Free online courseProcurement Management Knowledge

Course Description

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.