Procurement & Contract Management
Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with UMass Lowell.Full disclaimer.
This course provides participants with a systematic and interactive approach to procurement management primarily achieved through analysis of the Procurement Life Cycle (Plan Procurement Management, Conduct Procurements and Control Procurements) from the perspective of both Buyers and Sellers. Participants apply their new skills to various case situations in order to evaluate the applicability and impact of different approaches and to learn how to successfully implement specific processes. The course is based on procurement management principles consistent with the Project Management Institute's Project Management Body of Knowledge (PMBOK® Guide).
Learning Objectives and Outcomes
The course is intended to provide participants with an understanding of:
- The Procurement Management Process consistent with PMBOK® Guide, including all phases of the Procurement Life Cycle, and from the perspective of both Buyers and Sellers.
- The processes required to prepare effective RFPs and those required to respond successfully to RFPs
- Contract types (e.g., Output Contracts, Option Contracts) and common contract clauses (e.g., the often misunderstood 'Terms Conditions' language).
- Pricing mechanisms (e.g., firm fixed fees, penalty clauses, time & materials) and their implementation.
- Outsourcing methodologies
- Global contracting and contract management and some of the ethical challenges and issues that may arise in that context
The course is intended to provide students with an understanding of:
- The core principles of procurement management knowledge, consistent with the Project Management Institute's Guide to the Project Management Body of Knowledge (PMBOK® Guide.)
- Procurement planning and contract management activities such as: specifying accurate and manageable contract scopes, developing effective terms and conditions, choosing the right contract type, selecting the best value contractor, packaging change orders and avoiding claims while obtaining high performance.
At the end of the course, students will be able to:
- Describe the fundamental elements of a contract, including basic terms and conditions
- Develop appropriate selection criteria for vendor selection
- Analyze RFP or ITB from supplier's perspective
- Specify accurate and manageable contract scopes
- Develop effective terms and conditions for contract review
- Be able to choose the right contract type for a given situation
- Students will demonstrate the foregoing by means of mini-case studies and exercises throughout the course.