Financial Management in Procurement
The aim of financial management in procurement is to maximise value for every member in the value chain while minimising cost and reducing risk. The concept has been designed to provide an overview of the conceptual and applied aspects of finance management in procurement.
Technique Overview
Financial Management in Procurement Definition
Financial management in procurement involves the "management of all the processes associated with the efficient acquisition and deployment of both short- and long-term financial resources", as they relate to the procurement of goods and services (CIMA, 2005:90).
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Business Evidence
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Business Application
Implementation, success factors and measures of Financial Management in Procurement *
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Further Reading
Financial Management in Procurement web and print resources *
Financial Management in Procurement references (4 of up to 20) *
- Bartolini, A. and Dwyer, C. (2008) Spend Analysis: Pulling Back the Cover on Savings. Aberdeen Group, October.
- Braithwaite, A. and Samakh, E. (1998) The cost-to-serve method. International Journal of Logistics Management, Vol. 9(1), pp.69-84.
- CIMA (2005) CIMA Official Terminology. The Chartered Institute of Management Accountants: Oxford, UK.
- CIPS: Programme management.
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