This is the eBook version of the study guide to support your studies for the core module Advanced Contract and Financial Management which forms part of the CIPS Level 5 Advanced Diploma in Procurement and Supply qualification.
In any organisation, a significant element of the procurement and supply function is based around the contracting process. Those involved in the formulation and management of contracts with external suppliers must therefore have a clear understanding of the strategic nature of contractual performance measures in procurement and supply. Financial management refers to the efficient and effective management of money (funds) to accomplish organisational objectives. This module is designed for those working in the procurement and supply field, with responsibility for contracting elements of the procurement and supply function who must also have a strategic awareness of the impact of financial aspects of their discipline.