This document will focus on the concepts of supply risk assessment and the impacts it has on the overall success of a project. Furthermore, the document contains topics focusing on risks and issues that, individually or jointly, negatively influence procurement success. The key topics discussed in the paper are procurement risk types, which examine some common risks observed in procurement and projects. Finally, the document examines how risk management is defined, how to identify risk, and how to determine a plan for closing the risk. Fleming (2003) states that project risk can be divided into three categories known as the triple constraint. The three categories that make up the triple constraint are risk related to the technical, quality or performance attributes of a deliverable; risk associated with the program; and risk associated with costs (Fleming, 2003). The triple constraint has a risk hierarchy that ranks risk from highest to lowest. Technical risks represent the highest ranking risk on a project followed by schedule, in second, and cost, in third. However, it is important to understand that all three categories are related in unique ways that cannot be easily observed (Fleming, 2003). Technical risk often arises from a lack of funding to procure highly reliable material. Unreliable material can cause technical problems within projects. Piecemeal financing may be another way that risk is introduced into project planning. Project procurement risks are a subset of overall project risk and should cover internal and external procurement. Some common risks observed during procurement are disclosure of confidential data, which limits negotiating power; lack of timely commitment to procurement… middle of the paper… risk, requires further testing, trials, employment of experienced professionals and may involve purchasing insurance such as fire insurance to protect the business in case of risk event occurred (Fleming, 2003). Finally, risk acceptance is only tolerated when none of the above-mentioned strategies work. Sometimes acceptance is the only option for a company and it must develop contingency risk plans where risks are frequently examined for occurrence (Fleming, 2003). ReferencesFleming, Q. W. (2003). Project procurement management: procurement, subcontracting, teaming. Tustin, CA: FMC Press.Guide (2009). A guide to the project management body of knowledge. Newtown Square, Pennsylvania: PMI, Inc. Russill, R. (2010). A brief guide to supply risk. Burlington, VT: Gower Publishing Company.