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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Compare the competitive forces that influence markets
|
| Understand the use of specifications in procurement and supply | |
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
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NEW QUESTION # 191
Why should the buying organisation require the supplier to carry out acceptance testing?
Answer: D
Explanation:
Acceptance testing, in the context of the engineering and software industries, is a functional trial performed on a product or prototype before it is put on the market or delivered, to decide whether the specifications or contract have been met. It also makes sure the quality and design of the product meet both contractual and regulatory obligations in terms of functionality, usability, durability, and safety.
If a product is found to be unacceptable at this stage, it can be sent back for modification, debug-ging, repair, or re-design before it can become a costly undertaking for the producer, as would be the case in a product recall.
Reference:
- CIPS study guide page 134-135
- Acceptance Testing (investopedia.com)
LO 3, AC 3.2
NEW QUESTION # 192
What are the direct risks that can result from procurement receiving inadequate specifications from a research and development department?
Answer: C
NEW QUESTION # 193
Which of the following statements is the best definition of 'value engineering?
Answer: A
Explanation:
Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by way of teamwork-based product evaluation and analysis. This takes place before any capital is invested in tooling, plant or equipment.
This is very significant, because according to many reports, up to 80% of a product's costs (throughout the rest of its life-cycle), are locked in at the design development stage. This is under-standable when you consider the design of any product determines many factors, such as tooling, plant and equipment, labour and skills, training costs, materials, shipping, installation, maintenance, as well as decommissioning and recycle costs.
LO 3, AC 3.4
NEW QUESTION # 194
A buyer can use sources of information to review indirect costs associated with the manufacture of goods to support supplier negotiations. Is this statement true?
Answer: A
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Cost Management and Analysis) CIPS teaches that indirect costs (e.g. overheads, admin, factory costs) can be estimated by using:
* Supplier financial statements,
* Benchmarking,
* Industry cost models.
Analysing these supports negotiations by revealing true cost drivers.
Therefore, Option B is correct - buyers can and should assess indirect costs when evaluating total cost and negotiating.
Relevant L4M2 references:
* "Understanding direct and indirect cost elements"
* "Cost analysis and should-cost models in business case preparation"
NEW QUESTION # 195
A buyer can use sources of information to review indirect costs associated with the manufacture of goods to support supplier negotiations. Is this statement true?
Answer: A
Explanation:
Detailed Explanation:
Analyzing both direct and indirect costs helps buyers understand cost structures and negotiate effectively.
Indirect costs, like overheads, can be identified through supplier data and market benchmarks, aiding in cost transparency. Reference: CIPS Level 4, Cost Management and Negotiation.
NEW QUESTION # 196
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