Module Purpose: On completion of this module, learners will be able to devise a business case for requirements to be externally sourced and will understand the role of market management and competitive forces as they specify goods and services in procurement and supply.

Module Aim: The development of a business case and the ability to analyse markets are key if an organisation is to successfully source activity from external suppliers. Similarly, the clear definition of specifications for through life contracts is crucial to overall business achievement. This module is designed for those who are expected to analyse, interpret and evaluate information on the different types of markets utilised by procurement and supply. It explores a variety of elements that underpin the development of business cases and specifications and considers the options that should be explored when procurement and supply personnel are involved in defining requirements.

Certified Inventory Optimization Professional
CIOP is a global supply chain management and inventory management certification program exclusively developed for corporations to optimize the inventory in their supply chain. CIOP teaches the global best practices in 30 modules over 90 hours of live, faculty-led, online training. It is founded on Inventory Management Body of Knowledge (IMBoK) version 3.0. CIOP is a comprehensive program includes training, reference material, Learning Management and Assessment System (LMAS), examination and certificate.

The LMAS contains classroom presentations, classroom notes, video lessons, audio lessons, quizzes, reference materials, terminologies and articles recommended by faculty.

The CIOP Examination is 3 hours, online, proctored examination with 180 multiple-choice questions. The participant needs to secure 70% of the maximum score (360 marks) to pass in the examination.

You can learn more about the CIOP certification in the below links:
CIOP Website: https://pages.fhyzics.net/ciop 
Faculty Profile: https://pages.fhyzics.net/principal-consultant

Click here to request quote for the CIOP certification program.

Fhyzics Business Consultants is an Approved Study Centre of Chartered Institute of Procurement and Supply (CIPS), UK and offering all the modules under Level-2, Level-3, Level-4, Level-5, and Level-6. During this current COVID-19 pandemic, the classes are offered in distance and self-study modes. For more questions related to our CIPS programs, please speak to our Manager-Certifications at +91-900-304-9000 or email at certifications@fhyzics.net.

Online, Instructor-Led Training Program on Defining Business Need [L4M2] Module of Diploma in Procurement and Supply, CIPS, UK

Mode of Delivery: Online
Mode of Teaching: Using the Presentation Deck from CIPS, UK
Duration: 3 Hours
Faculty: Venkadesh Narayanan, CIPS Recognized Instructor
Reference Material: L4M2 Study Guide
Level-4: Diploma in Procurement and Supply

Defining Business Need - LEARNING OUTCOMES

1.0 Understand how to devise a business case for requirements to be sourced from external suppliers
1.1 Analyse how business needs influence procurement decisions
• Type of purchase such as new purchase, modified re-buy, straight re-buy
• Implications of the business needs on the types of purchase
• Procurement’s role in developing a business case
1.2 Identify how costs and prices can be estimated for procurement activities
• Types of market data that can provide information on costs and prices
• Direct and indirect costs
• Producing estimated costs and budgets
• Approaches to total costs of ownership/whole life cycle costing
1.3 Analyse the criteria that can be applied in the creation of a business case
• Examples of criteria typically applied in the production of a business case: costs, benefits, options, alignment with organisational needs and timescales
• Benchmarking requirements
1.4 Interpret financial budgets for the control of purchases
• The purpose of financial budgets
• Cost entries and timings of cash flows
• Performance and control of budgets
• Dealing with variances to budget

2.0 Understand market management in procurement and supply
2.1 Analyse the different types of markets utilised by procurement and supply
Such as:
• Manufacturing
• Construction
• Retail
• Financial
• Agriculture
• Services
2.2 Compare the competitive forces that influence markets
• Bargaining strength of suppliers and buyers,
• Availability of substitutes and threat of entry
2.3 Contrast the breakdown between direct and indirect costs and the types of data that can provide information on cost and price
• Collate sources of information to estimate the breakdown of costs between direct and indirect costs for purchased goods and services
• Use information to prepare budgets or to negotiate prices
• Research market data and use to estimate and negotiate current and future prices and costs for purchased goods and services

3.0 Understand the use of specifications in procurement and supply
3.1 Analyse different types of specifications used in procurement and supply and sources of information that can be used to create specifications
• Drawings, samples, branded, technical
• Conformance specifications
• Output or outcome, statement of work based specifications
• Standards
• The internet
• Suppliers
• Directories
3.2 Identify sections of specifications for through life contracts
• Scope
• Definition
• Description of requirement
• Testing and acceptance
• Change control mechanisms and remedies
• Social and environmental criteria
3.3 Identify the risks that can result from inadequate specifications and mitigation approaches
• Under or over specified need
• Monitor specification creation by colleagues and
other internal stakeholders
3.4 Identify opportunities to regulate short and longer term specifications
• Implement standardisation
• Value analysis
• Value engineering
• Provide guidance to internal stakeholders on implementation

