Risk is a measure of a likelihood and consequence of an occurrence. Risk can also be identified as anything that makes attainment of objectives difficult. It can also be defined as the probability of an unwanted outcome happening.
Procurement risk is the potential of failures of procurement process designed to purchase services products. Risk management involves understanding and analysing the nature of the risk involved, calculating the possibility of the risk event occurring, calculating the impact of the consequences to offset or reduce the risk.
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