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Purchasing & Inventory

Vendor Management Essentials (PRI04EO)

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Instructor

Savvy

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Course Overview

What Will Students Learn?

After you complete this course, you will be able to:

  • Define what a vendor is and what vendor management entails
  • Discuss the benefits and challenges of vendor management
  • Differentiate between different types of vendors and outline the effects on potential relationships
  • Outline the types of information that needs to be in a vendor management policy
  • Set SMART business goals and vendor KPIs
  • Define and illustrate a vendor life cycle
  • Understand the components of a risk management framework
  • Explain various software options for vendor risk management assessment
  • Assess and select vendors using questionnaires and checklists
  • Scale vendor assessments based on the vendors’ risk level
  • Utilize a significance of risk rating to determine a potential vendor

Course Content

  • Academy Topics

    • Course Overview

    • Learning Objectives

    • Pre-Assigment

    • Pre-Course Assesment

    • Pre-Course Assesment

    • Vendor Management

    • Definitions

    • Vendor Interaction Phases

    • What is Vendor Management?

    • Benefits and Challenges of Vendor Management

    • Befefits of Vendor Management

    • Challenges of Vendor Management

    • Types of Vendors

    • Vendor Type

    • Vendor Relationship Management

    • Vendor Relationships

    • Vendor Management — First Steps

    • Vendor Management Policy Document

    • Business Goal Setting

    • SMART Goals

    • Business Goals Related to Vendors

    • Vendor Management — Key Performance Indicators

    • Vendor Life Cycle Management

    • Vendor Life Cycle Management

    • Vendor Life Cycles

    • Assessment and Selection of Vendors

    • Vendor Risk Management Framework

    • Assessment and Selection of Vendors

    • RFP Case Study

    • Risk Assessment

    • Scaling Your Vendor Assessments

    • What to Do With All This Information

    • Developing Contracts and Finalizing Vendors

    • Contract Negotiation

    • The Contract

    • Monitoring Performance and Vendor Relationships

    • Monitoring the Vendor

    • Vendor Evaluation Audits

    • Basics of an Audit

    • Questioning Exercise

    • Developing an Audit Checklist

    • Audit Checklist Exercise

    • Conducting the Audit

    • Greenfield Lumber Case Study

    • Audit Role Play

    • Noncompliance and Corrective Action

    • Recording Noncompliances Exercise

    • Taking Corrective Action

    • Personal Action Plan

    • Course Summary

    • Recommended Reading List

    • Post-Course Assessment

Paid
  • Lessons 50
  • Skill Beginner
  • Last Update 27/02/2025