Procurement &

Financial
Management
INTRODUCTION
WEEK 1
W E L C O ME !
 About Me
•Dr. Hala EL Ouarrak
•Founder & Executive Director at HEPM Agile Consulting
• HEPMAC is start-up company in IT consulting
• Data Migration, ERP implementation, Cloud solutions and E-
Learning
•Partial-Load Professor at George Brown and part-time professor
at Sheirdan
•Previous Roles
• Subject Matter Expert and Project Engineer
• Responsible for: Manufacturing, Operations, IT etc.
•Credentials: Ms in Engineering, Ph.D in Applied Mathematics,
PMP, PMI-ACP, LSSBB
Ice Breaker: Getting to know you
My name/ Background

“The strength that will

help me in this course
is…”

“I want to grow up and

become…”
http://www.bioteams.com/images/virtual_team_op.jpg
 Course Outline
Learning Outcomes
1) Analyze fundamental project management concepts in cost
management & procurement
2) Analyze alternative contracts from the buyer’s & seller’s perspective
mitigating risk & legal issues
3) Create a project plan to provide solutions and recommendations in
management & procurement costs
4) Apply theoretical concepts of cost management, organization finances
& project procurement
5) Analyze standard costs and variances
6) Develop each component of a master budget
7) Estimate how simple payback & time value of money concepts impact
investment/project choices
8) Estimate return on investment & analyze cost-volume-profit
 Course Outline (cont’d)
• Academic Honesty
• Policy is available on the web site & links were included in
May 7 Announcement
• Read it!

• Evaluation Plan
• Test #1 = 10%
• Assignment #1 = 15%
• Test # 2 = 25%
• Assignment #2 = 20%
• Final Exam = 30%
Course Outline (cont’d)

• Topical Outline

• Week by Week Schedule and deadlines

Outlined in Content > Course Admin

• Subject to change – check class and SLATE

Think, Pair and Share
1. Consider this case and answer the questions on your own

2. Then find a partner and share your answer with your partner

3. Come to an agreement with your partner regarding the

solutions

4. Be prepared to share and discuss your answer with the whole

class.
Think, Pair and Share
You have a class of 30 persons;
You plan a class party
You plan to rent a tent for $300, and hire a D J for $500; both these
costs need to be paid by you one week in advance
For every person who attends, you plan to spend $10 on food and
refreshments. These can be purchased the day of the party.
How much do you need to charge each person?
How do you know if you should proceed?
If you do proceed, and additional classmates tell you the day before that
they can now attend, what do you do?
If someone wishes to cancel the day before the event what do you do?
The Textbook
MGMT 55921-Procurement and Financial Management

Introduction To Managerial Accounting

◦ Brewer et al, 7th Edition
◦ McGraw Hill Ryerson

◦ Reference handouts for Procurement

Financial Management

What is financial management?

◦ Raising funds.
◦ Using assets in such a way as to gain the highest possible
return.
◦ For Profit oriented organizations, making sure that the assets
and activities used by the organization produce a return higher
than the costs involved
◦ For non-profit organizations the goals are generally : to deliver
the agreed upon outcomes at the agreed upon costs
Financial Management
All Managers are really financial managers.
Every business decision made affects directly or
indirectly the financial performance of the
organization.
By understanding the language of finance, financial
tools, financial statements and budget reports,
managers will be in a better position to make
effective decisions.