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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Topic 2: Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Topic 3: Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Topic 4: Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
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NEW QUESTION # 46
Why is it important to keep ethical codes of practice up to date?
Answer:
Explanation:
A code of ethics is a set of morals and principle set out by an organization to state what it deems to be acceptable conduct and behavior An ethical code of practice is a continually changing and developing document with society changing and different suppliers coming to market, the document has to remain current Suppliers should continually monitor their codes of ethics to ensure that;
1. They are looking after the interest of the supply chain
2. That potential customers can be reassured that they are conforming to the required regulation, e.g. ISO
14001.
Ethical code of conduct should be constantly monitored and updated in accordance with the changes organization faces. This include 1) Define (2) prevent (3) detect (4) reprove (5) evaluate.
NEW QUESTION # 47
Looking at stage 8 of the procurement and supply cycle, what does TCA mean?
Answer:
Explanation:
When evaluating offers, it is important to remember that the best price may not be the lowest. To ascertain that; the total cost of Acquisition TCA (the cost a buyer bears for placing orders and re-ceiving a product from a supplier) should be uncovered and compare against offers received. Things to consider that might make up the total cost of acquisition are;
1) logistics and handling costs
2) Cost of requisition
3) Rework
4) stock cost
5) Delay
6) Inspection
7) customer services
8) consumables
9) Training & support
* Refer to the question column for response
NEW QUESTION # 48
Explain the concept of the 3Ps/TBL and how it can be used by an organization.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Trying to measure how sustainable an organization was used to be challenging undertaking. How-ever, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured.
This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinventing its profits in a State- of-the-art recycling machinery for it wasted cardboard.
People: A large privately owned call center donate its end of life computers to a local youth clubs and social groups to help gain internet cases.
Planet: A driving instructors using only hybrid vehicles to teach her learners, thus to reducing Co2 emission.
The TBL, although a useful tool, is simply a way of recording how sustainable an organization is. Alone, it does not contribute towards any improvements or generate any actions promoting a more favorable, sustainable outlook. Objectives should be set in relation to what the 3Ps show and then monitored by implementing KPIs or other measuring methods.
NEW QUESTION # 49
Which four procurement cycle stages happen after the award of the contract?
Answer:
Explanation:
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to-day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are; Stage 10: ware house, logistic and receipt Stage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract management Stage 13: Asset management, lessons learned, end of life.
NEW QUESTION # 50
What is contract performance review and continuous improvement?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Contract performance review and continuous improvement is the stage 11 of the CIPS procurement and supply cycle.
In order to effectively manage supplier performance and contractual obligations, the suppliers per-formance against key performance indicators (KPI) should be reviewed regularly. This KPI should have been agreed doing the post contract award negotiation. In addition to review KPIs suppliers and the procurement team should work towards continuous improvement. This is a continuous ef-fort to improve product or services within an organization. This may involve improving quality, reducing waste in the supply chain and focusing on innovation. It is an ongoing process that works toward perfection.
NEW QUESTION # 51
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