PROCUREMENT RISK MANAGEMENT POLICIES AND PERFORMANCE OF KENYATTA INTERNATIONAL CONVENTION CENTRE, NAIROBI, KENYA
Abstract
The main objective of this study was to investigate how Procurement Risk Management policies affect the performance of the Kenyatta International Conference Centre in Nairobi City County, Kenya. The study utilized Partner Selection Theory, Contract Management Theory, Balanced Scorecard Theory, and Technology Acceptance Theory as the theoretical frameworks. This study adopted descriptive research design. The target group included 336 staff members from different departments like Human Resources, Finance, Procurement, Information Technology, planning, sales, and marketing. The study included 101 participants chosen through a stratified random sampling method. To collect original data, semi-structured questionnaire utilizing the Likert scale was used. Before the main data gathering, a trial study was carried out to confirm the instrument's reliability and validity. Both inferential and descriptive statistics were used to analyze the quantitative data, with the use of the Statistical Package for Social Sciences (SPSS version 22). Mean, percentages, frequency distribution, and standard deviation were utilized for descriptive statistics. Visual representations of the results were created using pie charts, graphs, and tables. The study found a positive significant correlation linking procurement risk management policies and organizational performance. The study concludes that effective implementation of procurement risk management policies help to identify and assess potential risks in the procurement process, allowing for proactive measures to be taken to mitigate these risks. The study recommends that the organization can aim at establishing clear guidelines and expectations for supplier relationships, KICC to ensure that they are working with reliable and high-quality partners. KICC should implement a centralized contract management system by centralizing all contract management processes to ensure that all contracts are properly monitored, tracked, and managed. KICC should conduct a thorough analysis to identify potential risks in the procurement process, including financial, operational, reputational, and compliance risks. The organization should conduct a comprehensive assessment of the existing ICT infrastructure at KICC before implementing new policies.
Key Words: Procurement Risk Management Policies, Organizational Performance
CITATION: Maitaria, R., & Makhamara, F. H. (2024). Procurement risk management policies and performance of Kenyatta International Convention Centre, Nairobi, Kenya. The Strategic Journal of Business & Change Management, 11 (3), 813 – 824. Http://dx.doi.Org/10.61426/Sjbcm.v11i3.3062
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DOI: http://dx.doi.org/10.61426/sjbcm.v11i3.3062
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