Tag - L4M8 exam

CORRECT TEXT What is a cross function team?View AnswerAnswer: A cross-function Team is the involvement of all departments that are in an organization to contribute knowledge, skills and innovation towards adding value to achieving the organization’s strategic goal. Example, procurement, maintenance, marketing, finance, human resources working together in procurement activity...

CORRECT TEXT What happens in the public sector, regarding providing feedback?View AnswerAnswer: A sector is an area of an industry, e.g., private, public or third sector. A public sector is a sector of the economy that is owned, finance and run by the government. This sector is financed with tax...

CORRECT TEXT Research the ethical standard or accreditation of an industry with which you are familiar.View AnswerAnswer: If a supplier is accredited or is a member of an association that promotes good ethical conduct, a statement to this effect is likely to be featured on its company documentation. This could...

CORRECT TEXT What is PQQ and what does it include?View AnswerAnswer: Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes...

CORRECT TEXT Research the values and ethical code of practice of an organization with which you are familiar.View AnswerAnswer: Fullpower projects is a training firm that trains on project management and procurement. It has the following values and ethical code of practice 1) Accountability 2) selflessness 3) openness 4) integrity...

CORRECT TEXT Create a list of tangible, intangible, direct and indirect needs within an organization with which you are familiar.View AnswerAnswer: Tangible costs are the cost an organization incur acquiring items that can be physically touched and or seen. Examples includes; 1) Capital Purchase 2) Raw materials 3) Sundry items...

CORRECT TEXT Describe three ways in which a buyer could or test the market in other to assist with determining a need.View AnswerAnswer: Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking...

CORRECT TEXT What is PQQ and what does it include?View AnswerAnswer: Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes...

CORRECT TEXT What are the definition of a new buy and a modified re-buy?View AnswerAnswer: A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a...

CORRECT TEXT What is CSR policy?View AnswerAnswer: Corporate Social responsibility (CSR) policies state how organizations aim to contribute towards the community and how an organization portrays itself towards social impacts.