Project Risk and Procurement Management Assignment Help

- Locate, synthesise and critically evaluate recent/current information from a wide range of published literature in the area of Project Risk and Procurement Management.

- Apply knowledge of the theory and practice of Project Risk and Procurement Management to develop insights into and solve current problems.

- Critically evaluate the use of complex models of Project Risk and Procurement Management; systematically and creatively making sound judgements based on the systematic analysis and creative synthesis of ideas.

- Critically and effectively assess the value of theories, concepts and models to the practice of Project Risk and Procurement Management.

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Abstract

This research paper is divided into three parts which begins with abstract which defines and takes care of the introduction section of the complete research and parameters to successfully formulate this assignment and make it readable and understandable. Whereas, the conclusion which deals with last part sum up the essence of whole paper in a nutshell for a quick review. The main element is the body of the paper which broadly divides the whole literature preview in the two aspect one being the risk management process and the other being the procurement management. The paper deals with explaining in detail the definition of both the elements and process as well as explanation. The models processing segments provides the two elements one being the risk management which is the base formulation of the whole process and further, explains that all can be customized at each stage as per project specifications.  The other being the project procurement process where there are six models which are standard and the business management usually works around them in order to ensure a proper planning and a corrective way of processing. The paper also provides a brief about the illustration and arguments which describes a brief preview of about some practical examples and case analysis which gives a better resultant about the whole process. In fact, the paper also provides suitable recommendation which proves the base factor that which format is mostly acceptable across globe for project management and project process. The core of the whole paper is that the paper explains various task and details which ultimately aim at providing how the project management can lead to success.

Literature Review on – Project Risk Management

This concept deals identifying as well as analyzing the level of risk which is followed over the product life cycle or till the usage life of the project. It explains the fact as to how the project whether being of a small duration or a longer duration remains as per the plan of action without any error and difficulties to perform various job task. As a matter of fact, this concept deals with goal analysis, and proper functioning of the management in context with the project performance. It is important to understand that this process of working is not only reactive in nature but also preventative as the base of project risk management is involved from the base or rather the very beginning. This concept explains that to overcome such phenomena it is crucial that it should be worked from very start as the project functioning and various stages must enroll from the basics.

It is essential to understand that risk needs to be control at every stages of the project functioning as well as risk is a level of major uncertainty, primarily because it deals with future transactions and occurrences (Burke, 2013). On the more, it deals with aspects which are uncertain as well as un reliable. The other element which must be understood by the managers is the fact that risk management cannot be a ridged form or a structure nor they can be estimated at universal platform. This because of the fact that each project is unique in itself and thus differentiate on various basis therefore, the risk involvement and level of risks will be different along with various allied factors. Thus, it is important and essential that the risk management must be customized and must be formulated as per specific requirements so that it benefits the organisation and is able to successfully perform work which it is required to be formulated.  

Literature Review on – Procurement Management

Procurement can be defined in simple words as an action of purchasing or buying, however, such purchasing or buying in an organisation is not an easy format as it involves specifications and many technicalities. Procurement management can be correctly defined as a process which enables an action where various goods as well as services required for the functioning of the organisation in order to achieve profitable standards are acquired from across borders. This can be from various sectors and organizations as well as the industry to ensure that the best requirements are fulfilled (Kerzner, H., & Kerzner, 2017). The matter of fact, is that the procurement management is a complex function which involves purchasing but at the same time ensuring that it is cost effective, it is timely done in manner as well as it is appropriate in terms of quality and quality standards as per the company requirements. It also involves a close explanation of vendor selection, and matrix of vendor payment which has an equal importance in the enterprise and its functioning process.

To better define the whole creation process and management plan of action the process is break up into four stages of working. First being the planning the process, the second being the selecting the right vendors to assure the process is approved, the third being the monitoring or the administration process which deals with a concept of control action. Lastly, the closure format where the points are streamlined in order to understand the success and the non-success of the whole process. This stage also helps in identifying as to what is the favorable action for the organisation what are the non-favorable action for the enterprise. None the less, this is a web format system and process which the managers need to deal with major complexities and expertise in order to establish a proper control.

Models

The model of risk management is the prime concern which deals with the phenomena where a risk is quantified and statistically measured in a systematic and organized manner. The base Model usually begins with identification – where the project is scrutinized and studied in order to express which risk can arises in the given project. The next follow step is the assessment of the risk provided, which deals with the fact of providing the degree which may be low, medium and high. Depending on the level of the risk it is formulated into a restrictive controlling process and action. The third and the major element is the response which is the identifying the responses in context to assessment as well as providing correct and appropriate solutions as well as actions in order to provide minimum level of risk action in the whole project and product life cycle. The last stage of the model is drafting the assumptions and thereby, providing the corrective action in form of the manifestation and risk management charter process.

