Risk and Procurement Management BSS054-6 Assignment Sample 2024
Introduction
The most important thing in risk and procurement management is that it identifies the risk and solves it. Multiple risk factors can be realized for this organization, such as internal risk factors, external risk factors. Reliance is one of the few companies that is following multiple risk factors. There are several companies in the United States to compete with Reliance, and this is why the company is facing multiple risk factors in developing the project.
The biggest risk factor is the contract issue because the client company always signs the contract according to their demand. This study will discuss in detail the issues that Reliance is facing in developing the project. At the same time the issues that the company is facing to solve the risk factor in project development will also be discussed. In addition to these, some type of contract breach will be discussed in detail and steps will be taken to resolve them.
Q1. Identify a detailed bespoke state of art procurement
Today all the work has been done by applying some effective and advanced science. A lot of industries use their technology for human empowerments and human resources. Reliance industries want to start their new plans related to the remote connectivity and information technology in different remote areas of the US. Digital and remote teams work in a wide range to serve the nation.
Sometimes information technology and connectivity systems help a lot of people to make a proper growth. Country’s economic growth is also dependent on the business as well as the facility of connectivity (Petkov et al.,2021).
Sometimes the business work becomes so easier if the organization can have an effective team. A proper team can produce a lot of innovative ideas as well as it can handle a lot of difficult situations. The company takes a lot of initiatives to start their project, but the situation makes a huge obstacle. The covid-19 pandemic situation makes some major difficulties to start their business.
The government of the US made some extra rules during the coid-19 pandemic situation because a lot of office workers were affected at that time. In this situation the company starts a new initiative in digital interaction via video call meeting. It can produce a good environment of launching a new meeting (Kafy et al.,2021).
Here the main issue comes about the creative production and connection making. A suitable face-to-face interaction is required to build a good communication system but the pandemic situation ruins everything. The company applies a lot of advanced technologies and strong security systems (Muldoon et al.,2021). In this way, the whole part can be explained.
Detail three stages and methods of a bespoke procurement process:
- Consultation:This is the first step of a bespoke procurement process. If the company did not consult with the government of the US, they cannot make major progress on the project. A better consultation can specify the requirements of the citizens. A proper meeting can produce a lot of creative thoughts and it can also solve several problems which can ruin the reputation of the company.
The specialists can provide some extra knowledge about how to use several applications, software and many more to the new comers. A proper meeting helps the reliance to achieve their goal. The company also needs some backup plans if they cannot execute the business in a proper way. In this way, this part can be explained.
- Requirments analysis and planning:This step motivates the company’s reliance on analysis and planning. A proper analysis and planning are required to execute the business in a proper way. A proper analysis and planning can make a strong foundation for the project. A proper analysis of business situations can help the organisation to understand the exact needs of people.
If they see the way of business is not new in that place, then they can think something more different than the previous plan. A proper documentation is also very important while making the deal. Documentation can carry several records related to the planning. The company chooses some remote areas where the communication system is not advanced. In this way, proper planning can help the organisation’s reliance to secure their progress in the business.
- Technical Design:The technical design means the company Reliance has to make some new advanced technologies to execute their business. They design some advanced software and installation process for their business. This part is the most important part of the project. The company takes several steps to execute their business in a proper way.
Proper technical design can help the whole organisation to accelerate their work in a wide range (Battiston et al.,2021). The company can understand how their all strategies can work for a better solution. The engineers can modify their way of production but the technology will create more innovative things every day. In this way the whole part can be explained.
Identify challenges and state of the art methods within the case study
The main challenge of the project is the investments for the project. Investors are not sure to invest in the business because they thought this business will not work in the remote areas. Day by day the stock markets are also going downward. If the company cannot get the start-up money to start the business, then it will be very difficult to execute their business.
The covid-19 pandemic situation ruins all the different actions which can bring a huge success for the company. The company cannot transport some essential product for the business. As the international flights are cancelled, the technicians cannot travel and they cannot reach the remote places of the US. This time produces a huge loss for the company Reliance (Schön et al.,2021).
A lot of technicians are also infected due to the coronavirus, so they cannot make themselves a part of the project for several days. Each day becomes a loss for the company because they made a lot of transactions for their project in past times. The situation was more pathetic when lockdown started. So, in this way, the pandemic situation can prove itself as a major challenge for the company.
