Risk Management in ProcurementAssignment1. Identify critical components of the procurement cycle2. List ways in which each component could be corrupted3. Identify possible effects4. Identify all possible causes5. Assess the probability (a) of each corrupt practice occurring on a scale of 1 - 5 (1 = Low, 5 =High)6. Determine the severity of the impact (b) on a scale of 1 - 5 (1 = Low, 5 = High) Risk Assessment7. Identify the risk factor by multiplying a x b8. Prioritize the risks9. Identify corrective/preventive action to minimize the risk of corruption in the procurement cycle

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Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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