Procurement Management Practice Exam

About Procurement Management
Procurement management is also referred to as the source-to-settle process. It encompasses the evaluation, selection, and creation of formal contractual agreements as well as managing the company’s ongoing supplier relationships.

Procurement management is the strategic approach to managing and optimizing organizational spend. It involves acquiring quality goods and services from preferred vendors within a stipulated budget, on or before the deadline. The procurement management process includes sourcing, requisitioning, ordering, expediting, inspection, and reconciliation.

Why is Procurement Management important?
Properly managing all procurement activities not only keeps business operations running smoothly; it also saves money, time, and resources. Procurement management ensures that all items and services are properly acquired so that projects and processes can proceed efficiently and successfully.

The benefits of procurement automation
•    Faster approval process. Due to the hierarchical structure of organizations, purchase requests often get stuck in the approval process.
•    Improved spend visibility.
•    Improved supplier relationships.
•    Easier contract management.
•    Increased productivity.

Who should take the Procurement Management Exam?
•    Store, Purchase or procurement professionals
•    Business owners
•    Anyone who wants to assess their procurement skills
•    Store, Purchase or procurement managers and senior executives
•    Procurement consultants
•    Professionals working in outsourced companies responsible for procurement
•    Any professional with skills and knowledge on procurement
•    Anyone interested in procurement
•    Students

Knowledge and Skills required for the Procurement Management

Critical thinking and good communication skills helps candidate to gain quick success for career in procurement management.

Procurement Management Practice Exam Objectives

Procurement Management exam focuses on assessing your skills and knowledge in concepts and application of Procurement Management

Procurement Management Practice Exam Pre-requisite

There are no prerequisites for the Procurement Management exam.

Procurement Management Certification Course Outline

1. Procurement Management
1.1 What is Procurement Management
1.2 The Procurement Process
1.3 Make or Buy Analysis
1.4 Supplier Management
1.5 Contract Basics
1.6 Global Sourcing
1.7 E-procurement

2. Cost and Value Analysis System
2.1 Value Analysis
2.2 Tools for Value Analysis
2.3 Cost Analysis
2.4 Cost Analysis Techniques

3. Negotiation Skills
3.1 Basic Approaches for Negotiation
3.2 Strategy and Planning for Negotiation
3.3 Tactics of Effective Negotiation

4. Purchase Management System
4.1 What is Purchasing
4.2 Purchase Department
4.3 Methods of Purchasing
4.4 Purchasing Performance
4.5 JIT Purchasing

5. Vendor Management
5.1 System of Vendor Evaluation
5.2 Parameters for Evaluation of Vendors Performance
5.3 Social Audit
5.4 Tender and Negotiation Guidelines
5.5 Purchase Review

6. Materials Planning
6.1 Materials Planning Need
6.2 Factors Affecting Materials Planning
6.3 Tools of Materials Planning
6.4 Principles and Procedure for Materials Planning
6.5 MRP (Material Requirements Planning)
6.6 MRP Processing
6.7 Other Planning Techniques
6.8 Materials Budgeting
6.9 Materials Budgeting Concepts
6.10 Materials Budgeting and Accounting

7. Material Classification, Standardization and Codification
7.1 Material Classification
7.2 Value Analysis and Material Classification
7.3 Material Codification Concepts
7.4 Material Codification Systems
7.5 Material Standardization
7.6 Material Simplification
7.7 Levels of Standardization

8. Material Handling
8.1 Material Handling Basics
8.2 Material Handling Systems
8.3 Containerization
8.4 Waste Management - Surplus and Obsolete
8.5 Damage and Pilferage
8.6 Cost Analysis

9. Stores Management and Warehousing
9.1 Stores Functions and Objectives
9.2 Types of Stores
9.3 Stores Layout and Storage
9.4 Successful Store-Keeping Factors
9.5 Warehousing
9.6 Warehouse Management System (WMS)
9.7 Warehouse Operating Principles
9.8 Warehouse Strategy
9.9 Planning Warehouse Distribution
9.10 Warehouse Layout
9.11 Automatic Warehousing
9.12 Schemes of Automatic Warehousing
9.13 Stock Keeping and Accounting

10. Quality Management
10.1 Quality Basics
10.2 Product vs Service Quality
10.3 Quality Management
10.4 Quality Management Methods
10.5 TQM
10.6 Six Sigma
10.7 Statistical Quality Control
10.8 Double and Multiple Sampling

Exam Format and Information
Certification name – Procurement Management Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199