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| Section | Objectives |
|---|---|
| Topic 1: Supplier Relationships and Performance | - Performance improvement
|
| Topic 2: Procurement and Supply Context | - Role of procurement in organisations
|
| Topic 3: Procurement Technology and Innovation | - Digital procurement tools
|
| Topic 4: Risk, Ethics and Sustainability | - Procurement risk management
|
| Topic 5: Contracting and Legal Principles | - Contract management
|
| Topic 6: Procurement Process and Sourcing | - Supplier selection and evaluation
|
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NEW QUESTION # 126
Explain which factors should be considered when deciding the quantity of a product to order.
Answer:
Explanation:
See the answer in explanation.
Explanation:
When reviewing supplier's response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain the best cost.
Factors to consider include the following
(1)Cost of inventory
(2) cost of insurance
(3) cost of transportation.
These three should be considered against price.
Note: Incoterms are versatile and procurement professionals should understand how they are ap-plied and what point the risk transfers from being the supplier's responsibility to being the buyer's responsibility. It is important to consult the ICC for the most recent definitions, but in the following questions (101-111) you can understand the rules.
Note: sharpen your knowledge on INCOTERMS. Please consider the following Objective Re-sponse questions
NEW QUESTION # 127
Which Incoterm applies here?
The supplier is responsible for delivering the goods to the buyer's premises, bearing all risk up until this point.
Answer: C
NEW QUESTION # 128
In relation to the case study 'Walmart and H & M in spotlight regarding human rights in media ex-plain which human rights are not being granted to the workers.
Answer:
Explanation:
Human rights are the statutory ways in which individual expects to and should be treated. Ethical and responsible sourcing includes the protection of human rights, not violating it.
When young women are being bound into contracts where they work for two to three years, they are not being granted the right to freedom from slavery.
Forcing these women to live in hostels under restrictions that prevent them from moving and are denied the opportunity to improve on their living condition is a violation of their right to life, liberty and personal security, also, their freedom from torture and degrading treatment is being violated.
* Refer to the question column for response
Case Study
A series of news stories reporting events such as the collapse of the Rana Plaza building in 2013 have drawn attention to the poor conditions in garment factories across India and South East Asia. Human rights groups have long be critical of the excessive hours and poor wages workers are forced to endure, as well as the abuse they receive from supervisor. With consumers becoming increasingly aware of these conditions, more pressure is being put on global brands and retailers to ensure their supply chains are fair and ethical.
Certain areas have been notorious for the mistreatment of workers. In India's textile valley', young women are been bound into contracts where they work for two to three years, in exchange for a lump sum of money that they can then put towards a dowry. This is known as the 'Sumangali [a married woman] Thittam' scheme. These women are forced to live in hostels under restrictions that prevent them from moving, and are denied the opportunity to improve their living conditions. Retailers including Walmart and H & M are known to source garments from factories in the 'textile valley'.
Reports by organizations including the Asia Floor Wage Alliance (AFWA), Central Combodia, Global Labor Justice, Sedane Labour Resource Centre (LIPS) Indonesia, and Society for Labour and Development (SLD) India have exposed unethically run factories that supply garments to H & M, Gap and Walmart. However, retailers will continue to benefit from expensive labour until mounting customers pressure causes them to change.
NEW QUESTION # 129
Analyse FIVE whole-life costs that SigmaCo should consider when sourcing globally. (25 marks) SigmaCo Following the recruitment of a new internationally focused CEO at SigmaCo. there has been a new global sales expansion strategy. To compete in a larger international market that is very price-sensitive. the senior management team has put together a project team that will evaluate current whole-life asset management practices, particularly focused on costs.
One of the areas of costs is the direct materials and equipment that are used in SigmaCo's manufacture of its toys. These are currently sourced from suppliers in SigmaCo's home country. The direct materials represent
65% of their overall spend and this area of cost has the potential to deliver vital cost savings to enable SigmaCo to compete with larger companies, but still differentiate based on its strong brand name and commitment to quality.
initial research has identified a range of global suppliers that can provide the direct materials and equipment that SigmaCo requires at significantly lower unit prices. This global sourcing approach is being considered to achieve lower costs. However, so that SigmaCo can fully understand the full implications of this change in its sourcing approach, the whole-life costs need to be analysed.
Answer:
Explanation:
See the answer in explanation.below.
