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| Section | Weight | Objectives |
|---|---|---|
| Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
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NEW QUESTION # 115
Describe the seven stages of the Tender Process and explain the reasons why the stages must be followed.
Answer:
Explanation:
See the answer in explanation.
Explanation:
The purpose of the tendering process is to invite potential suppliers to bid to supply a product or service to the buying organization. Then buying organization select suitable suppliers, award con-tract and manage. The process is selected mostly when the need is a large or complex project or the law mandates it or it is in the company's policies to do so. The stages of the tendering process includes; Stage 1: decide which style of tender to use. There are four types of tendering used within pro-curement and this include; 1) open 2) Restricted 3) Negotiated 4) Competitive Dialogue Stage 2: Prepare invitation to tender (ITT): this stage is to prepare the document that will be made available to potential supplier. It should contain everything potential bidders will need to know to fully understand the need and to prepare and send a suitable RESPONSE it may likely in-clude; open letter, company details, overview of a project, evaluation criteria, submission date and so on.
Stage 3: send ITT: With fairness, transparency and equality, buyer will provide the documents to all potential suppliers at the same time and also provide exactly the same information/documents to all suppliers. If after receiving the ITT and some suppliers seek clarifications on anything in the documentation, buyers must give same response to identical questions to keep the process transparent and fair. Also, the response to each query to all bidders in the process.
Failure to this may result in bidders who feel disadvantaged or discriminated in any form to submit a legal challenge. Supplier submitting a Legal challenge may cause delay in the process and eventually increase administrative cost for the buyer.
Stage 4: Buying organization receives responses to the Invitation to tender from suppliers (bids). Suppliers must adhere to the bid submission dead line included in the invitation to tender document. Any bid that arrives after the deadline must be left out of the process, or else this may result to other suppliers legally challenging the process.
Stage 5: Evaluate bid. The buying organization can now evaluate the bids based on the criteria in the ITT document. It is always thorough that cross-functional team evaluates the bids to guarantee complete fairness and ensure that the chosen bid is fit for purpose. In evaluating the bids, the cross-functional team will consider the bids in the following areas; supplier organization, ethics, price, sustainability, quality, payment, disposal, service level, location, warranty and risk.
Stage 6: Award contract and give feedback hence the buying organization wards the contract to the winning supplier. This can take place by a formal communication like a letter or an e-mail.
Stage 7: Contract management. Contracts must be evaluated against the criteria in the invitation to tender.
The reasons why these stages must be followed includes;
1. Knowing the right TYPE of tender to use, reduces administration cost, for example, deciding to do restricted tendering to reduce the interest that are going to be sent in have already cut down on administrative cost.
2. The supplier can know what exactly the buyer's intentions are by developing description and the required specification.
3. To ensure that objectives of resorting to use the tendering style and the tendering process is achieved
4. To ensure that the organization generates added value by going through the stages.
5. To ensure that there are none unethical issues like fraud, bribes etc are not part of the system.
6. To ensure that the tendering process becomes transparent to all suppliers. These stages must be followed for transparency and fairness. Just like in stage 3: buyer send out the ITT to potential suppliers at the same time and providing them same information. Failure to this and bidders who feel disadvantaged or discriminated in any form may submit a legal challenge. Supplier submitting a Legal challenge may cause delay in the process and eventually increase administrative cost for the buyer.
* Refer to the question column for response
NEW QUESTION # 116
Describe five types of contract terms that a procurement professional should create with a supplier when forming an agreement.
Answer:
Explanation:
Terms are the right and duties agreed which are then documented in a contract. Five types of con-tract terms that a procurement professional should create with a supplier when forming an agree-ment includes; Price term is when the buying organization wants to protect its budged and spending, it include price terms in the contract, for the buyer to buy goods or services in response to a need they some-time enshrine a bespoke specification in the contract.
Payment Term is to specify when and how the buyer will pay the supplier. The buyer may include a payment term in the contract.
Warrantee is when the buyer requires a promise from the supplier that the product or service will meet the specified need in the contract.
Time is of the essence term is included in the contract to detail when a product or service should be delivered and explains the potential losses of business if time is not observed.
NEW QUESTION # 117
Describe one qualitative and one quantitative measures of social impact for an organization with which you are familiar.
Answer:
Explanation:
Information gathered in relation to social impact for an organization is both qualitative and quantitative.
Fullpower consult is a project/procurement training company that has gotten a measure of its social impact.
The qualitative measure of the organization is its stakeholders perception. Stakeholders knows that fullpower will do all it can to always give the best value for money.
Fullpower has the policies to give 10% of its profit share back to the community, by sponsoring free trainings for both professionals and vocational.
Addition
Qualitative and quantitative measures of social impact
Qualitative
Stakeholder perception
Reputation
Good Ethical practice
Benefit to the economy
Quantitative
20% Reduction in emission
Amount of funding donated
Amount of train courses delivered
Percentage of Resources Replaced
*
Refer to the question column for response
NEW QUESTION # 118
What are the definition of a new buy and a modified re-buy?
Answer:
Explanation:
A new buy is the purchase of goods and services by an organization or an individual for its first time. For example a transport organization for the very first time contracting the purchase of a Lorry out to an external supplier. In situations like this, it is advisable to start the procurement cycle from the very first stage. Which is understanding the need and developing high level specification.
Modified re-buy is the purchase of goods or services that an organization has bought before there was a need but with changes to the specification or supplier or quantity or quality. In carrying out modified re-buy, procurement professional should start from the very first stage of the procurement cycle to justify the added need and follow through. Not in all cases that buyer would have to start from understanding the need. In a situation where the changes required is a change of supplier, the organization will start from its preferred suppliers list and contract the next ranking supplier as the case may be.
NEW QUESTION # 119
Which type of power is most likely to be used in corruption?
Answer:
Explanation:
See the answer in explanation.
Explanation:
The abuse of power within the supply chain can be linked to corruption. If individuals with seniority favor one supplier over another, they can exercise their power to award the contract to whoever they wish.
According to CIPS code of conduct, this is not acceptable.
According to French and Raven, there are five types of power (Legitimate power, Reward, Expert, Referent and Coercive), and these powers can most likely be used in corruption.
NEW QUESTION # 120
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