New course
Learn the essentials of Procurement Management with our free online course covering processes, contract types, procurement documents, and control techniques in purchasing management.
Welcome to "Procurement Management Knowledge," a comprehensive course crafted for enthusiasts, professionals, and students keen on mastering the critical aspects of procurement management. With a total duration of 2 hours and 31 minutes, this course delves into the various facets of procurement in the realm of business administration, specifically under the subcategory of purchasing management.
The journey begins with a foundational understanding of procurement management. Here, you will grasp the essential principles and terminologies that form the backbone of the procurement process. This section ensures you have a robust base to build upon as you advance through the course.
As we progress, the course intricately explains the Plan Procurement Management Process. This segment provides insights into how procurement needs are identified, evaluated, and planned to align with organizational objectives. You'll also encounter the detailed methodologies involved in the make-or-buy decision analysis, guiding you to discern whether it is more beneficial for your organization to produce a product in-house or to procure it externally.
The course further illuminates the creation of a comprehensive Procurement Management Plan. This includes an extensive overview of the outputs of the Plan Procurement Mgmt Process, such as the Procurement Statement of Work (SOW). It ensures you understand the vital components that constitute a winning procurement strategy.
Diving deeper, we explore the nuanced roles of procurement managers. The distinctions between centralized and decentralized contracting processes are demystified, providing a clear picture of how various organizational structures impact procurement efficiency and effectiveness.
A thorough exploration of contract types forms the core of the next module. You'll become familiar with Fixed Price (FP), Cost Reimbursable (CR), Time and Materials (T&M) contracts, including specialized variations like the Fixed Price with Economic Cost or Price Adjustments (FPEPA) Contract. This knowledge is crucial in selecting the most fitting contract type for your procurement needs.
The course also covers the essential procurement documents such as RFP, RFI, RFQ, IFB, LOI, and PO, alongside defining the source selection criteria, all pivotal in streamlining procurement operations. You’ll learn how to conduct procurements effectively using various tools and techniques, ensuring that you can manage procurements smoothly and select the most appropriate sellers and agreements.
Additionally, gain insights into collective bargaining agreements and understand non-competitive procurement forms like single source and sole source procurement. These elements equip you with the skills to navigate complex procurement scenarios with ease.
An essential part of the course is dedicated to the Control Procurements Process. It discusses critical tools and techniques used to monitor and control procurement activities, ensuring compliance and performance efficiency. Concepts like the Point of Total Assumption (PTA), Force Majeure, and Privity are also elaborated upon, offering a holistic approach to managing unforeseen contractual challenges.
By the end of this course, you will be adept at managing procurements from the initial planning through to execution and control, empowering you with the procurement management expertise that is integral to any business administration setting.
Video class: The Basics of Procurement Management
0h11m
Exercise: Which of the following best describes the 'Conduct Procurement' process in procurement management?
Video class: Plan Procurement Management Process
0h08m
Exercise: What is the main focus of the Plan Procurement Management process in procurement management?
Video class: The Make or Buy Decision Analysis
0h09m
Exercise: In the context of procurement management, what is a primary consideration when conducting a make or buy analysis?
Video class: Procurement Management Plan and other outputs of Plan Procurement Mgmt Process | Procurement SOW
0h08m
Exercise: What is a key component of a procurement management plan?
Video class: Procurement Manager | Centralized Contracting and Decentralized Contracting
0h07m
Exercise: Which of the following is true regarding the role of a procurement manager in centralized contracting?
Video class: Contract and its types - Fixed Price (FP), Cost Reimbursable (CR), Time and Materials (T and M)
0h16m
Exercise: In which type of contract is the seller paid a fixed price, regardless of the costs incurred in completing the work?
Video class: Procurement Documents - RFP, RFI, RFQ, IFB, LOI, PO
0h06m
Exercise: Which document is used by buyers to seek detailed proposals from sellers, showcasing how they plan to accomplish a specific job, including solution offers, company profile, and price estimates?
Video class: Source Selection Criteria
0h07m
Exercise: In the procurement management process, what is the purpose of the source selection criteria?
Video class: Conduct Procurements Process
0h06m
Exercise: In the context of the Conduct Procurement process, which of the following is NOT a step involved in procuring for a project?
Video class: Tools and Techniques of Conduct Procurements Process
0h08m
Exercise: Which of the following is a tool or technique used in the Conduct Procurement process to ensure fair competition among sellers?
Video class: Selected Sellers and Agreements - Outputs of Conduct Procurements Process
0h04m
Exercise: What is one of the primary outcomes of the conduct procurement process?
Video class: Collective Bargaining Agreement (Union Agreement)
0h06m
Exercise: In a procurement process, if a seller has an existing collective bargaining agreement with a union, what becomes the role of the union in the buyer's project?
Video class: Non-Competitive Forms of Procurement | Single Source | Sole Source
0h04m
Exercise: In procurement management, which of the following best describes a 'sole source' procurement?
Video class: Control Procurements Process
0h10m
Exercise: In the context of Project Management, particularly during the Control Procurement process, why is it important to continuously monitor the performance of the seller against the contract?
Video class: Tools and Techniques of Control Procurements process
0h11m
Exercise: In the context of procurement management, which process involves managing disputes between the buyer and the seller to ensure smooth project execution?
Video class: Point of Total Assumption (PTA)
0h06m
Exercise: Which contract type does the Point of Total Assumption (PTA) primarily apply to?
Video class: Force Majeure and Privity
0h07m
Exercise: In procurement management, what does the concept of 'force majeure' refer to?
Video class: Fixed Price with Economic Cost or Price Adjustments (FPEPA) Contract
0h07m
Exercise: What is a key characteristic of a Fixed Price with Economic Price Adjustments (FPEPA) contract?
2 hours and 31 minutes of online video course
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