Please refer to the two scenarios below that require procurement strategies for optimal performance:

Procuring raw materials for manufacturing.

Procuring technology for an IT department.

$1)$ Develop a procurement strategy for each of the above scenarios. The strategy should consider the following:

$-$ Supplier selection criteria and the role of supplier relationship management

$-$ Cost management considerations, including pricing negotiations and volume discounts

$-$ Risk management strategies, including contingency plans and insurance policies

$-$ Supply chain optimization strategies, such as just$-$in$-$time inventory management

$2.$ Evaluate the effectiveness of the proposed procurement strategies. Consider the potential impact on revenue, cost savings, customer satisfaction, and overall organizational performance.

$3.$ Identify potential challenges and limitations$,$ and provide solutions to mitigate them.

$4.$ Present your findings, including the proposed procurement strategies and their evaluation, in a report

Grading Criteria:

$1.$ Effectiveness and feasibility of the proposed procurement strategies

$2.$ Evaluation of the proposed strategies in achieving organizational goals

$3.$ Clarity and organization of the report or presentation.

Please make sure to include references $/$ citations as needed.

$4.$ Maximum $2$ Pages, Font Size $12,$ Font Type: Times New Roman, Line Spacing $1\mathrm{.}5$

Objectives:

$-$ To examine the role of procurement in organizational performance

$-$ To analyze procurement strategies in various scenarios

$-$ To evaluate the effectiveness of procurement strategies in achieving organizational goals

$-$ To develop critical thinking and problem$-$solving skills in the field of procurement