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| Section | Objectives |
|---|---|
| Topic 1: Demand management and value for money | - Balancing cost, quality, and risk - Whole life costing and total cost of ownership - Demand analysis and forecasting |
| Topic 2: Understanding and defining business needs | - Alignment of procurement with organisational objectives - Role of procurement in identifying and defining needs |
| Topic 3: Risk, sustainability, and compliance considerations | - Legal and regulatory constraints affecting specifications - Managing procurement and supply risks - Sustainability and ethical sourcing requirements |
| Topic 4: Specification development | - Key performance indicators and measurable requirements - Types of specifications (input, output, conformance) - Stakeholder engagement in requirements definition |
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NEW QUESTION # 177
Which kind of these following costs belong to fixed costs? Select TWO that apply.
Answer: B,C
Explanation:
Based on variability, the costs has been classified into three categories, they are fixed, variable and semi variable. Fixed costs, as its name suggests, is fixed in total i.e. irrespective of the number of output produced.
Variable costs vary with the number of output produced. Semi-variable is the type of costs, which have the characteristics of both fixed costs and variable costs (Source: Key Differences).
Among above costs, leasing and depreciation are relatively static and do not change if volume of business activities increase or reduce.
Packaging, utilities and annual business rate (tax) are variable costs.
Reference: CIPS study guide page 26
LO 1, AC 1.2
NEW QUESTION # 178
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?
Answer: B
Explanation:
There are three basic groups of WLC (whole life-cycle costing) models:
- Decision support models
- Simulation models: Life cycle cost is an essential approach to decide on alternative rehabilitation strategies for infrastructure systems. Monte Carlo simulation approach is used to develop a stochastic life cycle cost (SLCC) model and methodology in order to compare different rehabilitation scenarios/alternatives for infrastructures, such as water mains. This method assumes that some inputs are randomly variable in a range of values.
- Optimisation models
NEW QUESTION # 179
Which of the following problems may be identified as closed problems? Select TWO that apply:
Answer: C,D
NEW QUESTION # 180
When procuring an IT equipment, at which stage the buyer's expectations are translated into a technical specification?
Answer: D
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.
Reference:
LO 3, AC 3.2
NEW QUESTION # 181
A procurement team is categorising their purchased items into four quadrants of Kraljic's supply chain portfolio matrix. They realise that there are some low-value items which come from very few suppliers in the market. The organisation is critically dependent on these suppliers. The team plans to reduce the dependence by finding alternative sources. Is this a right course of action?
Answer: D
Explanation:
According to Kraljic portfolio matrix, the low-value items with high supply risk are bottleneck items.
The purchasing strategy that is commonly recommended for these products is primarily based on acceptance of the dependence and reduction of the negative effects of the unfavourable position. An alternative strategy suggested by purchasing practitioners is to find other suppliers and move towards the non-critical quadrant.
- Accept dependence, reduce negative consequences: The main focus of this strategy is to assure supply, if necessary even at additional cost. Examples of this strategy are keeping extra stocks of the materials concerned or developing consigned stock agreements with suppliers. By performing a risk analysis firms can identify the most important bottleneck products and consider the implications. A possible action for dealing with unexpected bad dependence positions for certain products is to employ contingency planning.
- Reduce dependence and risk, find other solutions: This strategy is geared towards reducing the dependence on the supplier. The most common way to achieve this is to broaden the specifications of the product or to search for new suppliers.
The procurement team in the scenario has selected reducing dependency by finding alternatives. This is a right strategy for bottleneck item.
NEW QUESTION # 182
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