Business and Management Discussion 1- A case study on oil projects In the business world, the term procurement refers to the process of coming up and agreeing to terms on the supply, acquisition as well as other activities involved in goods and services exchange between two or more business entities. Procurement is an essential aspect of business as it provides a framework along which business transactions are conducted across, thereby facilitating efficient, useful undertaking of business operations (Marschan-Piekkari, & Welch, 2011). The lack of proper procurement strategies is likely to result in a business failure, given that the unaddressed areas of operation may jeopardize the whole process. The case study below on oil projects is an instance of how the lack of a proper procurement procedure could affect the effectiveness of a given action. Engineering projects are prone to delays or challenges in adhering to a strict work schedule due to elements such as weather or unprecedented field events.  As a result, these mishaps result in cost overrunning expenses, which may result in budget overruns, which may be detrimental to…