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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Topic 2: Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Topic 3: Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Topic 4: Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
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NEW QUESTION # 45
What are the four quadrants within the Kraljic portfolio matrix?
Answer:
Explanation:
See the answer in explanation.
Explanation:
At the early stages In procurement and supply cycle, buyers begin segmenting current supplies in the categories, depending on their level of integration into the organization. To help get this done, the buyer may use the Kraljic portfolio matrix. The kraljic portfolio matrix segment suppliers into four categories, which are;
1) Routine 2) Bottleneck 3) Leverage 4)strategic supplier
* Refer to the question column for response
NEW QUESTION # 46
Justify which of the five approaches to condition performance monitoring you think is the most cost effective within whole life asset management.
Answer:
Explanation:
Condition performance monitoring is a surveillance system that is designed to get the maximum production uptime and availability out of an asset. And this can be achieved by timely monitoring and measuring of temperature, vibration, output, speed, noise, emissions and quality. With this, decision has to be made as to what, if any, action needs to be taken. The five approaches to condition performance monitoring are as follows:
1. Do nothing: Use like a commodity. This will bring worries later.
2. Reactive: Fix it when it breaks. This will run to failure.
3. Preventive: Scheduled maintenance.
4. Predictive: Fix it before it breaks. Predict faults.
5. Proactive: Continuous improvement defect elimination.
The most cost-effective approach is 'Proactive', because is the only approach that has continuous improvement in the process, people and policies to minimize downtime. Being proactive takes defect out of the system and continuously harness opportunity that will optimize the system
NEW QUESTION # 47
Why is it important to have adequate procedures in place within an organization in relation to bribery?
Answer:
Explanation:
Bribery is the act of giving someone something of value to persuade them to do something that benefits you.
Ethical and responsible sourcing requires conducting due diligence on bribery before going into contractual relationship because failure to this might lead to loss in reputation.
In other for an organization to defend itself against a case of suspected bribery, the United Kingdom bribery Act introduced in 2010 suggests that organizations should have adequate procedures' in place.
The following are six procedures an organization should have in place to be able to defend itself against bribery
1) Proportionate procedure
2) Top level commitment
3) risk assessment
4) due diligence
5) communication
6) monitoring and reviewing
* Refer to the question column for response
NEW QUESTION # 48
What potential costs could an organization face if it fails to conduct Due diligence effectively?
Answer:
Explanation:
Though strong due diligence procurement professionals can assess which suppliers or potential suppliers appear to meet the criteria associated with ethical practice.
Prior to the contract being awarded, strong due diligence can save the organization from the following cost:
1) Cost of reputation
2) Environmental damage
3) Stakeholders dissatisfaction,
4) poor quality and rework
5) Breach of contract
6) Ethical concerns
NEW QUESTION # 49
Using the case study about Toyata, which type of benchmarking Tada has used when comparing the Toyata with Porsche?
Answer:
Explanation:
See the answer in explanation.
Explanation:
Benchmarking is the process of comparing a function, process or performance with another which is best-in- class. Benchmarking is either internal or external. External benchmarking has three types;
1) Competition benchmarking,
2) Functional
3) Generic
Company Toyota with the Porsche a competition in the same industry and by suggesting that drives will find the cars performances comparable with that of Porsche Cayman sports car, suggest think it is an external competitive benchmark.
* Refer to the question column for response
NEW QUESTION # 50
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