TIM-500_Procurement_HW - A clear definition of what is...

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“I have neither received nor given unsanctioned help in the completion of this assignment. I have not copied the ideas or work of others nor have I misrepresented myself or my work”, Joseph Murphy. Risk management is a process of identifying, assessing, and prioritizing risks. The goal of risk management is to monitor, control, and minimize the possibility and impact of unfortunate and unforeseeable events. There are several things managers of technologically- sophisticated projects that are at risk of catastrophic failure, can do to reduce the risk of such a failure. These include but are not limited to; consulting in-house engineers, in-house product quality testing, and good communication with the supplier. One key for managers of projects that are at risk of catastrophic failure would be to have a discussion with the engineer. Engineers understand the physical requirements of a product and the environments they can be used in.
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Unformatted text preview: A clear definition of what is required will aid when researching companies to buy from. Understanding the risks associated with specific products can help control there affects in case of a failure. Another key is to do your own quality tests. If a supplier gives data for a product, it is always a good idea to test each batch for compliance. Since all products have tolerances, finding if you are on the upper or lower end of the spectrum can affect performance. It may seem redundant, but ensuring product quality will ensure correct performance. Communicating with your supplier your requirements can aid in getting the correct product. If a relationship is established with the supplier, it can aid in getting technical support if needed. Technical support should be provided when requested, if not finding a supplier that can answer questions will reduce uncertainty....
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This note was uploaded on 04/11/2010 for the course TIM 500 taught by Professor Mccabe during the Spring '10 term at SUNY IT.

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TIM-500_Procurement_HW - A clear definition of what is...

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