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| Section | Objectives |
|---|---|
| Procurement and Sourcing | - Supplier selection and evaluation - Contracting and purchasing basics |
| Supply Management Fundamentals | - Introduction to supply management concepts - Value creation and supply chain role |
| Operations and Demand Planning | - Production and operations alignment - Demand forecasting fundamentals |
We do not offer Supply Management Core Exam (CORe) PDF questions only. Customizable web-based and desktop ISM CORe practice exams are also available at Lead1Pass. You can take our Supply Management Core Exam (CORe) practice tests multiple times. These CORe tests keep a record of your every attempt so you can review and overcome mistakes.
NEW QUESTION # 106
A manager learns that the government is planning to add an excise tax on the product the company sells. After researching, the manager expects that total expenditures for the good will rise. Of the following goods, which does the company MOST likely sell?
Answer: C
NEW QUESTION # 107
Which of the following will be MOST useful for gathering market intelligence and data on the general capabilities of potential suppliers?
Answer: C
Explanation:
* Purpose of RFI: A Request for Information (RFI) is used to gather information about the capabilities of potential suppliers.
* Market Intelligence: RFIs are useful for understanding the market landscape, including the general capabilities and capacity of suppliers.
* Supplier Capabilities: It allows the buying firm to assess the technical, operational, and financial capabilities of suppliers before proceeding to more detailed procurement steps.
* Broader Scope: Unlike RFQs and RFPs, which are more specific, RFIs are open-ended and exploratory, making them ideal for gathering a wide range of information. References
* CIPS (Chartered Institute of Procurement & Supply) guidelines on supplier selection processes.
NEW QUESTION # 108
What is the landed cost per unit for the following item?
Item cost$.76
Packaging for shipment$.02
Shipping from Indonesia$.14
Duty$.03
Customs clearance$.10
Storage at buyer's warehouse$.09
Shipment from warehouse to plant$.06
Answer: D
Explanation:
* Item cost: $0.76
* Packaging for shipment: $0.02
* Shipping from Indonesia: $0.14
* Duty: $0.03
* Customs clearance: $0.10
* Storage at buyer's warehouse: $0.09
* Shipment from warehouse to plant: $0.06
* Calculate the total landed cost per unit: Sum of all the costs.
* Total Landed Cost = $0.76 + $0.02 + $0.14 + $0.03 + $0.10 + $0.09 + $0.06 = $1.20 References
* CIPS. (n.d.). Understanding Total Landed Cost in Procurement.
* ISM. (n.d.). Calculating Total Landed Cost for Procurement Decisions.
NEW QUESTION # 109
ABC, Inc. Is a large accounting partnership with member firms In 120 countries. ABC's international sourcing team is responsible for establishing contracts with the company's suppliers around the world.
While the quality of negotiated and executed contracts remains impeccable, the sourcing team has received numerous complaints about delays in processing contracts. The delays primarily occur at the contract execution stage, when the assigned sourcing specialist must obtain internal approvals from multiple parties, including international suppliers and member firms. Because of these delays, suppliers must wait until a contract is duly executed before they can start providing services, which has a significant impact on the member firms' commitments to their clients.
Which of the following is the BEST course of action for the sourcing team to take to address this issue?
Answer: B
Explanation:
The primary issue faced by ABC, Inc.'s international sourcing team is the delay in processing contracts due to the need for multiple internal approvals from international suppliers and member firms. The best course of action should streamline the contract execution process, reducing the time taken for internal approvals and facilitating quicker commencement of services by suppliers.
Option A suggests allowing suppliers to start implementing services upon reaching an agreement in principle.
This can lead to legal and compliance issues if the formal contract does not reflect the agreed terms or if it is not finalized in time.
Option C proposes hiring additional staff, which could alleviate the workload but may not address the core issue of procedural delays. Additionally, it increases operational costs.
Option D recommends allowing member firms to execute contracts directly, which can lead to inconsistencies and a lack of centralized control over contracts, potentially resulting in quality and compliance issues.
Option B, subscribing to a digital signature service, directly addresses the delay issue by enabling faster execution of contracts through online approvals. Digital signatures are legally binding in many jurisdictions and can streamline the approval process significantly. This approach maintains the quality and consistency of the contracts while reducing the time required for execution.
References:
* Institute for Supply Management (ISM) guidelines on contract management.
* Research on the benefits of digital signature services in supply chain management.
NEW QUESTION # 110
To better reflect commodity purchasing costs for its consumer automotive division, a firm separates inventory purchasing into "repairable parts" versus "consumable parts." This is an example of
Answer: D
NEW QUESTION # 111
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