In this course, you will determine the factors of importance in making purchasing decisions in line with your organization's objectives. You will explore purchase specifications and align them with requests for quotations (RFQs) and purchase orders. You will then examine how purchasing supports your organizational goals, such as choosing higher-quality versus lower-price goods, in conjunction with your organization's strategies and tactics. Finally, you will explore the factors that influence whether you should make a good (or provide a service) in house, or purchase that good or service from an outside vendor.
In this course, you will investigate the different factors that impact inventory management at your organization. You will explore a variety of inventory management tools and techniques to minimize costs and meet service levels that accord with your organization's mission, vision, and goals. You will then analyze historical demand for a good or service, considering whether they exhibit dependent or independent demand. Using that analysis, you will forecast independent and dependent demand for inventory items; this will allow you to calculate the inventory level that minimizes overall inventory costs for your organization while establishing reorder points that meet your proscribed service levels. By the end of the course, you will have created an MS Excel forecasting model and an EOQ model that will allow you to efficiently optimize your inventory.

In any scenario, planning ahead saves time and headaches later. This principle remains true in the procurement process.

In this course, you will identify the purchasing strategy appropriate for any given purchasing scenario. First, you will explore reactive and proactive buying strategies, and you will determine how sales forecast data can be transformed into a bill of materials that outlines exactly what you need to purchase throughout the year. You will discover that an annual buying plan that incorporates the bill of materials improves the efficiency, effectiveness, and transparency of the procurement process. You will conduct an ABC analysis, or demand analysis, to differentiate your inventory; this will guide your strategy choices for different types of inventory items. Finally, you will draft buying strategies for differing levels of inventory that address short- and long-term planning for your organization. By the end of this course, you will have the skills and resources you need to create and refine the purchasing strategy for your organization.

In this course, you will develop a supplier selection and evaluation tool. By evaluating your organization's strategies and tactics, you will be able to identify the important procurement factors that you will use in your supplier decisions. You will explore what makes a “good” supplier and determine how much time to commit to sourcing requirements. You will then examine how your organization's goals and objectives interact with sourcing requirements and supplier selection. Finally, you will draft a supplier screening process using key financial ratios that you will then apply to your supplier selection and evaluation tool.
In this course, you will prepare for a supplier negotiation or collaboration by evaluating purchasing decisions for significant expenditures based on various cost models. You will examine various factors that affect costs, such as a supplier's pricing strategy and market conditions. By leveraging various costing strategies that are commonly used in industry, you will draft a price analysis for a complex item. Finally, you will explore collaborative cost management strategies and build your own total cost of ownership model.
In this course, you will develop the most appropriate interaction style and contract type to secure supply requirements for your purchasing scenario. To begin, you will examine two interaction styles — competitive bidding and negotiating — and determine which strategy is most appropriate for a given scenario. You will then explore and plan for a successful negotiation using typical strategies such as identifying both your and your partner's negotiation stances. Once you have successfully applied best practices, strategies, and tactics for a negotiation, you will follow up with securing the contract parameters that meet your organization's procurement goals.

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