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MKTG 432 Procurement Management

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The MKTG 432 Procurement Management course focuses on the principles and practices of procurement and materials management; organization and functions of materials management; identifying needs, sourcing, purchasing behavior and policies; and ethics applicable to public administration.

Procurement management is a strategic method of managing and optimizing costs for an organization. This includes purchasing quality products and services from preferred suppliers, within a specified budget or before a specified time frame. The procurement management process includes purchasing, purchasing, ordering, forwarding, checking, and reconciliation.

Many organizations do not have an effective procurement management process. Typically, this is the result of manual, paper-based processes rather than digital solutions that enable automation.

Manual purchasing plans are full of high processing costs, missing documents, slow approval cycles, missed discount opportunities, and out-of-control costs. Due to the chaos, supplier relationships have suffered due to ineffective dispute resolution, poor supplier management, late payments, etc.

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