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| Section | Objectives |
|---|---|
| Understand compliance issues when sourcing from suppliers | - Anti-bribery and anti-corruption measures - Regulatory and legal compliance - Global sourcing considerations and Incoterms - Sustainability and environmental considerations - Codes of conduct and ethical standards - Modern slavery and human rights in supply chains - Ethical sourcing and corporate social responsibility (CSR) |
| Understand the key processes that can be applied to the analysis of potential external suppliers | - Financial analysis of suppliers - Supplier appraisal and evaluation methods - Supplier audits and due diligence - Use of Request for Information (RFI), Request for Proposal (RFP) and Request for Quotation (RFQ) - Risk assessment in supplier selection |
| Understand options for sourcing of requirements from suppliers | - Sourcing strategies and approaches - Factors influencing sourcing decisions - Single, dual and multiple sourcing - Insourcing vs outsourcing decisions |
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NEW QUESTION # 168
Which of the following is a UK legislation concerning product safety?
Answer: B
Explanation:
The Consumer Rights Act 2015 is about product safety and making sure products sold on the market are fit for purpose. It gives buyers rights and protections. The Consumer Rights Act 2015 - Citizens Advice There's a long list of legislation on p.105. I wouldn't worry about memorizing them all but just have an idea of what legislation relates to what area. E.g. GDPR is about Data Protection and the Com-petitions Act is about Marketplace competition. Most of them are quite obvious from the name.
NEW QUESTION # 169
When might a company send a Request for Information (RFI) to a supplier instead of a Request for Quotation (RFQ)? Select TWO that apply:
Answer: A,B,C,E
Explanation:
A Request for Information (RFI) is utilized during the early stages of the procurement process to gather general information about potential suppliers' capabilities, products, or services. It helps in understanding the market and narrowing down supplier options before moving to more detailed requests like RFQs or RFPs.
* Option B:Obtaining indicative prices helps in budgeting and understanding market rates.
* Option C:Gathering details about products or services allows the buyer to assess the supplier's offerings and suitability.
Options A, D, and E are more appropriate for later stages in the procurement process, such as during RFQs or contract negotiations.
Reference:
CIPS Level 4 Diploma in Procurement and Supply, L4M4 Study Guide, Section 2.1: Sourcing and Contracting Process
NEW QUESTION # 170
Which award criteria can be applied when sourcing requirements from external suppliers?
Answer: B
Explanation:
Evaluating total life-cycle costs, including initial purchase price and long-term maintenance, aligns with ethical sourcing by promoting cost-effective and sustainable procurement. It ensures value for money and supports environmentally and financially responsible sourcing practices.
NEW QUESTION # 171
Why is it important to consider factors such as environmental, social, governance and ethics when analysing tender proposals from the market?
* To ensure adherence to sustainability initiatives
* To improve the process workflow
* To perform supplier spend and monitoring
* To identify potential risks within the supply chain
Answer: B
Explanation:
Incorporating Environmental, Social, and Governance (ESG) and ethical considerations into tender analysis is crucial for:
* Adherence to Sustainability Initiatives:Ensuring that suppliers align with the organisation's sustainability goals and legal obligations.
* Risk Identification:Assessing ESG factors helps in identifying potential risks in the supply chain, such as environmental violations or unethical labour practices, which can impact the organisation's reputation and operations.
Exact Extract from Study Guide:
"This unit focuses on responsible procurement practices, ensuring that sourcing decisions align with legal, environmental, and social governance (ESG) principles."
NEW QUESTION # 172
Jamilla is looking to find a new supplier who can deliver raw materials of wood and paper to her company Woody Manufacturing Incorporated. The requirement is for regular orders of high volume. She has issued a Request for Quotation. What will this assess the suppliers on?
Answer: B
Explanation:
According to p.75 "a RFQ attempts to assess which supplier can achieve the Five Rights of Procurement".
Although price is the only factor considered when using a RFQ- it's important to consider this price in detail; can the supplier deliver the right QUALITY of product for this price?, can they deliver the item WHEN we need it for this price? etc.
The answer is not 'who will deliver it the cheapest' because Jamilla might not pick the cheapest sup-plier. If the cheapest supplier has inferior quality paper, or can only make deliveries every other Tuesday then Jamilla may not select them.
NEW QUESTION # 173
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