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| Section | Objectives |
|---|---|
| Understand compliance issues when sourcing from suppliers | - Sustainability and environmental considerations - Global sourcing considerations and Incoterms - Anti-bribery and anti-corruption measures - Regulatory and legal compliance - Modern slavery and human rights in supply chains - Codes of conduct and ethical standards - Ethical sourcing and corporate social responsibility (CSR) |
| Understand the key processes that can be applied to the analysis of potential external suppliers | - Supplier audits and due diligence - Financial analysis of suppliers - Supplier appraisal and evaluation methods - Use of Request for Information (RFI), Request for Proposal (RFP) and Request for Quotation (RFQ) - Risk assessment in supplier selection |
| Understand options for sourcing of requirements from suppliers | - Single, dual and multiple sourcing - Factors influencing sourcing decisions - Sourcing strategies and approaches - Insourcing vs outsourcing decisions |
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NEW QUESTION # 194
The sourcing process is considered to include the initial stages of the generic procurement cycle, up to the stage where the contract is awarded to the successful bidder. The stages in the sourcing process may include ...
Answer: D
Explanation:
In the sourcing process, obtaining necessary approvals (such as drawings for the invitation to tender) is critical to ensure clarity and readiness before engaging with suppliers. Responsible sourcing emphasizes structured preparation, ensuring compliance and accuracy in supplier expectations.
NEW QUESTION # 195
There has been a notable growth in international sourcing in the recent years, despite the many challenges involved. Buyers are therefore expected to develop their skills in this specialised area of sourcing. Which of the following factors may have contributed to this steady increase in international sourcing?
Answer: D
Explanation:
The growth in international sourcing has been significantly supported by theexistence of trading blocs and the reduction of trade barriers, such as tariffs and quotas. Trading blocs encourage cross-border trade by simplifying regulations, reducing duties, and improving market access between member countries. Exchange rate fluctuations, cultural differences, and varying legal frameworks representchallenges, not drivers, of international sourcing. Ethical and responsible sourcing requires procurement professionals to understand how global trade agreements and reduced barriers create opportunities for cost savings, supplier diversification, and access to global expertise, while still managing associated risks.
Reference:CIPS L4M4 Ethical & Responsible Sourcing Study Guide (v2) - international sourcing drivers; trade blocs and globalisation.
NEW QUESTION # 196
What type of relationship should a buyer seek when making strategic sourcing for their business?
Answer: C
Explanation:
The buyer should seek a 'collaborative' relationship. Transactional and arms-length relationships are more suited to tactical sourcing. Partnerships are reserved for joint-ventures.
NEW QUESTION # 197
Intra-company trading allows business units within a large enterprise to supply goods or services to another.
What are the likely objectives of intra-company trading?
* Enhances production capacity utilisation
* Offsets some of the fixed costs of the supplying entity
* Compensates the supplying unit for the less effective technology applied
* Ensures internal technology always out-performs that of external suppliers
Answer: B
Explanation:
Intra-company trading aims to optimize internal resources by enhancing production capacity utilization and offsetting fixed costs. By supplying goods or services internally, organizations can achieve economies of scale and better allocate resources. However, compensating for less effective technology or ensuring superior internal technology over external suppliers are not primary objectives of intra-company trading.
Reference:
CIPS Level 4 Diploma in Procurement and Supply, L4M4 Study Guide, Section 1.1.2: Make or buy decisions and the role of intra-company trading
NEW QUESTION # 198
Many organisations prefer a multi-sourcing approach because of the advantages it provides. Which of the following might be an advantage of multi-sourcing?
Answer: A
Explanation:
Multi-sourcing allows organisations to diversify their supply base, providing flexibility, and reducing risk by having multiple suppliers. It is an effective strategy to prevent over-dependence on a single source and allows for competition among suppliers, promoting quality and ethical standards in the supply chain.
NEW QUESTION # 199
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