The session will help procurement and supply management professionals become familiar with terms, concepts and applications employed in the construction industry to build comfort in addressing and managing major high dollar and critical acquisitions for the organization. Construction, like Supply Management, has its own language and vocabulary. It’s hard to buy, manage or approve change orders in a contract if you do not understand what the contract is covering. Usually, we manage a large project by work packages which breaks the large project down into sequenced and costed activities. This session seeks to explain some of the major concepts, terminology and shows you how you can be more effective in purchasing a project which could dwarf a traditional inventory, equipment, services, raw materials and MRO expenditures combined on an annual spend. Many managers often bypass purchasing to manage a construction project; for a new plant, new office building, remodeling or mitigation effort from initial planning, pre-solicitation, acquisition and contract management assuming you are not technically degreed. (You need to be a sign off before the proposed project goes to the board for budget monies.) So, they give the project to the Architect and Engineering firm, or the General Contractor or the Prime Contractor to manage—none of whom are part of your company! It is estimated a construction project not managed by a Procurement or Supply Management Professional could encounter overruns as much as 7 to 11%. On a $50M project that could be as high as an additional $4-$5M in additional money. This session will provide you the skills and ability to do what you are the expert in: sourcing, qualification of contractors, developing the RFP, negotiation of the cost/price, delivery elements, review of the construction contract and managing the construction to a successful completion.