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| Section | Weight | Objectives |
|---|---|---|
| Practical Application Scenarios | 15-20% | - Problem-solving and decision-making - Recommendation and justification skills - Applying theory to real-world procurement situations - Case study analysis |
| Ethical and Sustainable Procurement | 15-20% | - Ethical sourcing considerations - Supply chain transparency - Environmental sustainability in procurement - Modern slavery and fair trade - Corporate Social Responsibility (CSR) |
| Procurement Process and Procedures | 25-30% | - Contract award criteria - Requirements gathering and specification - Purchase ordering and goods receipt - Supplier selection methods - Procurement cycle stages |
| Supplier Relationship Management | 20-25% | - Partnership and collaboration models - Supplier development and improvement - Risk management in supplier relationships - Supplier relationship types - Supplier performance measurement (KPI, scorecards) |
| Strategic Sourcing and Category Management | 20-25% | - Category segmentation - Supplier segmentation and criticality analysis - Spend analysis techniques - Strategic sourcing process |
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NEW QUESTION # 179
What are the four methods that can be used to try to resolve dispute?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Conflict or dispute is the final area a procurement professional considers when creating terms for a contract with a supplier. If conflict or dispute arises, there must be a process put in place in the contract to try to resolve it and these includes; a) Negotiation, b) mediation, c) arbitration and d) litigation.
Negotiation is usually carried out between senior people within organization that are in conflict, if they cannot reach an agreement through negotiation, mediation is the next stage, mediation is when a third party tries to help find a resolution among the parties in dispute. If mediation fails arbitration can start, arbitration involve independent professionals (arbitrators) working with all the party to try to reach an agreement. Parties do not have a formal or legal obligation to follow the arbitrator's recommendation. Arbitration is expensive. If arbitration fails to resolve the conflict, the final stage is litigation, litigation takes time and money, and most people avoid it. It is a legal process where a court decides on the outcome of the dispute. The judge's ruling is final.
* Refer to the question column for response
NEW QUESTION # 180
Describe three ways that hidden cost could present themselves within the logistics operation
Answer:
Explanation:
See the answer in explanation.
Explanation:
Hidden costs are costs that do not always present themselves at the onset of the project.
Logistics can provide a hidden cost within global sourcing. The movement of goods can generate risk within a localized supply chain, but the risk is greater within global sourcing. Within global sourcing there are usually many more aspects to the logistics operation, hidden cost associated with the logistics process includes,;1) delays that can be experienced after placing orders, 2) unclear and poor/incorrect communication that might affect the successes of the transaction, also 3) goods could be confiscated by customs for unseen reasons.
NEW QUESTION # 181
Describe three ways in which a buyer could or test the market in other to assist with determining a need.
Answer:
Explanation:
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 at the following
1. STEEPLE analysis
2. SWOT analysis
3. Porter's five forces
4. Level of suppliers competition
5. Supply and demand
6. Push and pull
7. Supplier segmentation
8. Product life cycle
9. Ansoff matrix
10. Early supplier involvement
11. Make or buy
12. Offshoring
1. Porter's five forces: The use of porter's five forces helps the procurement professional to understand the level of competition within the marketplace. Whether it is a monopoly, oligopoly, imperfect or perfect market.
Knowing these will equip the organization to better negotiate a favorable price.
2. Supply and Demand: the procurement professional must also think about supply and demand as part of their market analysis when they receive a requisition. This economic factor has a significant effect on the prices charged and on the cost incurred.
3. Supplier segmentation: in this the procurement professional start to form an opinion of potential suppliers..
They can segment current suppliers into four categories, depending on their level of integration into an organization. This can help to inform the procurement professional of which type of supplier relationship that would be most appropriate.
* Refer to the question column for response
NEW QUESTION # 182
Why is it important to keep ethical codes of practice up to date?
Answer:
Explanation:
See the answer in explanation.
Explanation:
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 continually changing and developing document with society changing and different suppliers coming to market, the document has to remain current Suppliers should continually monitor their codes of ethics to ensure that;
1. They are looking after the interest of the supply chain
2. That potential customers can be reassured that they are conforming to the required regulation, e.g. ISO
14001.
Ethical code of conduct should be constantly monitored and updated in accordance with the changes organization faces. This include 1) Define (2) prevent (3) detect (4) reprove (5) evaluate.
* Refer to the question column for response
NEW QUESTION # 183
What is Decommissioning?
Answer:
Explanation:
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 plant, power generator, transformer etc.
Decommissioning process include the following aspect
1) Preparation: Plan the process
2) Dismantle: Take the asset apart and remove hazardous waste
3) Processing: make safe any hazardous waste
4) Disposal: Ensure paper work is received to confirm removal and disposal
NEW QUESTION # 184
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