Risk and Procurement Management

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Risk and Procurement Management: 


Risk Management: Risk management is defined as the ongoing process to identify, analyze, evaluate and treat loss exposures and monitor risk control in order to mitigate the damaging effects of loss. Risk management is essentially a two-step process, and involves determining the existence of risks (that is, having the fortitude and knowledge to identify risks seen and unseen) and handling risks (figuring out the best way to deal with them without turning everything upside down).

This includes the procedures that conduct risk management activities: Risk analysis, response, planning and control.

Procurement Management: Procurement management refers to the professional management of goods and services as it relates to a project. Procurement involves the preparation and processing of a demand in addition to the end receipt and approval of payment. Procurement managers face tasks such as price negotiation, value analysis, supplier research and section and making the purchase…

 

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