring and controlling risk.......................................................................................................8
Strategic procurement and Supply Chain Management................................................................10
Sustainable procurement process...................................................................................................11
Supply chain risk...........................................................................................................................12
Conclusion.....................................................................................................................................12
References......................................................................................................................................14

3PROJECT RISK AND PROCUREMENT
Introduction
The analysis of risk and the management of risk is the main practice of project
management. The risk analysis ensures less number of change while carrying out the project. The
future of a project is uncertain, but the process of risk management can streamline the risk and
can help to predict some uncertainties in project (Kerzner and Kerzner 2017). The risk
management process also helps to minimize the impact or the occurrence of all uncertainties in
the project. The risk management process helps the project manager to complete a project
successfully and helps to reduce the consequences of the risk associated with a project.
The plan of risk management helps the project designers as well as managers to reduce
the potential risks before beginning the process. The risks associated with in a project are
managed by the team managers and the project managers most of the time on daily basis. Risks
in a project are uncertain whose occurrence have many positive as well as negative effects on
project and achieving the goal of the project. This project consists of details of the risk in a
project and how those risks can be planned to manage, mitigating them and monitor and control
them accordingly. Strategic procurement is also defines in this report defining the importance of
the strategic procurement in a project (Harrison and Lock 2017). All the risks related to Supply
Chain are also discussed in this report stating the important of risk assessment in a project.
Defining risk
Risk is defined as possibility of loss or possibility of injury. The risk in a project is the
loss or the injury that occurs in a project. The project risks is actually an uncertain event that
might occur in the project and effects the objective of the project (Cleden 2017). Plan for risk
management mainly focuses to identify the risks and access the risks associated with in a project.