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| Section | Objectives |
|---|---|
| Topic 1: Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Topic 2: Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Topic 3: Understand the use of specifications in procurement and supply |
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NEW QUESTION # 66
What is the document that defines the activities, deliverables and timelines a supplier must carry out during contract performance?
Answer: A
Explanation:
Statement of Work (SoW) is the document that captures and defines all aspects of your project. You'll note the activities, deliverables and the timetable for the project. It's an extremely detailed document as it will lay the groundwork for the project plan.
Project Initial Document is an important document and should precede any specification writing project. It sets out the scope of the project and it is the team's mandate from senior management Work instructions are also called work guides, Standard Operating Procedures (SOPs), job aids or user manuals, depending on the situation. In any case, the purpose of work instructions is to clearly explain how a particular work task is performed.
Framework agreements are arrangements between one or more buyers and one or more suppliers that provide the terms governing contracts to be established for a certain period of time, in particular with regard to price and, where necessary, the quantity envisaged.
Reference:
LO 3, AC 3.1
NEW QUESTION # 67
Which of the following factors should be assessed to understand the competitiveness of a supply market?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Management) The number of suppliers and market concentration determine competitiveness.
A market with many suppliers tends to be more competitive; fewer suppliers increase supplier power and reduce price competition.
Hence, Option C correctly identifies a key factor in market competitiveness.
Relevant L4M2 references:
* Section: "Assessing supply market structures"
* Model: "Porter's Five Forces - Supplier Power"
NEW QUESTION # 68
The procurement officer for Hunter Manufacturing has been tasked to procure a new manufacturing software management system. They have consulted all relevant internal stakeholders and have the following high-level requirements: flexibility throughout the project, and the supplier to recommend the best solutions for building the system. Which type of specification should be developed?
Answer: A
NEW QUESTION # 69
What is a form of testing used to establish if a supplier is meeting the requirements of a specification?
Answer: D
Explanation:
Detailed Explanation:
Acceptance testing verifies that the supplied product meets the buyer's specification before it is formally accepted. This type of testing typically occurs during delivery or installation phases. Reference: CIPS Level 4, Quality Assurance in Procurement.
NEW QUESTION # 70
When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?
Answer: D
Explanation:
Using Porter's value chain helps procurement professionals know what are direct and indirect costs of supplier. Information on direct and indirect costs will have been collected as part of the market analysis.
Information sources that may help include the following:
- Company annual reports
- Market data
- Technical data
- Request for information
- Plan visits
- Discount lists
Market data is the information that is collected and analysed by specialist organisations like Mintel, Gartner, Forrester,...
Reference: CIPS study guide page 98-105
LO 2, AC 2.3
NEW QUESTION # 71
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