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Question: Discuss about theFinancial Risk for Management Science and Engineering. Answer: Procurement is the process of search, agreement, and the acquirer of the commodities from an external source with the help of a competitive bidding source. It starts with the various legal agreements and contracts between the buyer and the seller. There is a presence of some legal obligations based on the particular specifications, approved services, and result against the monetary compensation provided by the buyer. While dealing with the procurement of the complex project or a commodity, the specification of goods requires a complex development by the contractor (Liebman Mahoney 2017). The management of risk of the various complex projects consists of three types of problems that can be pointed out as: Degree of uncertainty Complexity of the project Impacts of the project on the management. In case of procurement of complex projects the management of risk is very important. It should be done beforehand. The purchase of te project, assessment of the stakeholders and the setting up of the priorities are to be done with prioroity. procurement in the New Royal Adelaide hospital (NRAH ) consist of high risk in the management process. This is due to the continuous change in the scope , time and cost of the project.( Edler, et al.,2015). Contingency plans and policies are transparent and well known ICT budgets should base on the free contracts with the latest technological expected highest estimates. ICT work to be reported on daily basis to avoid the expected budget short fall. The mitigation of the risk in the Australian standards and PPP procurement consists of the various adaptation of the different kinds of procurement system that includes efficient purchase, outsourcing and contracts for choosing the projects. Quality assurance is certified by the quality testing organizations according to ISO standards or Australian Standards. There are rigorous quality processes for developing and managing the procurement for public private partnership. (Ni, Zhou Yang, 2017). The overall contract management processes is established according to the standards and are monitored by the experts and quality assurance is certified to stop all the procurement risks. References Edler, J., Rolfstam, M., Tsipouri, L., Uyarra, E. (2015). Risk management in public procurement of innovation: a conceptualization.Public Procurement for Innovation, 87-109. Liebman, J. B., Mahoney, N. (2017). Do expiring budgets lead to wasteful year-end spending? Evidence from federal procurement.American Economic Review,107(11), 3510-49. Ni, J., Zhou, W., Yang, D. (2017, July). Procurement Risk Mitigation for Rebar Using Commodity Futures. InInternational Conference on Management Science and Engineering Management(pp. 1476-1489). Springer, Cham