Explanation:
3.3 Analyse FIVE whole-life costs that SigmaCo should consider when sourcing globally. (25 marks) Whole-life costing means looking at the total cost of an item over its full life , rather than only the initial purchase price. CIPS defines total cost of ownership as an estimate of the end-to-end cost of providing a service or manufacturing a product, including purchase price, acquisition cost, usage cost and end-of-life cost . This is important for SigmaCo because global suppliers may offer lower unit prices, but the total cost may be much higher once all other costs are included.
1. Acquisition and logistics costs
The first whole-life cost SigmaCo should consider is the cost of getting the materials and equipment from overseas suppliers to its factory. This includes freight, shipping, insurance, port handling, customs clearance, import duties and inland transport. These costs can be significant in global sourcing and may reduce or even remove the apparent savings from lower supplier prices. In analysis, a cheap overseas unit price may not represent better value if transport and import costs are high or volatile. Since direct materials account for 65% of SigmaCo's overall spend, these additional landed costs are very important. Whole-life costing specifically includes acquisition costs, not just the purchase price.
2. Inventory and lead-time costs
A second cost is the effect of longer international lead times on inventory. If SigmaCo sources globally, it may need to hold more safety stock to protect production against shipping delays, customs problems or supply disruption. This creates costs such as warehousing, stock handling, insurance, working capital tied up in inventory and possible obsolescence. This is especially relevant in a price-sensitive toy market, where demand patterns may change quickly. Therefore, global sourcing may lower the price per unit but increase the total cost of holding stock. Whole-life cost analysis should capture these ongoing usage-related costs.
3. Quality failure and non-conformance costs
The third cost is the potential cost of poor quality. SigmaCo's brand is built partly on quality, so if globally sourced materials or equipment fail to meet specification, the business could face inspection costs, rework, scrap, production downtime, customer complaints or product returns. This is an important whole-life cost because a lower-priced supplier may create higher downstream costs if quality standards are inconsistent. In analysis, SigmaCo should not compare suppliers only on purchase price, but also on the total cost of defects and the impact on brand reputation. CIPS notes that total cost of ownership includes non-value-adding processes such as scrap and rework.
4. Supplier management, compliance and risk costs
A fourth whole-life cost is the cost of managing overseas suppliers. Global sourcing often requires more supplier evaluation, relationship management, audits, communication, travel, contract administration and risk monitoring. There may also be compliance costs linked to product safety, ethical sourcing, trade rules or due diligence requirements, depending on the source country and material. These costs are often hidden, but they are real and can be substantial when moving from local to international supply markets. In analysis, global sourcing may therefore increase procurement overhead and risk-management costs even when prices appear attractive. CIPS and wider public procurement guidance both stress that whole-life cost should include implementation and delivery risks, not simply the quoted price.
5. End-of-life and disposal costs
The fifth whole-life cost is the cost associated with the end of the item's life. For direct materials, this may include waste, disposal, recycling or handling of unusable stock. For equipment, it may include decommissioning, replacement, disposal, recycling and environmental compliance costs. These costs matter because equipment bought cheaply from overseas could be more expensive to maintain, replace or dispose of later. CIPS states that end-of-life cost is one of the core categories of total cost of ownership, and procurement guidance also says buyers should consider removal and disposal when evaluating bids.
Conclusion
In conclusion, SigmaCo should not base its decision only on the lower unit prices offered by global suppliers.
It should analyse at least five major whole-life costs: acquisition and logistics costs, inventory and lead- time costs, quality failure costs, supplier management and risk costs, and end-of-life costs . By doing this, SigmaCo will be able to judge whether global sourcing genuinely reduces total cost while still protecting quality and brand value.
NEW QUESTION # 130
Describe what should be considered when creating damages terms in a contract.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Damages are 'sum of money that the supplier pays if it fails to carry out its contractual obligation.
When creating terms for damages in the contract, it should be considered that Damages are categorized into two types (liquidated and un-liquidated). And which or if both are applicable to the contract in hand.
Liquidate Damages are fixed amount of money agreed between the parties that is payable if a contract is breached. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device and going ahead to include a fee in the contract if the device was destroyed.
Un-liquidated damages are unfixed amount of money. It is used when the amount of money that will compensate the injured party cannot be known in advance. A court decides the amount when the damages occur. For example, knowing that supplier not being able to install a device properly in a power transformer may destroy the device, other appliances and equipment unknown, cause the buyer delay in the process and reputational damage as in customer dissatisfaction. Yet, unquantifiable as both parties are unable to fix a fee in advance on the damages and leaving it to the court to decide the damage if it may occur.
* Refer to the question column for response
NEW QUESTION # 131
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