During the procurement planning process, there are several methods that management can use to mitigate risk. One of those methods is transparency. Management should identify what the needs of the project are and be able to explain them clearly. The procurement will benefit the project, and the team should be shared. The purchase strategy, vendor, and resource list should also be shared. Another method is to ensure that contracts are in place and the wording of the contracts is precise. The vendors and resource providers must be advised of what is needed and expected. Clear expectations should be voiced. Vendors can only produce what is requested of them. "As long as a buyer and seller are involved in a transaction, both sides have something to gain and something to lose and assume a certain threshold of risk to accomplish a transaction" (Wilson, pg. 119, 2015).

These methods differ from other methods that can be used. One difference is the tools that can be used in this method. One tool used in these methods is the WBS. Having a WBS will list out the services and products needed to complete the project.

The difference between mitigation and elimination of risk is that mitigation reduces the probability of a negative impact of a possible risk. Elimination is when adjustments are made to try to avoid possible risks. A business example of mitigation and eliminations could be a home builder. The builder has to ensure that the needed products are available to produce a home for the homebuyer. A survey of the land and surrounding area to mitigate possible risks. Elimination can be done on some products and supplies if the builder sees they may not be available when needed.

Wilson, R. (2015).Mastering risk and procurement in project management: A guide to planning, controlling, and resolving unexpected problems. Upper Saddle River, NJ: Pearson.

please explain specifically what you mean by "management should identify the needs of the project. In other words, are you speaking of the "project management", executive management, senior management, etc. I want to ensure that we are all on the same page with the discussion.