What you'll learn
Describe the entire end-to-end process view of the Source to Pay cycle
Establish the Pre-Requisites for a Purchase Requisition Transaction
Explain the importance of proper specifications for Purchasing
Illustrate the methodology to be used in selecting a supplier
Requirements
Familiarity with purchase in an organization will be helpful, but not mandatory. It is recommended that students with no prior purchase experience go through our free course in Udemy, Basics of Purchasing
Description
This course covers all the different activities that are needed for management of purchasing. Procurement is an integral part of all organizations. It is one of the key processes that help a company control its costs. It is critical that anyone involved in carrying out purchase functions be fully aware of the steps related to procurement. The first section provides an overview of the source to pay process, for an overall understanding. The next section offers a detailed look at the purchase requisition process. This takes the learner through the cycle of identifying needs, complying with budgets, providing specifications, resulting in the purchase requisition process. Developing proper specifications helps the purchase function improve the quality of the final purchase.The third section, addresses how suppliers are to be selected. It looks at different elements including supplier capabilities, qualification and assessment, and price estimation. It also covers approaches for different types of purchase management, namely, direct material, capital goods and services. The section concludes with descriptions of negotiation and finally selection of the supplier. The last section, details the importance of the purchase order, especially as a legal contract. It provides a close look at the elements of the purchase order and the various types of purchase orders.
Overview
Section 1: Purchase Requisition
Lecture 1 Establishing Need for Purchasing
Lecture 2 Budget
Lecture 3 Specifications
Lecture 4 Purchase Requisition Document
Section 2: Supplier Identification
Lecture 5 Sourcing
Lecture 6 Qualification of Suppliers - I
Lecture 7 Qualification of Suppliers - II
Lecture 8 Costing and Pricing
Lecture 9 Impact of Pricing
Lecture 10 Evaluating Suppliers
Section 3: RFP/RFQ
Lecture 11 Introduction to RFP/RFQ
Lecture 12 RFP Process
Section 4: Negotiation
Lecture 13 Introduction to Negotiation
Lecture 14 What is Negotiation?
Lecture 15 Negotiation Objectives
Lecture 16 Other Considerations
Lecture 17 Understanding the Supplier
Section 5: Purchase Orders
Lecture 18 Purchase Orders
Lecture 19 Elements of Purchase Orders
Lecture 20 Types of Purchase Orders
Working professionals who would like to make a career in purchasing. Also those who work in associated functions such as warehousing and accounting, and small business owners.

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