Some of the risks involved when creating and implementing procurement management plans include the following:
Poorly managed plans can lead to delays in the procurement process, resulting in missed deadlines and increased costs.
Failing to monitor the plan properly can lead to a lack of accountability and transparency in the procurement process. This, in turn, can result in fraud and corruption.
If the plan is not properly implemented, organizations could fail to comply with laws and regulations, resulting in costly fines and penalties.