Workshop on Procurement and Finance in Dubai
The Procurement and Finance Workshop that was conducted by Risalat Consultants International for the employees of the Ministry of Fisheries, Marine Resources, and Agriculture of Maldives. The program took place in Dubai, the UAE and lasted for 5 consecutive days.
Participants learned about the evolution of procurement function from operational to strategic. The distinction between public and private procurement models has been made emphasizing the advantages and disadvantages of each. Aims and principles of public procurement were discussed in detail along with the management concepts in procurement. The participants also learned about management of accounts, ratio analysis, capital expenditure, working capital, revenue recognition, debtor report review, cashflow forecast, cash management, budgeting, and the introduction to IPSAS. Participants were given individual tasks and exercises to practice. The sessions was finalized by the discussion of procurement planning process, Q&A round, and participant feedback. Participant post-evaluation and program feedback forms were submitted by the delegates.
The main aim of Procurement and Finance Workshop was to replenish and advance the knowledge of participants regarding procurement and finance management. This program allowed its delegates to:
- Assess the financial performance and health of the organization
- Enhance their decision-making skills by understanding financial management concepts
- Control the flow of money through their departments
- Understand the budgeting process and forecasting techniques
- Manage their own budget and inventory
- Confidently discuss and use financial information
- Understand financial jargon
- Read and analyze a set of accounts
- Use basic financial tools
- Set up and manage procurement effectively
- Select suppliers on strict criteria
- Measure supplier performance
- Identify ways to increase procurement effectiveness and efficiency
- Use IT systems effectively to assess supplier performance
- Work across functions to improve all aspects of procurement service to its customers
- Understand the training needs of procurement personnel
- Build a motivated and effective procurement team
Stay Tuned to Risalat Social Media
