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| Section | Objectives |
|---|---|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 51
Interserve is a construction contractor in UK. When receiving a huge and complex project, Inter-serve's procurement manager assesses the risks by quantifying them and recommends other stake-holders to plan mitigating actions. Is the procurement manager's action justified?
Answer: C
Explanation:
Assessing the risks by quantifying them should be done. Even with qualitative risk assessment, quantifying is still important since risks need to be prioritised.
Risk assessment can be qualitative or quantitative. Perform qualitative and perform quantitative risk analysis are two processes within the project risk management knowledge area, in the planning process group. While qualitative risk analysis should generally be performed on all risks, for all projects, quantitative risk analysis has a more limited use, based on the type of project, the project risks, and the availability of data to use to conduct the quantitative analysis.
Qualitative Risk Analysis
A qualitative risk analysis prioritises the identified project risks using a pre-defined rating scale. Risks will be scored based on their probability or likelihood of occurring and the impact on project objectives should they occur.
Probability/likelihood is commonly ranked on a zero to one scale (for example, .3 equating to a 30% probability of the risk event occurring).
The impact scale is organizationally defined (for example, a one to five scale, with five being the highest impact on project objectives - such as budget, schedule, or quality).
A qualitative risk analysis will also include the appropriate categorization of the risks, either source-based or effect-based.
Quantitative Risk Analysis
A quantitative risk analysis is a further analysis of the highest priority risks during a which a numerical or quantitative rating is assigned in order to develop a probabilistic analysis of the project.
A quantitative analysis:
- Quantifies the possible outcomes for the project and assesses the probability of achieving specific project objectives
- Provides a quantitative approach to making decisions when there is uncertainty
- Creates realistic and achievable cost, schedule or scope targets
In order to conduct a quantitative risk analysis, you will need high-quality data, a well-developed project model, and a prioritized lists of project risks (usually from performing a qualitative risk analysis).
NEW QUESTION # 52
A procurement manager consolidates the company expense on printing and office supplies into broader range of spend category. Other senior managers are concerned that it may increase company's spend. Is that concern justified?
Answer: B
Explanation:
Printing and office supplies are often considered as low risk, low value items. Consolidation low value, low risk items into a broader range will dramatically increases the value of the contract and leverage of buying organisation in the negotiation.
Reference: CIPS study guide page 8-9
LO 1, AC 1.1
NEW QUESTION # 53
A construction company requires a specification that details the exact composition of the concrete mix and the exact methods of construction required for its use. Which specification should it adopt?
Answer: D
Explanation:
A design specification (also known as a conformance specification) specifies the exact composition, materials, and method required to meet the need.
The CIPS L4M2 Study Guide, Chapter 1: Developing Specifications, describes:
"Design or conformance specifications detail the materials, measurements, and methods the supplier must use to meet the requirement. This ensures standardisation and control, especially in construction and manufacturing sectors." Option analysis:
* A. Functional specification - Focuses on what the item does, not how it's made.
* B. Ergonomic specification - Concerned with user comfort and interface, not composition.
* C. Performance specification - Focuses on outputs, not detailed methods.
* D. Design specification - Correct. Includes materials and construction methods.
Correct answer: D
CIPS Study Guide Reference:
* Module: L4M2 - Defining Business Needs
* Chapter 1: Conformance/Design Specifications
* Section: When to Use Conformance Specifications
NEW QUESTION # 54
A procurement manager consolidates the company expense on printing and office supplies into broader range of spend category. Other senior managers are concerned that it may increase company's spend. Is that concern justified?
Answer: B
Explanation:
Printing and office supplies are often considered as low risk, low value items. Consolidation low value, low risk items into a broader range will dramatically increases the value of the contract and leverage of buying organisation in the negotiation.
NEW QUESTION # 55
Due to increasing demand, a local restaurant is requesting its fish vendor to supply larger quantity. The restaurant manager also asks the vendor whether it is possible to reduce the total price by 5%. This is known as...?
Answer: D
Explanation:
There are three major types of buying situations, which are new purchase, modified rebuy and straight rebuy.
Three factors make the buying situations be different from the others, customers may face different problems in these situations.
A new purchase is a situation requiring the purchase of a product for the very first time.
A straight rebuy is when a company places a second order with a supplier that is identical to the first purchase it made.
A modified rebuy is when a company orders again from a supplier, but wants to change some as-pect of the order, such as the quantity, packaging, product features, or delivery times. The scenario above is an example of modified rebuy.
Reference:
- What is a straight rebuy example?
- CIPS study guide page 3-4
NEW QUESTION # 56
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