Risk Management in Purchasing and Supply Management
Purchasing departments use various strategies and techniques to minimise the impact of detrimental events occurring in the supply chain. This concept has been created to assist managers with risk management. It presents main attributes and some examples of risk management through proactive purchasing activities.
Technique Overview
Risk Management in Purchasing and Supply Management Definition
Generally, risk can be defined as ‘the probability of an unwanted outcome happening’. Risk management involves three key activities: risk analysis, risk assessment and risk mitigation (CIPS: Risk Management in Purchasing and Supply Management).
Risk Management in Purchasing and Supply Management Description *
* The full technique overview will be available soon. Contact us to register your interest in our business management platform, and learn all about Risk Management in Purchasing and Supply Management.
Business Evidence
Strengths, weaknesses and examples of Risk Management in Purchasing and Supply Management *
* The business evidence section is for premium members only. Please contact us about accessing the Business Evidence.
Business Application
Implementation, success factors and measures of Risk Management in Purchasing and Supply Management *
* The business application section is for premium members only. Please contact us about accessing the Business application.
Professional Tools
Risk Management in Purchasing and Supply Management videos and downloads *
* The professional tools section is for premium members only. Please contact us about accessing the professional tools.
Further Reading
Risk Management in Purchasing and Supply Management web and print resources *
Risk Management in Purchasing and Supply Management references (4 of up to 20) *
- Chopra, S. and Sodhi, M.S. (2004) Managing Risk to Avoid Supply-chain Breakdown. MIT Sloan Management Review, Vol. 46(1), pp. 53-61.
- CIPS: Risk Management in Purchasing and Supply Management.
- Cousins, P.D., Lamming, R.C., and Bowen, F. (2004) The Role of Risk in Environment-related Supplier Initiatives. International Journal of Operations and Production Management, Vol. 24(6), pp. 554-565.
- Ellis, S.C., Henry, R.M. and Shockley, J. (2010) Buyer Perceptions of Supply Disruption Risk: A Behavioural View and Empirical Assessment. Journal of Operations Management, Vol. 28(1), pp. 34-46.
* The further reading section is for premium members only. Please contact us about accessing the further reading.
Learn more about KnowledgeBrief Manage and how you can equip yourself with the knowledge to succeed on Risk Management in Purchasing and Supply Management and hundreds of other essential business management techniques