How best to balance value and risk in procurement

By Iain Parker2020-01-23T06:00:00

Disposing of risk means considering the needs of the client and its project with care, as well as creating a fair environment in which to work

As an industry, we talk a lot about value and risk, but not always in the context of procurement. The way a construction project is set up and the manner in which it is bought are undeniably critical to its success.

The general objectives of the procurement process are to select a competent and committed full project team; to introduce each team member at the appropriate time; to secure value for money (the optimum balance between the highest standards of materials and workmanship, the shortest possible programme and the lowest possible cost) and to create incentives for the achievement of the client’s declared objectives.

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