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Project Risk and Procurement
• 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.
• Demonstrate a sound understanding of the importance of risk management in the development and maintenance of sustainable procurement.
• Locate, synthesise and critically evaluate recent/current information from a wide range of published literature in the area of Project Risk and Procurement Management
Risk management has become ever more important in planning, organising and managing projects, events and continuous activities. But what is ‘risk' and how can it be managed successfully? You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed.
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It will not be adequate enough to simply mention that risks will be managed, but what is required primarily is an approved approach to risk management for every project, which is itself known as risk management. Astoundingly, the definite approach which companies require is to be clear-cut; they must simple identify risks that are potential enough to threaten the business, and then execute different forms of suitable management action either to avoid occurrence of risk or to minimize or control it. Risks are usually considered as harmful threats, which can harm the project and thus, it is important to manage them. This report discusses about risk, the way it can be managed effectively by critically assessing the concept of risk. It details out the ways to measure and rank risks and outline the way a project risk management strategy
Table of Contents
Critical Analysis of the Concept of Risk 4
Ways of Measuring and Ranking Risk 6
Discussion of Ways to Manage Risk Successfully 7
Ways to Construct a Project Risk Management Strategy 10
Risk management is the fundamental concern nowadays, for business executives and experts involved in different projects nowadays, predominantly after the financial crisis that affected shook in the year 2008, which evident the turmoil business conditions. Even though risk management is the biggest and the substantial requirement of business, but companies often do little in this regard