Although, TeX packages can be easily installed via the Add/Remove software, I find it easier to use the command-line specially when you need to install the tex packages.
Just issue the following commands as root to get everything working. Some packages might be redundant but they do get all the aspects of compiling tex documents and their bib files working.
yum - y install tetex-latex
yum - y install texlive
yum - y install tetex-IEEEtran
After installing these packages, you can compile your documents to pdf easily using pdflatex documentname.tex and bibtex bibliography.aux and there you have it.