Introduction
Risk is very common in any business. According to the definition given by Knight (1999), risk is measurable ambiguity of outcome whose impact may be either optimistic or pessimistic. Usually, risk is measured and expressed in terms of strong index. Many researchers think risk as unwanted event and this risk have statistical expectation value for ranking the seriousness too. Risk analysis can be defined as mathematical product value of strong and disutility. Procurement management offers advantages on economies of scale in purchasing and delivering the goods and services at right time and right place in order to minimize the risk involved ...
