PURCHASING AND PROCUREMENT
Course level: "Undergraduate"
"<p>This course addresses the relationship between supply chain management and procurement. This includes overview of both the procurement process and the supply chain interdependencies. Students will address procurement from strategic, tactical, and operational perspectives.</p>"
Purchase of LabPaq® Hands-on Lab Kits are required for this course.
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What you'll learn
What you’ll learn
- Analyze purchasing as an integrated element of supply management.
- Identify the impact of global markets, economics, and social and environmental factors on purchasing strategies.
- Compare purchasing and procurement elements.
- Explain the importance of alternate sourcing strategies as an element of overall business objectives.
- Differentiate between new sourcing decisions and the maintenance of existing approved sources.
- Analyze the role of supplier quality management in the procurement process.
- Assess the role of logistics management as an element of the supply chain.
- Evaluate the types of purchased goods and services.
- Analyze the importance of supplier evaluation and sourcing decisions.
- Examine the effects of forecasting on procurement execution.
- Evaluate the outcome of material and inventory management in reference to supplier performance and cost reduction.
- Analyze technological trends in procurement.
- Discuss the negotiation process and how it aligns with business objectives and budgetary obligations.
- Examine the types of documents used to secure agreements with suppliers.
- Analyze costs and the financial impact of sourcing decisions.
- Apply initiatives to develop robust supplier relationships.
- Measure supplier performance improvement initiatives.
- Formulate a robust supply chain risk management plan.