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| Section | Objectives |
|---|---|
| Understand the use of specifications in procurement and supply | |
| Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| 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 # 195
Which of the following is the process for improving the value of a new product or service?
Answer: D
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.
Reference: CIPS study guide page 171-172
LO 3, AC 3.4
NEW QUESTION # 196
When analyzing direct and indirect costs of potential suppliers for negotiations and planning pur-chasing budget, the procurement manager collects reports from specialist organisations like Mintel, Gartner and Forrester. Which kind of information source is used by the procurement manager?
Answer: B
Explanation:
Using Porter's value chain helps procurement professionals know what are direct and indirect costs of supplier. Information on direct and indirect costs will have been collected as part of the market analysis.
Information sources that may help include the following:
- Company annual reports
- Market data
- Technical data
- Request for information
- Plan visits
- Discount lists
Market data is the information that is collected and analysed by specialist organisations like Mintel, Gartner, Forrester,...
NEW QUESTION # 197
A company uses eight different floor cleaning products at different premises and has decided to standardise on just one. This product is available from a large number of suppliers. What benefits should the company expect to achieve?
Answer: C
Explanation:
Comprehensive and Detailed Explanation (paraphrased from CIPS L4M2 content) Standardising from many similar products to one common product is a classic variety reduction / standardisation decision.
In CIPS L4M2, when standardisation is discussed, the benefits highlighted include:
* Economies of scale - buying larger quantities of a single product allows for better prices and volume discounts.
* Reduced administration and handling costs - only one product code to manage, fewer invoices and orders, simpler stock control.
* Simplified quality control - one specification and one performance profile to monitor.
Because the product is available from many suppliers, competition remains strong. This supports lower prices, not higher.
* Option A (Lower costs) - correct, due to economies of scale and reduced process/handling complexity.
* Option B (Fewer staff) - staff numbers are driven by overall workload, not just the number of product variants; standardising doesn't automatically cut headcount.
* Option C (Increased stock levels) - if anything, standardisation often reduces safety stock (you can pool demand into one line).
* Option D (Increased costs) - contradicts the expected benefits of standardisation and competition between many suppliers.
Relevant CIPS L4M2 areas:
* Standardisation and variety reduction in specifications
* Economies of scale and cost drivers in sourcing decisions
* Managing supply markets with multiple potential suppliers
NEW QUESTION # 198
A company assembles its finished products from a wide selection of components. It is analysing these components to see which features are needed and whether any features can be removed to save costs. The.
eventual aim is to purchase fewer components but in larger quantities to lower price and reduce costs. Which of the following could result from this process?
1. Variety reduction
2. Value engineering
3. Ratio analysis
4. Standardisation
Answer: B
NEW QUESTION # 199
When procuring an IT equipment, at which stage the buyer's expectations are translated into a technical specification?
Answer: A
Explanation:
IT equipment is typically linked with through-life contracts. This type of contract not only deal with the specification and the price of a machinery, but also other stages such as design, manufacture, installation, in- service support, decommission and disposal. Among these stages, the design stage is when buyer's requirements are translated into technically correct specification.
NEW QUESTION # 200
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