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At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?
At which stage of through-life contract management, procurement team needs to identify sources of risk and the ways to mitigate them?A . Specification stageB . Supplier relationship stageC . Tendering stageD . Contracting stageView AnswerAnswer: B Explanation: Risk management has become incredibly complex, especially for capital purchase which requires through-life...
Which of the following indicates types of waste that procurement department concentrates on when adopting Lean methods?
Which of the following indicates types of waste that procurement department concentrates on when adopting Lean methods?A . DOWNTIMEB . VA/VEC . OWN-ITD . SCAMPERView AnswerAnswer: A Explanation: Copious amounts of waste can occur in the workplace, particularly in a manufacturing process, but do you know what the eight most...
Total cost of ownership of a solar panel is $5,000 and it is expected that the panel will make a sav-ing of $1,000 each year. So it would take 5 years for the benefits to repay the investment. Therefore, the firm plans to keep the solar panel for at least 5 years. Is payback period calculation right for making the business decision?
Total cost of ownership of a solar panel is $5,000 and it is expected that the panel will make a sav-ing of $1,000 each year. So it would take 5 years for the benefits to repay the investment. Therefore, the firm plans to keep the solar panel for at least...
Which of the following bodies provides standards for the products and services in the US?
Which of the following bodies provides standards for the products and services in the US?A . ISOB . ANSIC . AFNORD . BSIView AnswerAnswer: B Explanation: ANSI is the American National Standards Institute. It is responsible for providing technical standards in the US LO 3, AC 3.1
What does the acronym RAQSCI stand for?
What does the acronym RAQSCI stand for?A . Relationship, Ability, Quality, Service, Cost, InnovationB . Regulatory, Availability, Quality, Service, Cost, InnovationC . Regulatory, Availability, Quantity, Sustainability, InventoryD . Regulatory, Ability, Quality, Service, Cost, InventoryE . Relationship, Availability, Quantity, Sustainability, Cost, InnovationView AnswerAnswer: B Explanation: RAQSCI stands for Regulatory, Availability, Quality,...
Which of the following can be an assurance that the supplier has procedures and policies to enhance its environmental performance?
XYZ Ltd is a large supermarket chain which operates mainly in the UK and Europe. Their customers are increasingly concerned about sustainability. Therefore, procurement manager is required to source the products from suppliers who have good environmental performance. Which of the following can be an assurance that the supplier has...
Which of the following is the new technology that has impact on manufacturing sector?
Which of the following is the new technology that has impact on manufacturing sector?A . Social MediaB . E-commerceC . RoboticsD . BlockchainView AnswerAnswer: C Explanation: Robots in manufacturing help to create jobs by reshoring more manufacturing work. Robots protect workers from repetitive, mundane and dangerous tasks, while also creating...
When procuring a machinery, at which stage buyer must check whether it is working to the standards set out in the design specification?
When procuring a machinery, at which stage buyer must check whether it is working to the standards set out in the design specification?A . InstallationB . Maintenance and repair activitiesC . Customer supportD . ManufactureView AnswerAnswer: A Explanation: Through-life Management involves the life-cycle management of the products, services and activities...
Which of the following is the best definition of target costing?
Which of the following is the best definition of target costing?A . The net present cost of the purchase or project and all future revenues flowing from it discounted back to the present time.B . The total of all costs in acquiring goods or services from the inception of the...
Which of the following specific markets is most likely to have product shortage by nature?
Which of the following specific markets is most likely to have product shortage by nature?A . RetailB . FinancialC . ConstructionD . ServicesE . AgricultureView AnswerAnswer: E Explanation: Products used in agriculture can be subject to shortage due to natural disasters. Reference: CIPS study guide page 81 LO 2, AC...
