Project Risk and Procurement Management Article 2022

PROJECT RISK AND PROCUREMENT MANAGEMENT

Table of Contents
Introduction...................................................................................................................................................................3
Part One.........................................................................................................................................................................4
Risks for a wedding.................................................................................................................................................4
Part Two: Risk management form the identified Risks................................................................................................6
Risk management Strategies...................................................................................................................................6
Conclusion..................................................................................................................................................................10
References...................................................................................................................................................................11

Introduction
Risk management refers to the ongoing process of identifying, analyzing, evaluating, and treating
exposures to losses while monitoring risks so as to mitigate, minimize, or eliminate the damaging
impacts of losses due to the identified risks (Association for Project Management, 2019). Risks are
inherent for every project; the undertaking of a project in itself is a risk; however, effective risk
management is proving to be among the most difficult objectives to achieve in as far as effective
project management is concerned (Stanleigh, 2011). This is because risks are an unexpected event
and can affect anything: risks can affect resources, processes, technology, or people. Risks might
happen in projects because there is no certainty they will or will not happen, however, it is not
possible to tell when risks will happen (Enzenhoefer, Nowak and Helmig, 2012). As such, an
effective risk management strategy is essential in ensuring the success of projects. Among the
processes that are impacted by risks is procurement; It is the process of discovering and agreeing
terms and acquiring services, goods, or works from external sources, usually through a competitive
process such as tendering (Bankoff, Frerks and Hilhorst, 2008). Many aspects of the procurement
process are affected by risk and so risk is a guiding consideration in supplier selection. In this
article, a risk management plan is developed for a wedding event in which various products and
services will be procured (Cvetkovich, 2013). This paper is done in two parts; the first part
identifies risks for a wedding event, and the second part reviews the first part, and identifies the top
ten risks for the wedding event. The second part goes further to consider the four risk management
strategies that include risk avoidance, acceptance of risk, risk transfer, and risk mitigation. Based on
these, risk controls are identified for the top ten identified risks for the wedding.