How is procurement handled what is risk management

Procurement is the process of acquiring goods, services, or works from an external source, often through a tendering or competitive bidding process. It involves planning, sourcing, negotiating, contracting, and managing suppliers to ensure value for money and meet project needs.

Risk Management is the process of identifying, assessing, and controlling threats to an organization's capital and earnings. In projects, it involves anticipating potential problems, analyzing their likelihood and impact, and developing strategies to mitigate or respond to them, ensuring the project stays on track.