There is a relationship between strategy and risk management. When an organization prepares for potential risks, outlines manners towards success in its mission, and practices scenarios prior to reality occurring, it will actually perform better when the consequences of risk actually occur in real life.

Consider the following important topics you have been studying. They are as follows:

Strategy

Select a category that you believe might be chosen for a strategic category analysis in the industries listed next. Describe the factors impacting each commodity using Porter’s Five Forces analysis (described earlier in this chapter). Justify why you believe the category is strategic to that industry and the approach to be used in developing a category strategy.

Artificial Intelligence and Robotics

Discuss the impact that AI and/or robotics technologies will have on (1) purchasing personnel and (2) purchasing’s job scope, and (3) worldwide sourcing.

Evaluation

Consider the purchasing function within an organization. Evaluate how purchasing has a strategic impact on the business, including its role connected to risk management within the organization. Think strategically as you evaluate.

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