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Cost and Price Analysis - How to Achieve Best Value

CP Training Consortium

Summary

Price
£1,450 inc VAT
Study method
Classroom
Duration
3 days · Full-time
Qualification
No formal qualification

Location & dates

Location

Address
RM14 1AL
United Kingdom
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Overview

Understand the key issues with pricing and learn the real tools and techniques for analysis.

The intensive 3-day course

Description

Pricing is both an 'Art' and a 'Science' as well as being a valuable and flexible tool in the buyer/seller relationship. It is essential that professional procurement and sales staff have a clear understanding of the various factors that determine how prices are set.

This course examines these issues in relation to the procurement of both goods and services ("contracts") and from the perspectives both of the buyer and the supplier. Participants learn the tricks of the trade that buyers and sellers use to maximise profits.

Aims

  • To provide participants with a thorough understanding of the difference between price and cost, value and reward, a 'good deal' versus a 'bad deal'. It takes into account all the factors involved such that the person can be confident of awarding the contract to the best supplier under the prevailing circumstances.
  • To provide participants who come from contracting companies an understanding of how bid price and cost are unrelated.

At the end of the course the participants will have;

  • The ability to understand the relationship between cost, price and benefits
  • Understanding of fixed and variable costs.
  • Familiarity with the basics of marketing - Product, Price, Place and Promotion, and how these affect them as corporate buyers
  • Pricing strategies
  • Knowledge of the Total Cost of Ownership model and how it can be applied in a range of procurement circumstances
  • Ability to understand claims and variations and settle them with a favourable commercial outcome
  • Understanding of how contractors arrive at the bid price
  • Understanding of the principles of On-Line bidding
  • Familiarity with the seller’s point of view, how he perceives the buyer in terms of being a "good" customer or otherwise, and how this might influence his pricing policy.

Who is this course for?

This course is designed for: Staff in the procurement and contracting function(s) and for staff from suppliers and contractors. It is suitable for newcomers to the contracting environment ( management) as well as for experienced staff, for whom it should open wider horizons beyond the traditional adversarial viewpoint.

Questions and answers

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Legal information

This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

FAQs

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body's logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.
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