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APA
Subject:
Management
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Essay
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English (U.S.)
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Topic:
The Significance of Risk Management to the Procurement Process
Essay Instructions:
Return to Case Example 1 in the textbook and identify risks that could negatively impact the purchase of the desired car, the impact of those risks on the procurement of the car, and how each of the identified risks could be mitigated or avoided. Describe the value of risk identification and planning to the success of a project.
Please use the following information to login to the textbook to see the Case Example 1. This is the URL for my textbook. I am not sure if it will allow you to access it, but I figured it was worth a shot. The article in the first chapter is what has to be utilized for writing this assignment
Essay Sample Content Preview:
Procurement Risk
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Procurement Risks
Risk management is significant when it comes to the procurement process. Procurement risks are specific failures that may jeopardize the procurement process by impacting purchase products or services (Hong et al., 2017). Based on the provided case, the risks which would negatively impact the purchase process include financial, purchase, and dealership risks. Dealership risk is noted since Sheila and Bill had to determine a specific dealer for a quality car. They will also deal with significant financial risks depending on the Prius. Lastly, purchase risk will depend on the vehicle purchased, either used or new. The risks would adversely impact the procurement of the car by leading to poor supply chain management. The risks would also impact the purchase quality.
The risks can be mitigated differently to reduce their adverse impact. Risk mitigation involves reducing the adverse impacts of risks (Khan, 2018). For instance, the dealership risk can be mitigated by adequate research to ...
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