Global Procurement and Supply Management

This course introduces students to the exciting disciplines of buying, procurement, and supply management. Students will see how best-in-class businesses organize the purchasing / supply management function within their firms to be efficient and effective. The purchasing function's contribution to business profitability and financial stability will be explored. Students will analyze procurement's role in promoting supply chain integration. The supply management process ("procure-to-pay") will be analyzed, including identification of needs, issuing RFPs / RFQs (Requests for Quotations / Requests for Proposals), selecting suppliers, the creation and management of purchase orders, and the payment and reconciliation of supplier invoices. Students will study how leading companies manage materials costs strategically. We will practice negotiation techniques that lead to the development of win-win contracts and long-term relationships. The role of agency law, contract law and ethics in purchasing will be discussed, including topics such as protecting intellectual property, legal authority to contract, and options available to buyers for resolving disputes. The course stresses the significance and importance of contract development and management as the foundation of business relationships. Identification and management of risk in procurement will be discussed.