Procurement & Purchasing Management

A career in purchasing can be fun and rewarding if you have the right skill set to succeed on the job. According to the U.S. Bureau of Labor Statistics, the number of available jobs in 2020 is 513,400.

The median annual wage for buyers and purchasing agents was $63,470, and the median annual salary for purchasing managers was $127,150 in May 2021.

Buyers and purchasing agents buy products and services for organizations to use or to resell. But the job isn't as simple as just shopping.

These professionals must consider many factors when purchasing such as budget, price, availability, demand, logistics, reliability of suppliers, and technical support.

Purchasing managers oversee the work of buyers and purchasing agents. In addition, they must be able to accurately report on activity and forecast future events.

The Procurement & Purchasing Management course will introduce you to the basics of the supply chain process, management, purchasing, and contracting issues to provide you with the skills you need for a successful career. It is designed for anyone working in or interested in working in purchasing, logistics, or procurement.

What You Will Learn:

• How to prepare and manage a budget in an organization
• How to manage the supplier selecting process
• How to manage the contracting process
• How to evaluate price and costs
• Effective negotiation and communication techniques

Syllabus:

• Purchasing Management
  • Essentials of Purchasing
  • Budgeting Essentials
  • The Procurement Process
  • Supplier Contracting
  • Price and Cost Analysis
  • Management Essentials
  • Negotiation Strategies
  • Persuasive Communication
  • Legal Aspects of Contracts
• Essentials of Purchasing
  • Purchasing function in the organization
  • Interdependencies the purchasing function has within the organization
  • The impact the purchasing function has on the financial statements
  • Organization and administration aspects of purchasing
  • Global sourcing in purchasing
  • Regulatory agencies
• Budgeting Essentials
  • Concept of budgeting
  • Activity-based budgeting
  • Factors that impact budgeting
  • Production Planning
  • How inventory impacts the budgeting process
• Procurement Process
  • Elements of supplier selection process
  • The supplier evaluation process
  • The bidding process
  • The procurement process
• Supplier Contracting
  • General Contract Principles
  • Contract drafting
  • Types of contracts used in purchasing
  • Agency law determines who has the authority act on behalf of the organization
• Price and Cost Analysis
  • Price evaluation
  • Use of data
  • Strategic cost analysis
  • Maximizing the timing of cash-in and cash-out for your organization
  • Using outsourcing in your organization
• Management Essentials
  • The culture of an organization
  • Organizational change and resistance to change
  • Power and influence leaders use
  • Leadership theories
  • Strategies and Strategic thinking
  • Decision-Making
  • Managing quality with "best practices"
  • Human Resource procedures and policies
  • Financial accountability
• Negotiation Strategies
  • Steps in Negotiating
  • Tools used in the negotiation process
  • Types of negotiations
  • Personality types in negotiations
  • Preparing for negotiations
  • Determining your BATNA in negotiations
• Persuasive Communication
  • Fundamentals of communication
  • The importance of knowing the audience in persuasive communication
  • The power of listening
  • Credibility of the speaker is key in persuasion
  • Evidence in persuasion
  • Emotion in persuasion
  • Organizing the argument
  • Defining of strategic management in operations
  • Mindset of strategic thinking
  • Strategic planning models
  • Questions to ask when creating strategic alternatives
  • Criteria for implementation
• Legal Aspects of Contracts
  • Introduction
  • What is a Contract?
  • Elements of a Contract
  • Duties and Obligations
  • What is the Deal?
  • Legal Representation
  • Good Faith and Conclusion