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| Section | Weight | Objectives |
|---|---|---|
| Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
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NEW QUESTION # 82
When benchmarking what other factors, apart from price should be considered to find the total cost of acquisition?
Answer:
Explanation:
When evaluating potential suppliers, procurement professionals can carry out benchmarking. Benchmarking is the process of comparing a function, a process performance with another which is best in-class.
Other factors, apart from price that can be considered to find the total cost of acquisition include the product or service quality, lead time, supplier culture, its environmental awareness and sustainability.
Case study:
Tetsuya Tada, Chief engineer of the Toyata Supra Sports car has revealed how the process of benchmarking contributed to the car's design.
Tada has worked by comparing the Supra to other cars. For example, it has been intentionally designed with a shorter wheelbase, than the Toyata 86 to make it more suitable for track racing. Furthermore, Tada has benchmarked the Supra against competition by suggesting that drivers will find the car's performance comparable with that of Posche's Cayman sports car.
Tada's knowledge of the features belonging to different sports cars in his industry shows how benchmarking can be used by companies to successfully differentiate their products and remain competitive through awareness of their competitor's activities.
NEW QUESTION # 83
What happens in the public sector, regarding providing feedback?
Answer:
Explanation:
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 payer's money. And therefore owe the general public an ethical explanation towards all investment and decision.
Once the supplier that is awarded the contract has accepted, the buyer can tell the unsuccessful bidders. This usually happens through email or letter. The public sector is more likely to give feedback to unsuccessful bidders and also have to respond to any stakeholders that request information on why a supplier is not successful.
NEW QUESTION # 84
How can procurement professionals select suppliers?
Answer:
Explanation:
See the answer in explanation.
Explanation:
During the sourcing stage of the procurement cycle, the procurement professional needs to identify and select suppliers to fulfill the business needs. Supplier selection involves evaluating suppliers against predetermine criteria to assess their suitability in working with the buying organization. Suppliers can be evaluated according to Carter's 10Cs which are as follows: (1) Competency (2) capacity (3) consistency (4) control (5) cost (6) commitment (7) cash (8) Clean (9) culture (10) communication.
Procurement professionals can decide to evaluate and select suppliers based on the overall strategy and the business objectives. After that, it most suitable suppliers receive the documentation (Invitation to tender/ request for quotation).
* Refer to the question column for response
NEW QUESTION # 85
Looking at stage 8 of the procurement and supply cycle, what does TCA mean?
Answer:
Explanation:
When evaluating offers, it is important to remember that the best price may not be the lowest. To ascertain that; the total cost of Acquisition TCA (the cost a buyer bears for placing orders and re-ceiving a product from a supplier) should be uncovered and compare against offers received. Things to consider that might make up the total cost of acquisition are;
1) logistics and handling costs
2) Cost of requisition
3) Rework
4) stock cost
5) Delay
6) Inspection
7) customer services
8) consumables
9) Training & support
* Refer to the question column for response
NEW QUESTION # 86
What are five recognized types of modern slavery?
Answer:
Explanation:
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.
1. Human trafficking: The process of seeking, recruiting, transporting and exploiting individuals to work against their will. Often human trafficking includes violence, deception, and coercion.
2. Bonded labour (debt bondage): This is an individual's promise to provide service through ex-ploitation as repayment, or part thereof, of a dept or other obligation.
3. Forced labour: Work that people are forced to do with the treat of punishment if it is not carried out.
4. Children labour: The exploitative and illegal employment of children.
5. Domestic slavery: Individuals exploited through working in private households for little or no money in return for living accommodation
NEW QUESTION # 87
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