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Explain How Tailored Sourcing Can Be Used to Improve Profitability

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Essay

Explain how tailored sourcing can be used to improve profitability.


Definitions:

Risk Mitigation

Strategies and actions taken to reduce or eliminate the impacts of uncertainty or threats on a project.

Risk Breakdown Structure

A risk breakdown structure (RBS) is a hierarchical framework that categorizes potential risks in a project, organized by source or nature, to facilitate better risk management.

Risk Avoidance

A strategy in risk management involving the elimination of hazards, activities, and exposures that can negatively affect an organization's assets.

Execution Phase

The stage in a project or plan where the strategies and planning are put into action to achieve the project's objectives.

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