An Ultimate Guide to Procurement Management

Course details

Purchasing is an integral part of any business whether a corporation spread across the globe, an engineering project, manufacturing company or even an individual with small business. As procurement involves third parties and multiple disciplinary efforts, it becomes critical to avoid lapses in the process to ensure organizational success.

Although the word procurement or purchase implies to be a mere transaction involving a buyer and seller, it requires execution on multiple fronts such as technical, commercial, legal, interpersonal and managerial. Individuals with knowledge of procurement process can reduce lapses in management or communication and ensure organizational success.

To help professionals and students understand the process and perform better, this course focuses on delivering a comprehensive understanding of the management and practical aspects involved in procurement. Also, contents are based on field experiences, industry standards and best practices; to bridge the gap between theory and practice. 

Whether you are a student or professional working in construction, oil and gas, engineering, manufacturing, interior design or apparel; this course will help you understand the process of Procurement / Purchase to perform better and excel in career.

What will you learn through your investment in these 3 hours of Lecture?

First chapter stated the various reasons to consider buying and countering factors to consider building inhouse. This is followed by a quick analytical technique based on finances, for quick decisions. Final part of this chapter discusses use of procurement as risk mitigation tool.

We start the second chapter with three different market conditions: Sole Source, Single Source and Oligopoly; followed by the use and need of Supplier Lists in organizations. Finally the most important part, describing the techniques for evaluating suppliers and various parameters to be considered.  

In the third chapter we understand the term 'Contract' and the differences between a contract and agreement. The different types of contracting arrangements commonly used across sectors and types of documents such as LOI and Purchase Orders, which are core constituents of the contract.

Fourth chapter deals with the critical part of drafting contracts. We understand the standard 'boiler plate' terms to be included in any procurement contract. Understand the globally accepted - Delivery Terms or Limitation of Liability and briefly discuss about the annexures.

Fifth chapter describes the operational flow. The documents such as Scope Statement, RFP, RFQ required prior and core activities like bidder conference, bid evaluation and contract award. In the final part we understand contract administration and how it may vary in different organizations.

In the last chapter, we discuss the basics of alternate dispute resolution and settlement techniques in practice. Understand the reasons for termination and the procedure for closing procurement process.