Project Risk and Procurement Management  Essay Sample

This essay sample on Project Risk and Procurement Management for Singapore students. we will cover the What is procurement management?, What is risk management in procurement?, Importance of risk management in procurement, Types of risks, Process of risk management in procurement, etc.

This essay example can be used to help Singapore students understand Project Risk and Procurement Management. If you want to download this paper for your specific needs of school or college, just contact our professional writers who will create a custom-made paper that matches what’s needed!

Introduction- Project Risk and Procurement Management Essay

In this sample essay, we shall be discussing the topic of “Project risk and procurement management” in this sample essay. Moreover, this is quite important topic. Thus, we shall be providing all the necessary information related to the topic. In addition to this, we shall also be dividing the essay into different sections for the sake of clarity and simplicity.

Furthermore, we shall be starting the decision with the definition of procurement management. Following this, we shall be looking at risk management in relation to the same.  Later on, we shall discuss its importance, different forms of risks, as well the steps involved in the process itself. So, without further adieu:

Main body- Project Risk and Procurement Management Essay

What is procurement management?

Procurement Management refers to a strategic approach that mainly focuses on the optimization of an Organization’s spending and expenditure. In addition, it also concerns with requisitioning, sourcing, ordering, inspection, as well as reconciliation.

In other words, we can say that it translates to acquiring said goods and services through preferred vendors, within the singaporean organization’s budget and assigned deadline.

However, a number of organizations do not employ procurement management. Reason being that they depend extensively on manual, paper-based processes instead of moving to digital technology. Moreover, we shall be looking at the risk management in procurement in the next section of the sample essay.

What is risk management in procurement?

The term “Risk management” in relation to procurement refers to the processes of identification,  understanding, as well as grading of risks. This is done in order to manage and mitigate them more effectively.

Moreover, the method of risk management varies greatly from system to system, however, the aim always remained the same. Plus, this process also follows certain steps. We shall be looking at these steps later on in this sample essay. Meanwhile, we shall be discussing the importance of risk management in the next section of the sample essay.

Importance of risk management in procurement

We have discussed the definition of procurement as well as the risk management in the same. However, this begs the question “Why is risk management important in procurement”. In this section of the sample essay, we shall be answering the very same question.

Even though the main aim of the procurement concerns obtaining goods and services; it’s just the definition, the full scope of the same is larger. The question “why” is that procurement management looks to find a balance between the risks and reward. Moreover, every expenditure of an organization big or small holds a certain variable of risks.

Consequently, risk management in procurement becomes of uttermost importance. Another reason being that every level of a Singaporean organization involves some form of decision-making. Thus, there is always a risk factor present. So using risk management processes can help to improve the efficiency and effectiveness of the overall procurement process.

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Types of risks

The process of procurement management as we read involves certain risks. However, these risks can be of different forms and types.  Here, we shall be discussing these different types of risks in procurement management. Thus, without further adieu:

• Inadequate Needs Analysis
• Improper supply chain management
• Poor contract management
• Risks of fraud and internal corruption

So these are some of the risks. Moving on, we shall be looking at the process of risk management in the next section of the sample essay.

Process of risk management in procurement

As we read before, the process of risk management in procurement follows certain steps. Here, we shall be looking at these steps of risk management. Thus, these are, as mentioned below:

1. Identifying the risk
2. Risk analysis
3. Ranking the risk
4. Mitigation of risk
5. Monitoring the risk

Thus, these are the five steps of risk management. Even though the Method may vary from organization to organization, these steps are ever-present. Consequently, we can say that these are the basic and constitutional steps of the same.

Conclusion: 

In general, public-private partnership is a successful way for governments to tackle issues that they cannot handle on their own. The benefits are clear and it has been shown time and again in Singapore as well as other countries around the world. Despite its successes, there are some drawbacks too. It can be difficult to balance all interests when partnering with private companies but this doesn’t mean we should stop using PPPs–it just means we need to learn how to make them work better together!

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