Achieving Optimum Value through Bid Analysis



 
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1.00 hour
Online Self Study
PEX407

ID:1000000182

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About the Course

The process of competitive bidding plays various key roles when procurement professionals evaluate options for securing supply and ensuring the best value is reached from the supply base. One of the primary roles of the bid analysis process is ensuring that both cost and price are understood by the procurement professional so that optimum balance can be achieved.

Course Description

In today’s globally competitive business environment, organizations continually seek ways to cut costs and add value. Integral to this are the agreements between the buying organization and its suppliers. Bid analysis is a technique used to compare competitive offerings from various suppliers with the objective of selecting one of the suppliers for award.

Selecting the best overall competitive offering for a product or service is a key responsibility of the procurement professional, as it offers a vast array of information that drives an objective supplier selection process. If done properly, the bid analysis process enables the buying organization to contract with the supplier that offers the best value: a combination of price and cost, quality, and performance. While all the elements of value are important to achieve when conducting a bid analysis, the procurement professional must thoroughly understand how to evaluate both supplier costs and their drivers and how those costs impact the suggested pricing.

Learning Objectives

After completing this course, you should be able to:

  • Define the bid analysis process.
  • Conduct a bid analysis.
  • Examine the value of a supplier.
  • Select suppliers and evaluate bids.
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