Procurement

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COURSE OVERVIEW

This module explores the principles, strategies, and practices involved in procurement and strategic sourcing. It covers the entire procurement process, from identifying needs to managing supplier relationships and evaluating performance. Students will learn how effective procurement contributes to a company’s success by reducing costs, ensuring quality, and fostering innovation.

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CURRICULUM

  • Definition and Importance of Procurement
    • What is procurement?
    • The role of procurement in the supply chain.
    • Strategic vs. operational procurement.
  • Procurement vs. Purchasing
    • Key differences and overlaps.
    • The evolution of procurement from a transactional to a strategic function.
  • The Procurement Cycle
    • Overview of the steps involved in the procurement process: need identification, supplier selection, contract negotiation, order placement, and supplier performance evaluation.
  • Strategic Sourcing
    • Definition and significance of strategic sourcing.
    • Steps in developing a sourcing strategy.
    • Category management and its role in strategic sourcing.
  • Cost Management in Procurement
    • Total Cost of Ownership (TCO) approach.
    • Techniques for cost reduction and cost avoidance.
    • Value analysis and value engineering.
  • Make or Buy Decisions
    • Factors influencing make or buy decisions.
    • Outsourcing vs. insourcing.
    • Case studies on make or buy decisions.
  • Supplier Selection
    • Criteria for supplier selection: cost, quality, delivery, and reliability.
    • Supplier evaluation and certification.
    • Use of Request for Quotation (RFQ), Request for Proposal (RFP), and Request for Information (RFI) in supplier selection.
  • Supplier Relationship Management (SRM)
    • Building and maintaining strong supplier relationships.
    • Collaborative vs. adversarial supplier relationships.
    • The role of technology in SRM (e.g., Supplier Portals, SRM software).
  • Supplier Development
    • Strategies for improving supplier performance.
    • Joint ventures and strategic alliances.
    • Case studies of successful supplier development programs.
  • Negotiation Techniques
    • Key principles of effective negotiation.
    • Negotiation strategies and tactics in procurement.
    • Collaborative vs. competitive negotiation approaches.
  • Contract Types and Terms
    • Different types of procurement contracts (fixed-price, cost-plus, etc.).
    • Essential contract terms and conditions.
    • Managing contract risks and disputes.
  • Contract Administration
    • Monitoring and ensuring compliance with contract terms.
    • Managing contract changes and amendments.
    • Closing out contracts.
  • Identifying Procurement Risks
    • Types of risks: supply risk, price risk, operational risk, etc.
    • Tools and techniques for risk identification.
  • Mitigating Procurement Risks
    • Diversification of suppliers.
    • Hedging and forward contracts.
    • Contingency planning and risk-sharing strategies.
  • Case Studies
    • Analyzing procurement failures and successes.
    • Lessons learned from major procurement risks.
  • Sustainability in Procurement
    • The importance of sustainability in procurement decisions.
    • Green procurement practices: sourcing eco-friendly products and materials.
    • Life Cycle Assessment (LCA) in procurement.
  • Ethical Procurement
    • Ethical issues in procurement: corruption, labor standards, and fair trade.
    • Developing and enforcing a code of conduct for suppliers.
    • The role of certifications and standards (e.g., ISO 20400).
  • Corporate Social Responsibility (CSR)
    • How procurement contributes to CSR goals.
    • Case studies of companies with strong ethical procurement practices.
  • E-Procurement
    • Definition and benefits of e-procurement.
    • Types of e-procurement systems: e-sourcing, e-tendering, e-auctioning, etc.
    • Implementing e-procurement systems.
  • Procurement Analytics
    • The role of data and analytics in procurement.
    • Using procurement dashboards and KPIs for decision-making.
    • Predictive analytics in demand forecasting and supplier selection.
  • Digital Transformation in Procurement
    • The impact of AI, blockchain, and IoT on procurement processes.
    • Future trends in digital procurement.
  • Procurement KPIs
    • Key metrics for measuring procurement performance: cost savings, supplier performance, procurement cycle time, etc.
    • Benchmarking against industry standards.
  • Continuous Improvement in Procurement
    • Lean procurement practices.
    • The role of Six Sigma in procurement.
    • Case studies of procurement process improvements.
  • Procurement Audits
    • Conducting internal and external procurement audits.
    • Ensuring compliance with procurement policies and regulations.
    • Identifying areas for improvement.
Course Price: $74.00
  • Instructor :
  • Lectures :14
  • Enrolled :20 students
  • Duration :6 weeks
  • Language :English
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