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| Section | Objectives |
|---|---|
| Topic 1: Understand compliance issues when sourcing from suppliers | - Anti-bribery and anti-corruption measures - Ethical sourcing and corporate social responsibility (CSR) - Regulatory and legal compliance - Codes of conduct and ethical standards - Modern slavery and human rights in supply chains - Global sourcing considerations and Incoterms - Sustainability and environmental considerations |
| Topic 2: Understand options for sourcing of requirements from suppliers | - Single, dual and multiple sourcing - Insourcing vs outsourcing decisions - Factors influencing sourcing decisions - Sourcing strategies and approaches |
| Topic 3: Understand the key processes that can be applied to the analysis of potential external suppliers | - Financial analysis of suppliers - Supplier audits and due diligence - Use of Request for Information (RFI), Request for Proposal (RFP) and Request for Quotation (RFQ) - Supplier appraisal and evaluation methods - Risk assessment in supplier selection |
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NEW QUESTION # 233
Economic indices track a market's stability and health. One of these indices is the Consumer Price Index (CPI). Which of the following are aspects of the Consumer Price Index? Select TWO that apply.
Answer: A,B
Explanation:
The Consumer Price Index (CPI) measures the average change over time in the prices paid by consumers for a market basket of goods and services. It reflects price variations in specific geographical locations and tracks the weighted average prices of selected commodities, providing insights into inflation and cost of living.
Exact Extract from Study Guide:
"The Consumer Price Index (CPI) tracks variations in prices for a range of consumer goods and services over time, in a particular geographic location."
NEW QUESTION # 234
ABC Ltd works with supplier XYZ Ltd who uses a variety of subcontractors. ABC has recently learned of an ethical breach being committed by one of XYZ's subcontractors. What should ABC do?
Answer: C
Explanation:
ABC should do a 'root cause analysis' to find out where the issue has come about, and why. From there, once they know what the breach is and how serious it is, they can suggest corrective action.
They can't jump straight to terminating the contract or seeking damages as it's not the supplier itself but rather the subcontractor. Also that would be really hasty considering we don't know what the issue is and what the market conditions are like. That supplier may be the only one who can provide the product. We also don't know if the supplier knows about the issue themselves.
NEW QUESTION # 235
Kiran is appraising some potential suppliers and has noticed that one of these suppliers has an extremely high gearing ratio. What would this suggest?
Answer: D
Explanation:
The correct answer is 'the supplier has a lot of long-term debt'. Gearing is a measure of how the business is being funded and looks at the ratio of debt to equity. For example if they have taken out lots of loans and mortgages, this would equate to a lot of debt which means a poor gearing ratio.
Gearing is a hot topic for the exam.
NEW QUESTION # 236
A procurement manager has a new contract to award. They know there will be considerable interest from potential suppliers, as there are approximately twelve companies in the market. Which of the following is a benefit of using a full competitive tendering process for this new contract?
Answer: A
Explanation:
A full competitive tendering process ensures fairness by treating all suppliers equally, allowing them to compete on a level playing field. This aligns with ethical sourcing principles, especially in the public sector, where transparency and equal opportunity are paramount.
NEW QUESTION # 237
A procurement manager has decided to use a local newspaper to source quotes from external suppliers. Why is it important to advertise tenders? Select TWO that apply.
Answer: A,B,C,E
Explanation:
Advertising tenders is crucial for achieving value for money by encouraging competitive bids, which can lead to better pricing and service offerings. It also provides insights into the market by revealing the capabilities and innovations of various suppliers, aiding in informed decision-making.
Exact Extract from Study Guide:
"Inviting suppliers to take part in a competitive tender may reduce the potential for the biased selection of a supplier. Time, money and resource could be saved..."
NEW QUESTION # 238
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