Tag - L4M8 exam

CORRECT TEXT Explain which factors should be considered when deciding the quantity of a product to order.View AnswerAnswer: When reviewing supplier’s response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain...

CORRECT TEXT What are the four stages of decommissioning?View AnswerAnswer: When a fixed asset reaches the end of its life, it requires decommissioning before reconditioning or disposal. Decommissioning is to observe all the safety measures and technical procedures and stop active machinery or an asset from operation (example gas plan,...

CORRECT TEXT What is needed for a contract to be binding?View AnswerAnswer: A contract is written or verbal agreement, made between two or more parties that is legally enforceable. For a contract to be legally binding it must include intention of parties entering into the contracts. All parties must have...

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.

CORRECT TEXT Describe four factors that could damage reputation within the supply chairView AnswerAnswer: The reputation of all the organizations within a supply chain is linked. A Company’s reputation is an intangible asset that can contribute to the failure of an organization if damaged. Factors that could damage organizational reputation...

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 Create two KPIs and two SLAs for a contract with which you are familiar.View AnswerAnswer: Key performance Indicators (KPIs) and service level Agreement (SLA) are measures that demon-strate the effectiveness of a supplier. By using KPIs and SLAs as part of suppliers management, procurement professionals can monitor and...

CORRECT TEXT Explain with examples three differences between offers and invitation to treat.View AnswerAnswer: An offer is created when one party communicates to another or to multiple parties that they wish to enter into a legal binding agreement in accordance with the terms stated, for example; a company in promotion...

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...