Risk And Procurement Management

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Risk And Procurement Management

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Risk And Procurement Management

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Question:
Discuss about the Risk and Procurement Management.

Answer:

Top ten risk identified in Wedding
Risk is a situation that involves exposure to danger, harm or loss. It can be defined as a future uncertainty about deviation from the expected outcome. It further implies the probability of different threat, damage, injury, liability or loss due to the eternal vulnerabilities that can be avoided through preemptive action (Aven 2012). The top ten risk associated with the project wedding are listed below-

The major risk associated with a wedding is the risk of over budget.
Another risk associated with the project wedding is large number of unexpected guests.
Power failure in the venue of marriage is another significant risk.
Unexpected expenses that may creep in due to some unexpected situation is another significant risk.
Risk of last minute arrangements that might be required during the wedding days
The risk of mishaps that includes fire or accident
Unexpected natural phenomenon such as rain or storm
Another risk associated with the wedding is the risk of theft of wedding jewelry
Improper invitation postage is counted as a major risk of wedding as well
The reception site is small considering the number of guests appeared for wedding

Risk management Strategies
The risk management is a process of identifying, analyzing and responding to the risk throughout the life cycle of the project. The different risk management strategies includes risk avoidance, risk transference, risk acceptance and risk mitigation (McNeil, Frey and Embrechts 2015). These strategies can be applied to the identified risks in the above sections in order to reduce the effect of those risks or to mitigate the risks.
The risk of over budget, unexpected expense, last minute arrangements and improper invitation postage can be mitigated by the planning the whole wedding properly and in accordance to the budget. Proper research about the invitation postage may help in mitigating the risk (Smith 2013).
The risk of natural calamities and mishaps cannot be predicted or control therefore this should follow the path of risk acceptance.
Risk of power failure or managing a number of unexpected guests or improper venue of the wedding can follow the strategy of risk transfer. A wedding planner can be appointed for managing these aspects of the wedding.
The risk of theft can be avoided by employing proper risk security in the venue.
Controls for the top ten risk
The top ten risks that are identified can be control by applying the different risk mitigation techniques and the strategies discussed in the previous section. The risk can be controlled by properly planning the wedding according to the different situation. The risk transfer is an effective risk control methodology that can be applied to the identified risks (Thompson 2014). This includes appointment of a wedding planner who would manage all the wedding related tasks. This would eliminate the risks of improper management of the project along with the top ten identified risks of the project. Therefore, this can be considered as an effective risk control methodology.

References
Aven, T., 2012. The risk concept—historical and recent development trends. Reliability Engineering & System Safety, 99, pp.33-44.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.
Smith, K., 2013. Environmental hazards: assessing risk and reducing disaster. Routledge.
Thompson, J.R., 2014. Credit risk transfer: To sell or to insure.

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