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Essay / Research Paper Abstract
This 3 page paper considers the risks associated with procurement. The paper considers the various risks of internal and external sourcing and how some, but not all, may be mitigated. The bibliography cites 6 source.
Page Count:
3 pages (~225 words per page)
File: TS14_TEprocur.rtf
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Unformatted sample text from the term paper:
impacts as a result of risk. One area which has received little attention is the study of procurement in project management and the risks which may present in the procurement
practice. The risk to a project may manifest with different risks, these include risks associated with the project itself, the chosen supplier as well as the product or
service that is procured. It is possible that in standard project management cycles the determination of the procurement needs will have to take place in advance of their use, and
as such it is potentially possible for the specification to be miscalculated, of contracts have been signed this could be expensive. However, assuming that this risk is not an issue
the first aspect may be the to make or buy consideration. This is a standard consideration. Porter has argued that to be successful there is the need for competitive advantage
(Thompson, 1998). By using a resource based view the competitive advantage also needs to be unique and one that cannot be imitated (Mintzberg et al, 1998). In seeking to procure
outside of an organisation there may be economic benefits due to the economies of scope and scale a producer may have, as well as a less steep learning curve. Moreover,
where there is a competitive advantage linked to that purchase, either directly or indirectly, there is the risk of the transfer of knowledge and the dilution of a competive advantage.
In terms of risk there are also issues such as the stability of the supplier, and if they are an international supplier aspects such as currency rate fluctuations an
even changing political relationship dynamics. The currency rate fluctuations may be reduced with the use of hedging also that the rate at which the currency to pay for the goods
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