1. 1: Procurement & Sourcing Introduction
1.1. 1. Vendor Selection
1.1.1. - Identify potential vendors - - Evaluate vendor capabilities - Assess vendor reliability
1.2. 2. Payment Terms
1.2.1. - Determine payment schedules - Set up invoicing procedures - Agree on payment methods
1.3. 3. Strategic Vetting
1.3.1. - Analyze market trends - Perform risk assessment - Develop procurement strategy
1.4. 4. Contract Negotiation
1.4.1. - Discuss contract terms - Finalize delivery schedules - Establish quality standards
1.5. 5. Purchasing
1.5.1. - Place orders - Manage purchase orders - Monitor order fulfillment
1.6. 6. Goods & Services Acquisition
1.6.1. - Receive and inspect deliveries - Handle storage and inventory - Distribute goods internally
2. 2: Procurement Basics
2.1. 1. Definition
2.1.1. - **End-to-End Supply Chain Management**
2.1.2. - Involves **negotiating contracts**, **sourcing**, and **acquiring services** or work
2.1.3. - Ensures contracts are fulfilled according to terms
2.2. 2. Objectives
2.2.1. - **Spending Control**
2.2.2. - **Cost Savings**
2.2.3. - **Workflow Efficiency**
2.3. 3. Context
2.3.1. - Broader term including **designing**, **processing**, **sourcing**
2.3.2. - **Negotiating** and **fixing standards**
2.4. 4. Incorporations
2.4.1. - **Specifications Development**
2.4.2. - **Contract Administration**
2.4.3. - **Supplier Market Research**
2.4.4. - **Marketing** and **Negotiation**
2.4.5. - **Value Analysis**
2.4.6. - **Buying Activities**
2.4.7. - **Inventory Control**, **Traffic**, **Receiving**, and **Stores Management**
2.5. 5. Inclusivity
2.5.1. Procurement includes **purchasing** as part of its process
2.6. 6. Examples
2.6.1. - Procurement process duration: **5-6 months**
2.6.2. - Savings through procurement
2.6.3. - Cutbacks in procurement department
2.6.4. - Recent procurement of **high-quality designer bags**
2.6.5. - Arrival of procured shipment of small parts