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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.
Faculty AuthorChristopher Gaulke
Benefits to the Learner
- Translate your sales forecast into demand requirements to determine a materials budget
- Execute an ABC analysis to differentiate your inventory
- Formulate different buying strategies for each level of inventory
- Operations managers and executives
- Purchasing department staffers
- Supply chain managers
- Procurement clerks
- Inventory managers
- Aspiring procurement and purchasing managers
Applies Towards the Following Certificates
- Procurement Strategy : Core Courses