Tag - L4M8 exam

CORRECT TEXT Describe the seven stages of the Tender Process and explain the reasons why the stages must be followed.View AnswerAnswer: The purpose of the tendering process is to invite potential suppliers to bid to supply a product or service to the buying organization. Then buying organization select suitable suppliers,...

CORRECT TEXT Why is it important to keep ethical codes of practice up to date?View AnswerAnswer: A code of ethics is a set of morals and principle set out by an organization to state what it deems to be acceptable conduct and behavior An ethical code of practice is a...

CORRECT TEXT What topics are covered within ethics?View AnswerAnswer: Topics that are covered within ethics are;

CORRECT TEXT What are the eight elements of whole life asset management?View AnswerAnswer: Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for...

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 are five recognized types of modern slavery?View AnswerAnswer: Modern slavery is against ethical and responsible sourcing. Modern slavery is one of the areas to understudy for procurement professionals to carry out ethical and responsible sourcing and this is recognized in five ways.

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 Research the ethical standard or accreditations of an industry with which you are familiarView 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 are the five stages in Tuckman’s team Development model?View AnswerAnswer: Tuckman’s team development model depicts from where a team is formed to the various stages they might experience before the end where the objective is achieved and these includes. 1) Forming: here they are just being put...

CORRECT TEXT What are five recognized types of modern slavery?View AnswerAnswer: Modern slavery is against ethical and responsible sourcing. Modern slavery is one of the areas to understudy for procurement professionals to carry out ethical and responsible sourcing and this is recognized in five ways.