Chapter Review
Key Takeaways
- Risks are anything that can negatively impact the goals of an organization.
- Understanding internal and external risks helps to maintain supply efficiency and reliability.
- Planning for potential risks allows an organization to address them quickly and effectively if they arise.
- Public procurement must ensure compliance with local, federal and international regulations; strategies for the resolution of potential legal challenges is key.
Explore and Engage
Discussion Questions
- Why is understanding business risk important in public procurement?
- Are all types of risk financial? Why or why not?
- Why is the timing of a risk response so important?
- Different approaches are used in dispute resolution. Summarize one method and give an example where you would use this method.
Active Learning
