Risks are things that are likely to occur in the future and have a significant impact on the project or the company as a whole. Project risk management is the process the company takes to identify and analyze these risks, as well as track them for full reporting.
In general, risk is high when the probability of occurrence is more than 70% and is moderate when the probability is 30-70% or the risk is low when less than 30%.
If the risk is assessed on the impact, this will depend on its impact on the budget or time required to execute the project, then the risk or loss ratio can be determined.
The supervision of projects is the core of the proper management of the project. The supervision is concerned with the organization of the project works, in order to meet the objectives of achieving the appropriate return while providing value added to the customers by achieving high performance and appropriate cost for the project.
The Procurement Department of the project is interested in the search for the products and services necessary for the completion of the project. The procurement of materials for the project is done through contracts, regulations and laws issued by the project team members or contractors with stakeholders, including the technical methods for evaluating and evaluating bids, Weighing the criteria for both evaluation and selection of vendors, and applying all appropriate project management processes based on contractual relationships within the overall management.