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Which of the following are examples of ways in which businesses can add value? Select THREE that apply.
Which of the following are examples of ways in which businesses can add value? Select THREE that apply.A . Through delivering excellent serviceB . Creating a win-win priceC . Product features and benefitsD . Reducing customer service levelsE . Investing in customersF . Offering convenienceView AnswerAnswer: A, C, F Explanation:...
Which of the following would be benefits of partnership sourcing? Select TWO that apply.
Which of the following would be benefits of partnership sourcing? Select TWO that apply.A . Reduction in inflationB . Reduction in costsC . No need for contractsD . Reduction in stakeholder numbersE . Continuity of supplyView AnswerAnswer: B, E Explanation: Partnership sourcing improves efficiency through cost reduction and ensures continuity...
Is this the best relationship style to use?
A local government procurement team is undertaking a full review of their current internal working processes. The team of buyers currently have a partnership-style relationship with their routine suppliers. Is this the best relationship style to use?A . No, as there are many suppliers availableB . No, as these are...
Which of the following are the stages of team development?
Which of the following are the stages of team development?A . Starting, forming, benchmarking, performingB . Forming, storming, norming, performingC . Beginning, working, reviewing, performingD . Introducing, forming, managing, performingView AnswerAnswer: B Explanation: The stages of team development as defined by Tuckman include forming, storming, norming, and performing. These stages...
In the STEEPLED framework, which of the following is an economic factor?
In the STEEPLED framework, which of the following is an economic factor?A . Unemployment ratesB . DemographicsC . Supply chain labor standardsD . Election resultsView AnswerAnswer: A Explanation: Economic factors such as unemployment rates affect labor availability, wages, and consumer purchasing power, directly impacting business operations and supply chains.
Which of the following are considered part of the '5 Rights of Procurement'? Select THREE.
Which of the following are considered part of the '5 Rights of Procurement'? Select THREE.A . placeB . qualityC . costD . focusE . timeView AnswerAnswer: A, B, E Explanation: The 5 Rights of procurement are; place, quality, quantity, time, price. (Price and Cost are not the same thing). See...
Which of the following options are legitimate reasons for terminating a contract? Select TWO that apply.
Which of the following options are legitimate reasons for terminating a contract? Select TWO that apply.A . You ordered 10,000 items instead of 1,000B . One of the contracted parties has clearly failed to perform its dutiesC . There has been a serious breach of contract termsD . Your internal...
What is this tactic known as?
Fashion buyer Kamal Sumai is working closely with a key overseas supplier and is monitoring and forecasting cost volatility within the fabric market. Kamal has decided it is the right time to raise a purchase order with his supplier for a greater quantity of fabric than he currently needs. Kamal...
which of the following circumstances?
An amicable style approach to ending a buyer-supplier relationship would be most appropriate in which of the following circumstances?A . 1 and 2B . 1 and 3C . 3 and 4D . 1 and 4View AnswerAnswer: A Explanation: An amicable approach is critical when alternative suppliers are limited or when...
In the Purchasing Portfolio Matrix, a leverage product is a product in a market where it is easy to switch suppliers and the quality is standardized. Is this TRUE or FALSE?
In the Purchasing Portfolio Matrix, a leverage product is a product in a market where it is easy to switch suppliers and the quality is standardized. Is this TRUE or FALSE?A . False, the product is in a supply market which is highly complex and the product is of low...
