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| Section | Objectives |
|---|---|
| Procurement Process and Sourcing | - Supplier selection and evaluation
|
| Procurement and Supply Context | - External business environment
|
| Risk, Ethics and Sustainability | - Ethical and sustainable procurement
|
| Contracting and Legal Principles | - Contract management
|
| Supplier Relationships and Performance | - Performance improvement
|
| Procurement Technology and Innovation | - Innovation in supply management
|
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NEW QUESTION # 81
Use the balance sheet below to work out the correct ratio for coffee Time and explain whether the company appears to have enough assets to cover it liability.
Answer:
Explanation:
See the answer in explanation.
Explanation:
The current ratio is one of the two was to determine organizations liquidity (how quickly its assets can be converted into cash) A current ratio of 1 shows that the organization has enough assets to repay (cover) it liability Buyers can be encouraged to deal with these suppliers after if they considered proven and strong in other areas.
NEW QUESTION # 82
What is the method of monitoring suppliers?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When a contract has been awarded, either is to meet tangible needs or intangible needs, contractors or suppliers should be managed to ensure that they are meeting up with fulfilling their contractual agreement. To establish this, there are methods of managing contracts and suppliers.
Service level agreement (SLA) clauses: is placed in contract to ensures that supplier meets the expected and agreed level of service Key performance indicator (KPI): are used to manage contracts that fulfill tangible needs, the KPIs are set performance thresholds that are used to monitor supplier's performance.
Management by objectives (MBO): is the process of defining objective that are strategic to the organization relating them to the vision and mission and communicating them to the supplier through the contract and ensuring that this objective is met during contract performance.
Reviews: Regular supplier reviews are good practices, for it gives the buyer opportunity to give feedback on performance.
Continuous Improvement: Contracts and suppliers can be monitored through how they are chang-ing for better incrementally as they are fulfilling the schedule. There must be a set down system to timely improve on the process, people and continuously reduce waste.
Training: It is essential that training, are provided to come up on areas supplier is lacking.
* Refer to the question column for response
NEW QUESTION # 83
Describe three types of fraud that could occur within the supply chain of an organization with which you are familiar.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Fraud occurs when a person acts deliberately to secure monies from another party through dishonest method.
Within the supply chain of an organization, fraud can represent itself in the following ways:
1. Kickbacks: e.g. (commission given to a bribe taker for service perform)
2. Corrupt influence (e.g ordering more than what is required)
3. Collusion: (group of suppliers working together to submit multiple bids and split profit.
4. Bid Rigging (a contract is informally agreed with a chosen supplier prior to the official process
5. invoicing fraud
6. Substitution (submitting products that are below the required quality
7. False claims (files false document)
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 # 84
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 # 85
What is depreciation and deterioration?
Answer:
Explanation:
When an organization want to purchase an asset, it considers the depreciation and deterioration in the whole life of the asset and how it will be manage.
Depreciation is the reduction in value of a tangible and a fixed asset over time. The purpose of calculating the depreciation of the asset is to give the organization a fair and current view of what the asset is worth at a particular time. Depreciation is a way of converting the cost of an asset into an expense over a period of time.
Depreciation is a permanent feature listed against an asset throughout its life time and it based on wear and tear, reduction in performance and reduction in value.
Deterioration is the process of something becoming lower in quality or performance. The longer the asset can last without deteriorating the better value the asset represents.
NEW QUESTION # 86
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