Course Code: PRM201
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Synopsis

The sourcing and procurement function in supply chain management (SCM) is essential in managing suppliers and ensuring a stable procurement process to meet demands. PRM201 Sourcing and Procurement explores the key concepts, processes, and practices to manage sourcing activities effectively in today’s complex business environment. Learners will gain insights of the procurement lifecycle, from supplier sourcing and market analysis to contract preparation, supplier evaluation, bid analysis, and post-tender negotiations. Key themes include cost management, category management, and go-to-market strategies. The course addresses contemporary developments such as digitalisation of the source-to-pay process, sustainable and ethical procurement practices, and trends shaping the future of sourcing and procurement. Through a blend of theory and practical case studies, students will be able to apply sourcing and procurement principles to real-world scenarios, enhancing supply chain efficiency and adding value to their business operations.
Level: 2
Presentation Pattern: EVERY JAN

Topics

  • Sourcing and Procurement in Practice
  • Supplier Sourcing and Market Analysis
  • Requirement Specification and Contract Preparation
  • Supplier Evaluation and Qualification
  • Request for Quote/Info/Proposal and Tendering
  • Bid Analysis and Supplier Selection
  • Post-Tender Clarification and Negotiations
  • Cost Management in Procurement
  • Category Management and Go-to-Market Strategy
  • Source-to-Pay Process Digitalisation
  • Sustainable and Ethical Procurement
  • Emerging Trends in Sourcing and Procurement

Learning Outcome

  • Explain supplier sourcing strategies within various market contexts, including how to identify, assess, and engage suppliers to meet specific business needs.
  • Demonstrate an understanding of contract development and management, including terms, conditions, and legal considerations to ensure compliance, quality, and risk mitigation.
  • Examine technologies that streamline the source-to-pay process and improve workflows as well as emerging trends that impact on sourcing and procurement.
  • Outline project management techniques to procurement projects, ensuring timely supplier engagement, resource allocation, and task prioritisation for successful outcomes.
  • Analyse cost management, category management and go-to-market strategies to enhance financial performance and achieve budgetary goals.
  • Develop sourcing and procurement strategies that align with sustainability goals and ethical practices.