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90-minute live streaming program
  • October 26
  • 1:00 - 2:30 pm EST

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Pricing and Cost Analysis in Purchasing

October 26

Learn different price-setting strategies and review price and cost analysis to ensure youíre creating the most value for your organization.

One of the most important and complex decisions a business or organization has to make is how much to pay for its items or services. The buying professional should be able to easily detect prices that are too high. Thus pricing decisions must be given careful consideration when buying industrial products and services. The price of a product or service should be expected to cover cost of production, promotion and distribution, plus reasonable profit. In order to obtain the most efficient and acceptable price the purchasing professional must make sure that they are aware of market conditions and prices associated with quality levels required for the buying firmís needs. The effective buyer must become an expert for the items that they purchase. The objective of price-cost analysis is not to get the lowest price, but to obtain the best value with consideration for delivering time, acceptable quality levels, in the appropriate quantities. In general price is important; however, remember it is only one of many variables that are included in purchasing decisions.

Learning Objectives

  • You will be able to identify the learning curve.
  • You will be able to explain cost analysis.
  • You will be able to review price analysis.
  • You will be able to discuss price-setting strategy (economic).

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Price-Setting Strategy (Economic)

Price-Making Strategy (Psychological)

Discounts

  • Cash
  • Trade Discounts
  • Quantity Discounts

Price Analysis

Cost Analysis

  • Direct Material
  • Direct Labor
  • Tooling (If Relevant)
  • Overhead (Manufacturing or Project)
  • General and Administration
  • Profit

The Learning Curve

  • Direct Material Costs
  • Direct Labor Costs

The Price/Cost Analysis Process

  • Example
  • Negotiations
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 31, 2018.

Call 1-866-352-9540 for further credit information.

  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of purchasing contracts. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for purchasing managers, buyers, contracting and materials managers, procurement managers, presidents, vice presidents, accountants, bookkeepers and financial professionals.

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Can't Attend?

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

W.C. Benton, Jr.

W.C. Benton, Jr.

The Ohio State University

  • The Edwin D. Dodd professor of management, and professor of operations and supply chain management in the Fisher College of Business at The Ohio State University
  • Teaches courses in purchasing/supply management, manufacturing planning and control, operations analysis, facility design and the business of health care to M.B.A. and doctoral candidates
  • Partner in Supply Chain Solutions, a supply chain management consulting firm
  • Published more than 120 articles in the areas of purchasing management, inventory control, supply chain management, quality assurance, materials management and health care
  • Frequent speaker and recognized operations management researcher
  • Doctorate in operations and systems management, and quantitative business analysis, Indiana University in Bloomington, Indiana
  • Can be contacted at 614-292-8868, www.supplychain-mgt.com or benton.1@osu.edu
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Can't Attend?

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404226
Published 2018
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