CMI 607 Procurement, Purchasing and Contracting

CMI 607 Procurement, Purchasing and Contracting

CMI 607 Procurement, Purchasing and Contracting is a course that provides a comprehensive overview of the procurement process in organizations. Procurement is an essential function for any business, and it involves acquiring goods and services from external sources. This course focuses on the strategic management of procurement activities, including purchasing, contracting, and supplier management. The course covers topics such as procurement planning, sourcing, supplier evaluation and selection, contract negotiation, and contract administration. Students will learn about the legal and ethical considerations of procurement, as well as the various methods of procurement used in both the public and private sectors. By the end of this course, students will be equipped with the knowledge and skills necessary to effectively manage procurement activities and contracts in their organizations. The course is designed for professionals in procurement and supply chain management, as well as those in related fields such as project management, finance, and operations.

Aims of unit 

The ability to effectively procure, purchase, and contract goods, services, and capital items are crucial for the success of any organization. For professional managers and leaders, possessing this knowledge and understanding is invaluable as it can enhance decision-making, strategic and operational planning, and the efficient delivery of outcomes within budgetary constraints. It’s important to note that the terms “procurement” and “purchasing” can be interpreted differently depending on the type of organization. In this unit, “procurement” is recognized as the strategic activity that will be supported by “purchasing” and “contracting.” The goal of this unit is to enable managers and leaders to achieve business objectives through competent, ethical, and professional contracting, purchasing, and procurement practices.

What you’ll learn

CMI 607 is a course that covers the topic of procurement, purchasing, and contracting, and aims to help managers and leaders develop the knowledge and skills necessary to succeed in these areas. Specifically, some of the key topics covered in CMI 607 include:
  1. Understanding the procurement process and how it differs from purchasing and contracting.
  2. Developing procurement strategies that align with business objectives and budgetary constraints.
  3. Conducting market research to identify potential suppliers and evaluate their capabilities.
  4. Negotiating contracts with suppliers that ensure high-quality goods and services are delivered on time and within budget.
  5. Developing and managing supplier relationships to ensure ongoing performance and value for money.
  6. Understanding ethical and legal considerations in procurement, including the principles of fair competition and avoiding conflicts of interest.
  7. Identifying and managing risks associated with procurement, including supply chain disruptions and other unforeseen events.
  8. Developing effective procurement policies and procedures that support organizational objectives and comply with regulatory requirements.
By the end of the course, learners will have a solid understanding of procurement, purchasing, and contracting practices, and be able to apply this knowledge to enhance decision-making, strategic and operational planning, and the effective delivery of outcomes within budgetary constraints.

Learning outcome

The learning outcome for CMI 607 can be articulated as follows: By the end of this course, learners will be able to:
  1. Demonstrate a comprehensive understanding of the principles of procurement, purchasing, and contracting within organisational contexts.
  2. Apply the principles of procurement, purchasing, and contracting to achieve operational requirements effectively, efficiently and ethically.

How can we help?

CMI assignment help can be immensely beneficial for students who are struggling to complete their CMI 607 assignments. Here are some ways in which CMI assignment help can assist students:
  1. Expert Guidance: CMI assignment help services have a team of experienced professionals who have a thorough understanding of the course material. They can provide expert guidance on how to approach the assignment, how to structure it, and how to ensure that it meets the required standards.
  2. Customized Support: CMI assignment help services can provide customized support to students based on their individual needs. They can tailor their assistance to help students overcome specific challenges they may be facing with their assignments.
  3. Timely Assistance: CMI assignment help services can provide timely assistance to students, ensuring that they meet their assignment deadlines. This can be especially helpful for students who are juggling multiple assignments or who have other commitments that may make it difficult for them to complete their assignments on time.
  4. Quality Work: CMI assignment help services can help students produce high-quality assignments that are well-researched, well-written, and free of errors. This can help students improve their grades and develop their skills and knowledge in the subject.
  5. Revision Support: CMI assignment help services can also provide revision support to students who may need to make changes to their assignments. This can be particularly helpful for students who are unsure about how to improve their work or who have received feedback from their tutors that they need to address.
Resources
  • Bailey, P., Farmer, D., Crocker, B., Jessop, D. and Jones, D. (2015). Procurement Principles and Management. 11th ed. Harlow: Pearson. 
  • Christopher, M. (2016). Logistics and Supply Chain Management. Creating Value-Adding Networks. 5th ed. Harlow: Pearson Education. 
  • Chudy, M. and Castedo, L. (2017). Procurement with SAP MM: Business User Guide 2nd ed. Boston, MA: Rheinwerk Publishing Inc. 
  • Chopra, S. (2019). Supply Chain Management: Strategy, Planning and Operation. 7th ed. Harlow: Pearson Education. 
  • Hackett, M. and Statham, G. eds. (2016). The Acqua Group Guide to Procurement, Tendering and Contract Administration. 2nd ed. Chichester: John Wiley and Sons. 
  • Hodges Silverstein, S. and Sager, T. (2015) Legal Procurement Handbook. USA: Buying Legal Council. 
  • Jackson, P., Crocker, B., and Carter, R. (2016). 101 Models of Procurement and Supply Chain Management. Cambridge, UK: Cambridge Academic. 
  • Johnsen, T.E., Howard, M. and Miemczyk, J. (2019). Purchasing and Supply Chain Management. 2nd ed. Abingdon: Routledge.
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