Procurement, Risk, and Contract Management

How can we define what we mean by ‘risk’ and how can it be managed successfully in large and small projects? Critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for an international telecommunications project involving stakeholders in Europe, Saudi Arabia, and the United States. In completing this assignment, you should discuss both theoretical and practical risk management strategies and how these can assist in minimising risk for your project.

Taking the following into account as listed below:

•         Establishment of relevant theory (e.g. what do we mean by risk in a project management context and what is the relationship between risk and risk management in theoretical terms; and how do individual attitudes to risk interact with organisational risk appetite?).

•         Allocation of credit and sources used; (have I included references and citations to the material I have used?). At least ten citation sources.

•         Clarity of argument and relevance to the project management context.

•         Overall report presentation including spelling and grammar.

The APA referencing format must be in adherence.