Keywords: eprocurements, e procurement, procurement, purchase, purchase order, purchase order format, e procurement tenders, purchase meaning in hindi, e procurement tata steel, purchase meaning, ntpc eprocurement, defence eprocurement, e procurement tatasteel, central e procurement, po system, govtprocurement, iocl e procurement, cg e procurement, bpcl eprocurement, purchase requisition, procure to pay, ntpc e procurement, online tendering, procurement process, hire purchase meaning, purchasing management, procurement is, strategic sourcing, procurement management, eprocurement ntpc, eprocurement central, procure, purchase order sample, procure to pay process, mes e procurement, po format, e procurement system, procurement logistics, cpp eprocurement, sourcing ariba, impulse buying, procure to pay cycle, reverse tendering, purchase account, purchase procedure, hpcl eprocurement, e tenders central, purchase order template, purchase invoice, purchase order meaning, purchase meaning in tamil, ongc e procurement, purchase order format in word, purchasing executive, po sap, procurement prices, purchasing processes, public procurement, procurement cycle, purchasing cycle, sale purchase, material purchase, govt e procurement, purchase order process, sourcing and procurement, purchase meaning in bengali, purchase order table in sap, to create purchase order press, purchase requisition in sap, sbi procurement, government e procurement , purchase of stock in trade, bhel eprocurement, tata e procurement, procurement in business, hal e procurement, sale and purchase, sap purchase requisition table, government eprocurement system, purchase method, bel e procurement, eprocurement iocl, procurement softwares, procurement strategy, source to pay, types of procurement, blanket purchase order, outright purchase, purchase requisition meaning, sap purchase order, material procurement, impulsive buyer meaning, local purchase, purchase office, cpp e procurement, railway e procurement, procurement specialists, procurement portals, government procurement, purchase price, indirect procurement, blanket po, impulse purchase, it procurement, procurement planning, purchase order format doc, mes procurement, government e tenders, purchase order template excel, higher purchase, ariba procurement, purchase order template doc, purchase order example, purchase order procedure, procurement executive, sap procurement, purchase day book, procurement cost, purchase cost, procurement consulting, hire purchase finance, central public procurement, bhel e procurement, p2p cycle in sap mm, e procurement tata, procurement service, procurement and supply chain management, procurement procedure, project procurement management, bulk purchase, stock purchase, forward buying, centralized purchasing, oracle procurement, purchasing system, procurement and purchasing, hire purchase example, indian oil eprocurement, bhel tenders e procurement, e procurement nic, purchase request, point of sale display, procurement system, purchase price variance, po order, purchase order software, direct procurement, purchase to pay process, procurement contract, strategic sourcing process, strategic purchasing, supply chain procurement, procurement life cycle, purchase from, e tendering system, purchase on account, outright purchase meaning, credit purchase meaning, procure to pay process in sap, p2p process in accenture, purchase management ppt, procurement in supply chain management, tata steel procurement, procurement in tamil, raw material procurement, central government e procurement, midhani e procurement, hsl e procurement, defense eprocurement, purchase to pay, purchase contract, purchase discount, world bank procurement, coupa procurement, impulse shopping, asset purchase, direct purchase, types of sourcing, indirect purchasing, food procurement, procurement operations, source to pay process, create purchase order, centralised purchasing, direct and indirect procurement, procurement of funds, cpp procurement, ecil eprocurement, sap procurement process, procurement cycle in sap mm, procurement in hrm, oracle p2p cycle, vms procurement, eprocurement of mes, tata steel e procurement b2b, purchase audit, global procurement, purchase meaning in urdu, purchasing and supply chain management, project procurement, digital procurement, procurement company, procurement management system, procurement process cycle, purchase order management, e procurement process, p2p procurement, procurement sourcing, procure to pay cycle in sap with tcodes, vendor management in procurement, abc procurement bhel, spend analysis procurement, p2p accounts payable, tata procurement, eprocurement bel, dps eprocurement, purchase order number, to purchase, purchase order system, po template, po purchase order.

procurement certification, procurement training, cips certification, purchase certification,cips courses, procurement courses, cips training, purchase training, certified procurement professional,certified purchasing professional, procurement courses online, cips certificate, cips level 2,procurement training for beginners, procurement training 2019, procurement management courses, purchasing and supply management courses, public procurement training courses, procurement and contract management online courses, procurement learning, procurement training courses, procurement and logistics courses, purchasing and supply courses, procurement and supply chain management courses, procurement certification online, certified procurement manager, chartered institute of purchasing and supply courses, cpp certification purchasingcips certification cost, procurement courses online free, best procurement certification, public procurement courses, certified international procurement professional, public procurement certification, procurement certification training, procurement management training,cips courses online, purchasing manager certification, purchasing management courses,purchase course, procurement professional courses, cpm certified purchasing manager, certificate in procurement and supply operations, procurement negotiation training, top procurement certifications, procurement classes, cppm certification purchasing, certified public procurement officer, cips training courses