Purchasing and Procurement is a field of study in business focused on the process associated with sourcing, buying, and acquiring both goods and services from an external business. Companies around the globe contract goods and services from other organizations to support their operations which require experts in the field coupled with legally binding agreements.
The curriculum for a Purchasing, Procurement, and Contracts Management degree program may include: supply chain management, contract law, negotiations, buying procedures, cost analysis, price analysis, contract administration, government contracts, vendor relations, human resource management, auditing, global trade, logistics, inspection, global procurement, construction management, cultural demand, and high-technology systems.
Procurement and purchasing agents are a vital position at most organizations. These professionals ensure raw materials, parts, assemblies, equipment, and tools are available when needed to avoid disruptions in projects, process, and/or manufacturing.
Degree Median Salary vs Adjacent Degree Types
Source: BLS, US Census, and IPEDS