As a Fortune 200 engineering, construction, and maintenance company, and Fortune's Most Admired company in the engineering and construction category, Fluor procured over $11 billion in goods and services in 2006 executing capital facility projects globally for energy and chemicals, mining, infrastructure, and government clients. Following years of limited growth, the current market expansion has stretched the supply base and led to escalating prices and longer lead times, threatening the financial viability of some projects. The speaker shares several strategies for addressing supply chain risks under market conditions that favor suppliers. From changing the sometimes adversarial relationship with suppliers into partnerships that benefit clients, to embracing opportunities to secure goods and materials in advance of project needs to mitigate cost and schedule uncertainty, Fluor's innovative approaches have broad applicability to any industry competing for scarce resources. The speaker addresses how supplier integration can provide deeper market intelligence, as well as support risk mitigation strategy and strategic planning for corporate growth. The presentation includes a discussion of how procurement has become a critical function of capital projects' success, and how best to address this opportunity in the engineering and construction process.