On the other hand, the model of the procurement is formalized in a universal and standard format which can be broadly accepted by all the organisation, industries as well as across borders. As on date the four most known models are listed as below: The Dominick Formula which was established way back in the year 2006, the second being The Procurement formula which was established way back in the year 2012, third being the Dominick Matrix which was established way back in the year 2013, fourth being SPSM-BOK Mastery Model which was established way back in the year 2014 (Turner, 2014). Fifth one being the Continuous Strategic Supplier Evaluation Cycle which was established way back in the year 2015. Last one being the Dominick’s Sourcing See-Saw which was established way back in the year 2015. Thus, this process has evolved as per the year by year and manufacturing and business cycle in order to ensure that the procurement process is error proof and free of risk management module.

Illustrations

This segment provides practical application and case studies of the applying the risk management and the procurement management models in the business organisation and work culture so that project life cycle can be smooth and effective.

The Risk Management process - from a practical perspective can be further explained through a case study expressed in the International Journal of Innovative Research in Science in terms with the construction organizations. The paper details and explains how the overall field can be processed and adopted in order to provide a better methods and growth of the whole organisation as whole.  This method is explained as by the risk planning people as a brain storming exercise where the construction companies project management team streamlined the whole risk exercise into five major segments.

1) The identification of the implementation of Risk which is done through preparing a questionnaire and the research questions are asked by the employee as well as people and experts which have performed such work actions. This will help in streamlining the risk involved in project. 

2) The other being the attributes of risk which is by defining the inherent Risks and other associated risks evolved in relation with financial risk, liquidity, material risk as well as the time risk analysis. On the more, construction project stage is defining the probable risk segments.

3) The formulation of Control risk plans along with a substitute planning process to overcome the risk and find better resolution to perform better. This being the risk identification reduces the level of probabilities and the option of uncertainties (Reddy, 2015)

4) This step is the action plan, here the new project which being the construction project of new venture is maintained and planned on a proper and an effective time zone analysis. It also phases an action step of various delay and un avoidable action plan which may hamper the business. This action is completed after keeping into clause the various assumptions.

5) Last stage undertaken which is sum up process which beings with the avoidance factor which does not hold as much as importance and consist lower risk which can ignored. The other action is to rework on the higher level of the risk event where the process can be difficult choice and harm the project. The last stage closes on evaluation of reduction and control action of the follow up plan and to develop better strategic action which was also considered as a mitigation strategy.

Hence, this case study provided a great insight about the project risk plan of action and how it is useful and accepted in practical business organisation so that the projects or joint ventures can be accomplished as decide by the top management and as per the original action plan.

The best example which can be shared on the basis of the procurement model scheme- Amazon  is doing best in business the company established an B2B Model which the organisation introduced in the fiscal year 2015. This model simplified the whole process where the whole system dealt with open space working where various processing was done directly from the vendor warehouse to the customer (Hugos, 2018). Rather than, acting for an three way action mode the company dealt with an space where the company tried to build an hassle free environment where the whole working process will be provided in an better and an easy flow of purchasing and returning format. On the more, the company providing the contract process where the company has an build a software which provides the factor that the is directly linked to the company individuals data base which explains the stock and the detail of the product which can be directly linked to the amazon website. On the more, procurement model was extended to providing credit facility which was borne by the amazon rather than the vendors or the sellers. The company also ensured an complete revelation on the website by providing it on the better friendly environment and platform which showed speed in orders, efficiency as well as the cost reduction factors.

Thus, this two-case study providing and revolution in the business in context to the better showing how project risk management and procurement management can led to a deal breaker for organisation to grasp the whole market and its presence.                  

Recommendations and Conclusion

Business works in an open environment where everything is on exchange model phase and there it is very crucial that the strategies and plan of action also changes so that the project planning is done correctly and leads to better success model. Recently the risk management and the corporate governance ensures that the OECD tries to provides better planning process and committee as well as now the company also involves better enrollment of risk advisory board which provides an regular flow of action. On the more the procurement plan of action has also update regularly and the companies are ensuring that new models are introduced in business cycle so that the project management are completed with utmost success and time basis.    

In nut shell, this paper defines that the risk management and the procurement management is very crucial for ensuring a safe and a balanced form of working environment in the organisation. Paper scrolls in providing various models and explaining in details how such models are effective in day to day working as well as in the project planning for future whether being three-year analysis and five-year analysis. The illustrations on practical approach on the both process of supply chain and the overall project management also explains the technical perspective of the whole effectiveness along with critical analysis. Hence, in the closure format the paper concludes on the recommendation basis which provides the absolute results to define which is the best option. How the company must streamline so that the business project is established within minimum risk and error free format, which also helps in maintaining the finances in the cost-effective manner and the same time providing risk free element at best quality level.

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