Organisational politics can ruin the reputation of the organisations. When the supervisor of the company provides some extra facilities to someone who doesn’t deserve the position, then the favouritism comes. A lot of deserving candidates leave the organisation due to the organisational politics. It can make a huge loss for the company.
Another most important challenge is insufficient advanced technologies. Some US companies use more effective ways of production, as a result if the Indian company can prove themselves as the best telecommunication company, then they have to handle the challenge.
Here the most challenging factor is, most of the engineers are not skilled, they have only college degrees. When the company hires them to complete their work, they are just like, they don’t know anything. In this way, all the challenges are explained.
How is risk managed by the bespoke procurement process and methods you have developed?
The company has to convince the government for the sponsorship. They have to explain to the US government that if the business will get a success, then it will be the same beneficial for the economic condition of the country. The most important part is, the company has to apply some strategy and they have to invest in the stock market.
They have to buy some other stocks and they have to sell all those in the right time. In this way, they can earn a huge amount of profit and also it will be more beneficial for their business. Also, they have to apply some money from previous savings (Gravano et al.,2021). In this way, they manage this challenge.
The company has to organise some online meetings to make several deals. These deals are very important for the company. They have to maintain all the precautions and then they have to launch their project.
In the lockdown, they can discuss some major issues related to the projects with some senior engineers. They have to use it all the time. Time and efforts are very important for the business. In this way, the whole company can handle the pandemic situation (Mohammadi et al.,2021).
Before executing the project, the company has to invest some money on advanced technologies. All the industries in the US are very skilled and also, they have a lot of sources, in this situation if the Indian company wants to prove themselves as the best, then they need to invest a lot of time and money on technologies. Technologies can make the whole process easier and more convenient.
On the other hand, the company has to find their employees depending on their skills. The company has to set some tests for the new candidates and if the candidates are deserving, then they can crack the test. The management team has to be very active. Also, the management team has to handle organisational politics.
The management team has to identify which sector of the company is responsible for the organisational politics. They have to launch some extra rules regarding the organisational politics (Soroui, 2021). In this way, the company can handle the organisational politics.
Comment on the detail of your procurement process and methods
Here the main inspiring point is the dedication of the company. The manager of the project makes an innovative outline for the project which can help the whole organisation to gain a huge success. The company also utilizes the time in lockdown. They never waste any time on that particular time. They always think of some more innovative things when the company is locked due to the lockdown. Their dedication can make a huge fanbase for the company.
A lot of investors also trust them for their innovative way of production and thinking. They always want to dedicate their life for human resources. They want to start their business in some remote area of the US because they want to give a proper access of their connectivity to that person who never knew about proper connection in their past time.
Today’s generation is full of internet, and the internet has become very useful for study as well as business purposes. The company Reliance also wants to provide their connection in a suitable way. In this way, this factor of the company can attract a huge number of people.
Q2. Compare and contrast two different types of contractor and form of collaboration
Here the main discussion is going to happen related to the comparisons between the company EY and reliance. The company EY is a very renowned company in the US. The current time, they are taking a lot of initiatives to make their 5G network connection. Some of the places in the US are covered with 5G networks. They also launch a lot of apps with artificial intelligence.
AI technology has become the god of advanced technology. Their plans for the cybersecurity department are more innovative than other companies. Their forward-looking business strategy motivates a lot of new organisations. Their latest initiatives are, they are making some innovative projects where they are making puzzle technology without knowing the picture (Cunningham et al.,2021).
The company also helps the citizens of the US by providing them with digital tax systems. The clients can interact with the senior engineers over the internet. They make a good digitally integrated customer experience. their official twitter account is always active for giving valuable updates related to the company. In this way, the whole part can be explained.
On the other side, the company reliance is slightly different from the company EY. The company originated from India and also the company is very powerful and their annual revenue is very high compared to other companies. The main target of the company is to provide their telecommunication services in a suitable range of money. Their strategies are very different to other companies.
They know that internet facilities become very important for the current generation and if they can launch a suitable amount of internet plans, then all types of people can afford it. Their business revenue becomes higher depending on the sale of the telecommunication system. Their target is, they always choose some place where the population density is so high.
They start their main hub in big cities where people want high speed internet facilities for their business purpose. They launch some midrange internet plans for corporate workers as well as children who can use the internet for their online classes. On the other hand, they also target some remote areas where they can start their cheap rated internet packs.
