Project Risk and Procurement Management
Assignment Word length 3000 words (do not exceed word limit). Do not include References in the word count.
Assignment Brief
The management of risk is proving to be one of the most difficult tasks for the project management profession. How can risk be managed effectively and who should be responsible for this task?
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 for a project of your own conception. In completing this assignment, you should address how appropriate practices can assist in minimising risk for your project.
Relates to Learning Outcomes:
- 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.
What exactly is risk from the viewpoint of a project manager or business with responsibility for planning, organising and managing projects? How can it be managed effectively and who should be responsible for this task?
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 for a project involving a new technology developed by an international team that is to be launched within a six month time period.
In completing this assignment, you should address how appropriate risk management strategies can assist in minimising risk for the project. Remember this is an academic piece of work - a literature review is mandatory.
The overall aim of the module is to allow students to develop an in-depth understanding of Project Risk and Procurement Management. More specifically, the module aims to provide students with an overview of project risk in order to maximize the probability and consequences of positive events and to minimize the probability and consequences of adverse events to project objectives. It also aims to provide students with the skills to effectively manage procurement processes in a multitude of environments.
Procurement Principles and Management - 11th edition chapter correspondence errata
Procurement planning concept is covered in Chapter 2 and 3
Procurement cycle concept is covered in Chapter 1
Whole Life Cycle Costing (WLC) concept is covered in Chapter 9
Sourcing/supplier selection concept is covered in Chapter 8
E-auctions concept is covered in Chapter 18
Contract administration/Contract Management concept is covered in Chapter 19
Supplier Relationship Management (SRM) concept is covered in Chapter 8
Further readings
Supply Chain Risk (Unit 1 to 3):
1) Supply Chain Risk : A Handbook of Assessment, Management, and Performance, George A. Zsidisin Bob Ritchie, Springer eBooks, Boston, MA : Springer
2) Managing Supply Chain Risk and Vulnerability: Tools and Methods for Supply Chain Decision Makers, Teresa Wu editor.; Jennifer Blackhurst editor., Springer eBooks, London: Springer London 2009
3) Managing Supply Chain Risk, ManMohan S. Sodhi Christopher S Tang; SpringerLink (Online service), Springer eBooks Boston, MA : Springer US 2012
4) Identifying risk issues and research advancements in supply chain risk management, Tang, Ou; Musa, International Journal of Production Economics, 2011, Vol. 133(1), pp. 25-34 [Peer Reviewed Journal]
5) Supply chain risk management : tools for analysis, David Louis. Olson. New York, New York 222 East 46th Street, New York, NY 10017 : Business Expert Press Second edition. 2014
Sustainable Procurement (Units 4 to 6):
1) The relationship between sustainable procurement and e-procurement in the public sector, Walker, Helen ; Brammer, Stephen, International Journal of Production Economics, 2012, Vol.140(1), pp.256-268
2) Humanitarian Logistics and Sustainability, Matthias Klumpp editor.; Sander Leeuw editor.; Alberto Regattieri editor.; Robert Souza editor, Springer eBooks, Cham : Springer International Publishing : Imprint: Springer 2015
3) A field-level examination of the adoption of sustainable procurement in the social housing sector, Meehan, Joanne ; Bryde, David J., International Journal of Operations and Production Management, 6 July 2015, Vol.35(7), pp.982-1004
4) Sustainable procurement practice, Meehan, Joanne ; Bryde, David, Business Strategy and the Environment, February 2011, Vol.20(2), pp.94-106
5) Sustainable procurement: Past, present and future, Walker, Helen ; Miemczyk, Joe ; Johnsen, Thomas ; Spencer, Robert, Journal of Purchasing and Supply Management, 2012, Vol.18(4), pp.201-206