Procurement Management

Evaluate whether to buy or outsource versus building in-house by assessing financial viability, proprietary or patented know-how, and alignment with business strategy.

Explore how work packages streamline procurement operations by coordinating with projects and departments, using the work breakdown structure, resource breakdown structure, and resource calendar, plus change management.

Explore how the resource calendar links work packages to a timeline, detailing procurement items, due dates, and inspection considerations to ensure on time delivery.

Develop skills in the three point estimate for procurement by calculating optimistic, most likely, and pessimistic costs, using beta distribution (PERT) and triangular distribution, and practicing with the Excel sheet.

Define contracts and their constituents, compare with agreements, explore fixed price, cost plus, and time and materials, assess environment effects on choice, and review letter, unilateral, and bilateral contract documents.

Explore what makes a contract legally binding, including rights, obligations, representations, and capable parties with delegated authority, and how writing requirements and governing law shape validity and remedies.

Explain how possession and transfer of property diverge, identify when ownership and risk pass, and outline rules for specific versus uncertain goods and reservation of title.

Explore contracting arrangements, including fixed price, cost plus, and time and materials, with subtypes, extra and excess items, and key advantages and risks for buyers and sellers.

Explore the three project environments—predictive, just-in-time/iterative, and adaptive/agile—and their influence on procurement activities and contracting arrangements.

Explore contract documents in procurement, including letters of intent, unilateral and bilateral contracts. Learn how purchase orders, general supply conditions, open purchase orders, and memoranda of understanding shape agreements.

Master standard terms and conditions in purchase contracts, including boilerplate terms, delivery terms, limitation of liability, incoterms, and the technical specifications and annexes that accompany contracts.

Explore how technical specifications and annexures define product build, materials, performance, and quality criteria in procurement. Understand progress reporting, site visits, and third-party involvement to ensure clear communication.

Define the scope of supply or statement of work to clarify the purchase. Float an RFI to explore market offerings, then choose between RFP, bid, or RFQ.

Explore core activities of the purchasing process, including RFQ/RFP/IFB, bidder conferences, scope updates, bid evaluation, shortlisting, negotiations, due diligence, and contract award.

Explore utility consumption and diminishing utility with budget examples from bikes to cars, and use the burn test to buy within means and save money.

Define risk as an uncertain event with positive or negative impact, examine its probability, triggers, and monetary effects within the iron triangle of time, cost, and quality, and risk management.

Explore how incremental localization builds a resilient supply chain by validating market demand, establishing anchor investments, and developing hard and soft capabilities, supported by Pestel framework factors and just-in-time principles.

Master procurement finance by analyzing the balance sheet, current assets and current liabilities, accrual accounting, and working capital trends to optimize liquidity across the business cycle.