APM PMQ (2024) Procurement (LO5)

5. Procurement - This podcast discusses securing the provision of resources, choosing strategies for obtaining best value from supply chains, and covers: a) The purpose and importance of a procurement strategy and the typical contents of a procurement strategy. b) The stages of a supplier selection process, including how to plan the procurement process and conduct negotiations (for example ZOPA, BATNA and ‘Win Win’). c) The features of different contractual relationships and why different methods of supplier reimbursement are used and when it is appropriate to use them (including fixed price, cost plus fee, per unit quantity and target cost).