ISM Releases Newest Self-Paced Online Learning Course Cost Reduction Toolbook

FOR RELEASE: April 8, 2002

CONTACT: Kristen Kioa
  ISM Media Relations
  800/888-6276 ext. 3015

(Tempe, AZ) — The Institute for Supply Management™ announces the release of its newest self-paced, interactive, online learning course: Cost Reduction Toolbook. This course is designed to assist new and experienced supply management professionals to perform tasks more strategically and efficiently.

The Cost Reduction Toolbook has five learning lessons with over 25 learning objectives. Lessons covered in this course include: understanding financial principles, identifying process mapping opportunities, managing differences between value analysis (VA) and value engineering (VE) projects, identifying and applying forecasting methods, and seven tools for improving operations and supply or value chain efficiencies. The learning lessons consist of the following:

  • Financial Analysis
    Participants will be able to identify the different accounting roles that supply managers need to understand, describe and interpret financial statements and distinguish between and integrate the income statement and the balance sheet, and describe how businesses can lower costs and improve performance through financial imperatives and measures.

  • Process Mapping
    Participants will be able to identify how process maps define processes and steps in the process mapping procedure, define the types of process maps, and improve process performance by follow-through and measurement.

  • Value Analysis and Value Engineering
    Participants will be able to describe the similarities and differences between value analysis (VA) and value engineering (VE), outline a process for conducting a VA/VE project, identify the specific steps for conducting a VA/VE project, and explain the role of cross-functional teams in VA/VE.

  • Forecast Tools and Techniques
    Participants will be able to understand the application of a forecast, define the steps necessary in preparing a forecast, identify some of the various forecasting methods, and calculate each representative forecasting method.

  • Cost Reduction Tools
    Participants will learn how supply chain costs fit within the overall profit picture of the organization, can express supply management issues and actions into cost and cost reduction terms, will discover the seven tools for improving operations and supply or value chain efficiencies, and gain insights into how each of these tools can be used to reduce costs for their organization.

ISM’s self-paced and instructor-led online learning courses offer content developed by qualified instructors and subject-matter experts, practical exercises, interactive scenarios and case studies, interactive multimedia courseware, online tools and job aids, online testing and quizzes with immediate feedback, Continuing Education Hours (CEHs) toward C.P.M. and A.P.P. recertification, and convenient access to course content any time of the day or night.

For a free preview of the Cost Reduction Toolbook course, go to For more information on ISM’s self-paced and instructor-led courses, go to

The Institute for Supply Management™, established in 1915, is the world’s leading educator of supply management professionals and is a valuable resource for decision makers in major markets, companies, and government. In May 2001 the membership of NAPM voted to change the association’s name from the National Association of Purchasing Management to the Institute for Supply Management™ to reflect the increasing strategic and global significance of supply management. For further information, see the ISM Web site at

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