Project Risk and Procurement Management for Reflektion: Sourcing Methods and Strategic Source Framework

Running head: PROJECT RISK AND PROCUREMENT MANAGEMENT
Project Risk and Procurement Management
(Reflektion, United States)
Name of the student:
Name of the university:
Author Note

1PROJECT RISK AND PROCUREMENT MANAGEMENT
Executive summary
The following study analyses project risk and procurement management. This determines different
acceptable levels of risks. For this Reflektion is chosen as the case study. It is famous software
company located at the U.S.A. Here different methods of sourcing and supplier base have been
demonstrated for Reflektion. Moreover, the strategic source system is proposed that has been helpful
to determine value growth and excellence of procurements.

2PROJECT RISK AND PROCUREMENT MANAGEMENT
Table of Contents
1. Introduction:......................................................................................................................................3
2. Sourcing methods and supplier base:...............................................................................................3
2.1. Supply base development method:.............................................................................................3
2.2. Sourcing methods:......................................................................................................................7
3. Strategic source framework:..............................................................................................................9
3.1. Creating the effect of smart impact:.........................................................................................11
3.2. Importance of procurement for global organisations:..............................................................15
4. Conclusion:......................................................................................................................................16
5. References:......................................................................................................................................17

3PROJECT RISK AND PROCUREMENT MANAGEMENT
1. Introduction:
The “Reflektion” is a leading software organisation at the U.S.A. It has created the future
generation platform for personalization (Reflektion, 2018). The “project risk and procurement
management”, on the other hand, has been helpful to determine various acceptable levels of the risk.
It has been helpful to analyse the effects of different risk factors at Reflektion and control
project risks through various proven processes. Moreover, it is useful to recognise the contract
components and understand the project contracting processes.
The following report has examined various methods of sourcing and supplier base for the
project of Reflektion. It has also suggested a diplomatic source system leading to value growth and
procurement excellence.
2. Sourcing methods and supplier base:
2.1. Supply base development method:
Reflektion has shifted a long away from competing in a head-to-head manner and away
towards competing against various extended enterprises. This indicates their supply chains. Because
of high level resource needed to bring complex products to the market at international level, the
supply chain professionals have fostered closer and prior relationships of supply partners (Liu, Meng
and Fellows 2015). This has been helpful to stimulate intimate collaborating necessities for realising
respective values created from the concepts of extended enterprises. Moreover, the professionals
have been instituting programs of supplier developments consisting of repeatable supply
performance cycles to maintaining effectively supply base. Furthermore, this must also develop the
supply base. Reflektion has been implementing a supply performance framework to understand the