BENJAMIN Rebecca Priye
Department of Marketing, Faculty of Management Sciences
Rivers State University Nkpolu-Oroworukwo, Port Harcourt
beckyben38@yahoo.com
Abstract
Procurement risk assessment is an essential aspect of the procurement process that focuses on identifying, assessing, and managing potential risks throughout the procurement cycle. It helps ensure that risks are minimized, compliance is upheld, and the organization’s goals are achieved. This study examined the relationship between procurement risk assessment and effectiveness of bottled water firms in Port Harcourt. The aim was to theoretically review the relationship between procurement risk assessment and effectiveness of bottled water firms in Rivers State, with a particular focus on key measures: innovativeness, adaptability customer satisfaction. The qualitative approach was adopted while dynamic capabilities theory constituted the theoretical framework to provide the structure upon which the paper was built. After adequate literature review, the study found that procurement risk assessment has a positive relationship with effectiveness of bottled water firms in Rivers State and concludes that by prioritizing adequate procurement risk assessment, organizations can be innovative in operations, adapt to rapid changes in the environment and ultimately drive customer satisfaction in the region. Therefore, the study recommends that bottled water firms in Port Harcourt should thoroughly assess the risks associated with different procurement options, so they can make more informed decisions that align with their long-term goals and objectives, thereby enhancing their overall effectiveness.
Keywords: Adaptability, customer satisfaction, effectiveness, innovativeness, procurement risk assessment.