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The Risk and Procurement Management

   

Added on  2020-03-16

18 Pages4992 Words77 Views
Business DevelopmentLeadership Management
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RISK MANAGEMENT INPROJECT MANAGEMENT
The Risk and Procurement Management_1

ABSTRACTThe present report is made on the risk and procurement management related to supplychain. For this purpose, Edible solutions Ltd. Company has been selected which sources itsfood products from Greece. The report has talked about various types of risks that can beencountered between buyer and supplier. As per this, various models related to riskmanagement has been discussed. The time factor has a crucial importance in supplies of foodmaterials as after a specific time period, food may get destroyed or perished. Various factorslike natural disasters, epidemics, changes in weather etc. have the potential to put the foodsupply chain in a vulnerable state. many food processing companies either at small or biglevel are facing challenges in managing the supply chain as a result of lower quality of rawmaterials, less innovativeness and research activities, use of obsolete technologies and manymore. It is crucial to be familiar with whole process of production, making more investmentin designing and integration of supplies, to have win-win situation through effectivemonitoring and maintain good level of transparency. However, it is evident that the riskfactors in food supply chain are greater because of perishable nature of the food. In additionto this there can be production related risks and also procurement of the risks. The managermakes the identification of risks by making a risk register in which detail explanation of risks,their impacts and likelihood are mentioned. The risk register is used as a base as it containstypes of risks, their likelihood to appear and their impacts on supply chain management.Organisations use to manage the risks because most of the times, firms are constrained as aresult of external environment. The number of risks and their management along with itslikelihood and impacts can be studied properly within a risk register which is designed in thereport.
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TABLE OF CONTENTSABSTRACT...............................................................................................................................2INTRODUCTION......................................................................................................................5Product quality risk management...........................................................................................5Role of procurement management.........................................................................................6Sustainable procurement process...........................................................................................7CRITICAL ANALYSIS OF THE RISK MANAGEMENT THEORIES.................................8Agency theory........................................................................................................................8Resource dependency theory..................................................................................................8Resource-based view theory..................................................................................................9Risk management in supply chain........................................................................................10CONCLUSION........................................................................................................................15REFERENCES.........................................................................................................................16
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Illustration 1: Sustainable procurement process........................................................................8Illustration 2: Risk management cycle.....................................................................................12Illustration 3: Digital supply chain management.....................................................................15
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