At the starting some months the internet becomes free, and then the price will be the same as the other places. This strategy helps them to gain a huge number of customers (Karthick et al.,2021). The contractors of Reliance are in Miami. The company has some employees in the US and they earn near about 7 lakh us dollar in a whole year in sales and marketing.
The company Reliance also promotes other companies for their growth. In this way, the comparison between EY and Reliance can be made.
Q3. Types of contract breach and discuss some precaution to prevent this risk
- Material breach of contract
Material Breach of Contract is one of the major risk factors for a company’s project development. In this case, if there is any agreement between two companies or more than one company, there is a tendency to make it cancerous (Liu et al., 2020).
Material collection is most important in project development because the success of a project depends on the quality and reliability of this material. Therefore, canceling a material contract in the middle is a big hurdle for a project, and it can stall the pace of project work and other things (Hongyan et al., 2020).
In order to resolve this contract issue, companies should communicate their stable decision to each other and then make some important decisions. As opined by De Ruiter et al., (2017), in most cases, the real reason for such contract cancellations is to change the strategy and decision in the middle.
Therefore, all companies participating in the agreement should make their decisions and emotions well known to the food company. Moreover the loyalty behavior of the companies is the biggest factor for the companies. If all of these are properly maintained, companies can save their agreement process from being canceled.
- Minor breach of contract
Many experts also refer to minor breaches of contract as partial breaches of contract this is because in this case, the contract may be interrupted for a particular minor issue (Niesen et al., 2018). This problem can occur if there is any non-cooperation between the companies in this case, such as financial issues, decision making issues, stakeholder issues and many more.
Moreover, in many cases this problem may become more pronounced due to government policy, and all of these factors directly affect the company’s project agreements. Therefore, this issue is also considered as one of the risk factors for developing a project successfully.
In order to solve this contract brush issue, companies should understand their internal matter well before concluding their contract, and at the same time to observe in detail the policy of the Government as an external factor (Van Hootegem and De Witte, 2019).
If it doesn’t pay close attention to these small things, these small things can become a big obstacle in the work of the project. Moreover, before developing a contract, a company should try to misrepresent the opposite company, as a result, it is much easier to identify the problem as well as solve it. Minor breach of contract issues can be prevented if all these issues are followed properly.
iii. Anticipatory breach of contract
The biggest issue with this contract is the strategy implementation because if there is a mistake this problem arises (Griep et al., 2020). For example, the two companies signed a contract to develop a project and it was later found that there was a problem in implementing the strategy.
From strategy development to strategy implementation, companies have to face multiple costs in all these steps, so any mistake made during strategy implementation increases both the cost and time of the project, as a result, the contract between the two companies may be canceled.
There needs to be enough caution between the stakeholders of the two companies to solve this issue because it depends entirely on the strategy of the company and the skills and knowledge of the stakeholders (Liu et al., 2020). This can only be fully resolved if the stakeholders of both the companies are more vigilant among themselves. Moreover, the argument with the contract is that both companies should share their strategies with each other in this case, and if there are any mistakes, solve them as soon as possible.
- Actual breach of contract
This is a very serious matter for any contract where the plans of two companies are involuntarily shared with a third party company. For example, two companies developed a plan to create a project, but it reached another company in some dishonest way. As a result, the value of that project is greatly reduced and not much profit can be made from that project.
In order to address this, stakeholders must secure their plans, strategies and roadmaps, and at the same time loyalty should be observed.
Conclusion
After discussing the above study, it can be concluded that following proper Procurement Management when developing a project makes risk identification much easier, and besides identifying them, it is possible to solve them very easily. Incidentally Reliance followed this risk and procurement management to expand business in American Market.
Moreover this company has followed every step of every procurement management and proper method. Therefore, it helps a lot for the company to identify the risks in the organizational processes as well as to solve them.
The study also looked at a number of contracts for breach where it was found that one company depended on another. In this case, one company manages the project better by sharing its strategy and decision with another company. Although there are multiple risk factors in this case, the company controls them by understanding each other’s requirements in the agreement.
Reference list
Battiston, P., Kashyap, R. and Rotondi, V., 2021. Reliance on scientists and experts during an epidemic: Evidence from the COVID-19 outbreak in Italy. SSM-population health, 13, p.100721.
Cunningham, J.W., Vaduganathan, M., Claggett, B.L., Jering, K.S., Bhatt, A.S., Rosenthal, N. and Solomon, S.D., 2021. Clinical outcomes in young US adults hospitalized with COVID-19. JAMA internal medicine, 181(3), pp.379-381.
