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| Section | Objectives |
|---|---|
| Topic 1: Power, ethics and communication in negotiation | - Influencing factors
|
| Topic 2: Negotiation fundamentals | - Principles of commercial negotiation
|
| Topic 3: Negotiation planning and preparation | - Preparation techniques
|
| Topic 4: Negotiation strategies and tactics | - Approaches to negotiation
|
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NEW QUESTION # 195
Which of the following will shift the supply curve to the right?
Answer: B
Explanation:
The following graph shows the factors that shift the supply curve to the left and to the right.
NEW QUESTION # 196
An oil refinery plant imports much of its crude oil from overseas. A procurement manager in the refinery suggests that fixing the crude oil contract price for 36 months would be beneficial for the company. Would this be a right thing to do?
Answer: D
Explanation:
Fixed price contract is the contract in which the price is static throughout the contract period. A fixed-price contract may give certainty to budget and simplify contract management. However, it may lead to other problems since it requires bidders to estimate and bear the financial risks associated with price escalations. If the estimates are too high or events do not materialize, the buyer will pay a steep price that may affect the economy and efficiency of the contract. In the worst case, it may mean that the bid price is then above budget and may lead to a reduction in the requirements or rebidding. If the estimates are too low, it may appear as an abnormally low bid and disrupt contract execution.
On the other hand, price adjustment provisions include formulas designed to address problems, and can protect both the borrower and contractors from price fluctuations. Price adjustment formulas allow contractors to offer more realistic prices at the time of bidding. Despite concerns that they may lead to budget uncertainties, price adjustment formulas will estimate the actual cost implications that will be encountered.
They use indexes that can be used for cost projection.
According to Asia Development Bank (ADB), any contract with a delivery or completion period beyond 18 months should contain an appropriate price adjustment clause.
In the scenario, the crude oil contract is planned to last 36 months. This period is pretty long with a fluctuating commodity. Therefore, the company should use price adjustment agreement.
Reference:
- CIPS study guide page 113-117
- Guidance Note on Procurement: Price Adjustment (adb.org)
LO 2, AC 2.2
NEW QUESTION # 197
A procurement expert has been asked to ensure they consider emotional intelligence in their negotiation strategy. They have agreed to this and have started planning their approach. Which of the following describes emotional intelligence?
Answer: C
Explanation:
Emotional intelligence involves the ability to recognize and manage one's emotions and empathize with others. This skill allows negotiators to respond appropriately to both their own feelings and the emotional cues of the other party, fostering a more constructive and adaptive negotiation environment. CIPS highlights emotional intelligence as a valuable asset in understanding and influencing negotiation dynamics.
NEW QUESTION # 198
A supplier's mark-up on all products is 25%. Supplier's profit margin is...?
Answer: D
Explanation:
Explanation
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Text Description automatically generated with low confidence
LO 2, AC 2.1
NEW QUESTION # 199
An automotive company purchases high quality steel to produce components. The steel is an important raw material and the contract value is enormous. They sources the steel from oversea and contact some potential suppliers. One of the potential suppliers invites the procurement team to their premise for a new business opportunity. Should the procurement team accept the invitation?
Answer: B
Explanation:
Explanation
In the scenario, the value of contract as well as the importance of purchased item justify the procurement's travel. Visiting a supplier at their HQ or operational facility may facilitate the procurement team in assessing, albeit briefly, the culture of the organisation, how busy they seem and how staff engage with each other. A visit is a good opportunity to assess supplier's capacity.
LO 2, AC 2.2
NEW QUESTION # 200
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