The procurement and contract administration process is prone to risks. There are risks in determining need and planning procurements, developing specifications, selecting the appropriate procurement methods, preparing solicitation documents and calling for offers, evaluation and selection of firms and individuals, negotiating the contract, and contract administration.
Procurement management is about solving problems and managing risks. Customers need supplies and services to solve immediate and future needs. They usually have little understanding of procurement and unrealistic expectations about the procurement process. Procurement planning and strategy development are important to reduce risk in the procurement process. A comprehensive understanding of the procurement process, principles and guidelines is also important to finding appropriate solutions and minimizing risks.
The following is a comprehensive Checklist of Potential Risks in the Procurement Process.
Courtesy of: NSW Department of Public Works and Services https://cheska-lekarna.com
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Thanks very much for Procurement ClassRoom. It has broaden my knowledge in procurement, as a procurement student desiring to have an accurate knowledge in procurement management process, risk involved in the process and how to minimize those risks.