De Ruiter, M., Schalk, R., Schaveling, J. and Van Gelder, D., 2017. Psychological contract breach in the anticipatory stage of change: Employee responses and the moderating role of supervisory informational justice. The Journal of Applied Behavioral Science, 53(1), pp.66-88.
Gravano, D.M., Chakraborty, U., Pesce, I. and Thomson, M., 2021. Solutions for Shared Resource Lab Remote Quality Control and Instrument Troubleshooting during a Pandemic. Cytometry Part A, 99(1), pp.51-59.
Griep, Y., Vantilborgh, T. and Jones, S.K., 2020. The relationship between psychological contract breach and counterproductive work behavior in social enterprises: Do paid employees and volunteers differ?. Economic and Industrial Democracy, 41(3), pp.727-745.
Hongyan, L.I.U., Yang, J. and Chen, X., 2020. Making the customer-brand relationship sustainable: The different effects of psychological contract breach types on customer citizenship behaviours. Sustainability, 12(2), pp.1-15.
Kafy, A.A., Shuvo, R.M., Naim, M.N.H., Sikdar, M.S., Chowdhury, R.R., Islam, M.A., Sarker, M.H.S., Khan, M.H.H. and Kona, M.A., 2021. Remote sensing approach to simulate the land use/land cover and seasonal land surface temperature change using machine learning algorithms in a fastest-growing megacity of Bangladesh. Remote Sensing Applications: Society and Environment, 21, p.100463.
Karthick, A., Chinnaiyan, V.K., Karpagam, J., Chandrika, V.S. and Kumar, P.R., 2021. Optimization of PV‐Wind Hybrid Renewable Energy System for Health Care Buildings in Smart City. Hybrid Renewable Energy Systems, pp.213-228.
Karthick, A., Chinnaiyan, V.K., Karpagam, J., Chandrika, V.S. and Kumar, P.R., 2021. Optimization of PV‐Wind Hybrid Renewable Energy System for Health Care Buildings in Smart City. Hybrid Renewable Energy Systems, pp.213-228.
Kohlbach, D., Schmidt, K., Hop, H., Wold, A., Keck-Habahbeh, A., Belt, S.T., Woll, M., Graeve, M., Smik, L., Atkinson, A. and Assmy, P., 2021. Winter carnivory and diapause counteract the reliance of Barents Sea zooplankton on ice algae. Frontiers in Marine Science, 8, p.266.
Liu, H., Yang, J. and Chen, X., 2020. Making the Customer-Brand Relationship Sustainable: The Different Effects of Psychological Contract Breach Types on Customer Citizenship Behaviours. Sustainability, 12(2), p.630.
Mohammadi, M., Ghamkhar, L., Alizadeh, A., Shaabani, M., Salavati, M. and Kahlaee, A.H., 2021. Comparison of the reliance of the postural control system on the visual, vestibular and proprioceptive inputs in chronic low back pain patients and asymptomatic participants. Gait & Posture, 85, pp.266-272.
Muldoon, K.A., Denize, K.M., Talarico, R., Fell, D.B., Sobiesiak, A., Heimerl, M. and Sampsel, K., 2021. COVID-19 pandemic and violence: rising risks and decreasing urgent care-seeking for sexual assault and domestic violence survivors. BMC medicine, 19(1), pp.1-9.
Niesen, W., Van Hootegem, A., Handaja, Y., Batistelli, A. and De Witte, H., 2018. Quantitative and qualitative job insecurity and idea generation: The mediating role of psychological contract breach. Scandinavian Journal of Work and Organizational Psychology, 3(1), pp.1-14.
Petkov, I., Gabrielli, P. and Spokaite, M., 2021. The impact of urban district composition on storage technology reliance: trade-offs between thermal storage, batteries, and power-to-hydrogen. Energy, 224, p.120102.
Schön, A.M., Borchert, C. and Kunst, L., 2021. Measuring Self-Reliance in Refugee Camps.
Soroui, S.T., 2021. Understanding the drivers and implications of remote work from the local perspective: An exploratory study into the dis/reembedding dynamics. Technology in Society, 64, p.101328.
Van Hootegem, A. and De Witte, H., 2019. Qualitative job insecurity and informal learning: A longitudinal test of occupational self-efficacy and psychological contract breach as mediators. International journal of environmental research and public health, 16(10), p.1847.
Know more about UniqueSubmission’s other writing services:
