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| Section | Objectives |
|---|---|
| Understand compliance issues when sourcing from suppliers | - Modern slavery and human rights in supply chains - Sustainability and environmental considerations - Ethical sourcing and corporate social responsibility (CSR) - Anti-bribery and anti-corruption measures - Codes of conduct and ethical standards - Regulatory and legal compliance - Global sourcing considerations and Incoterms |
| Understand the key processes that can be applied to the analysis of potential external suppliers | - Financial analysis of suppliers - Use of Request for Information (RFI), Request for Proposal (RFP) and Request for Quotation (RFQ) - Supplier appraisal and evaluation methods - Supplier audits and due diligence - Risk assessment in supplier selection |
| Understand options for sourcing of requirements from suppliers | - Single, dual and multiple sourcing - Insourcing vs outsourcing decisions - Factors influencing sourcing decisions - Sourcing strategies and approaches |
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NEW QUESTION # 166
Intra-company trading allows business units within a large enterprise to supply goods or services to another.
What are the likely objectives of intra-company trading?
* Enhances production capacity utilisation
* Offsets some of the fixed costs of the supplying entity
* Compensates the supplying unit for the less effective technology applied
* Ensures internal technology always out-performs that of external suppliers
Answer: B
Explanation:
Intra-company trading aims to optimize internal resources by enhancing production capacity utilization and offsetting fixed costs. By supplying goods or services internally, organizations can achieve economies of scale and better allocate resources. However, compensating for less effective technology or ensuring superior internal technology over external suppliers are not primary objectives of intra-company trading.
Reference:
CIPS Level 4 Diploma in Procurement and Supply, L4M4 Study Guide, Section 1.1.2: Make or buy decisions and the role of intra-company trading
NEW QUESTION # 167
The procurement team at Grape Juice Limited often use a weighted point system when ap-praising potential suppliers. What is a disadvantage of using a weighted point system?
Answer: B
Explanation:
Weighted points systems can be time consuming to create. They're very transparent and allow for objective grading of supplier bids (so these answers are incorrect). They are not easy to manipulate and this is an advantage of using them.
NEW QUESTION # 168
What are the two main financial accounting statements of an organisation that show values of assets/liabilities and profit earned?
Answer: A
Explanation:
The balance sheet (statement of financial position) shows assets, liabilities, and equity at a point in time. The profit and loss account (income statement) shows revenues, expenses, and profit over a period. These are the two core statements used to assess supplier stability and performance. The cash flow statement is useful but supplementary, while chairman's statements are narrative, not financial records. Responsible sourcing emphasises using balance sheet and P&L analysis to evaluate supplier financial strength, ensuring continuity of supply and risk management.
Reference: CIPS L4M4 Study Guide (v2), LO: "Application" - financial statements and supplier evaluation.
NEW QUESTION # 169
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 # 170
Which of the following would be a valid reason to make a product inhouse, rather than buy it from a supplier?
Answer: A
Explanation:
One of the biggest advantages to making an item over buying it is 'improved quality control'.
When you make the product yourself, you can set the quality parameters you require and aren't re-stricted to, or dependant on, what the supplier does. The other options are incorrect- making stuff inhouse would mean you hold more inventory. If the supplier has a higher skillset than you, you would outsource. Threat of substitutions wouldn't impact this decision.
For a list of pros and cons relating to the 'make or buy' decision see p.5. This is a hot topic for the exam.
NEW QUESTION # 171
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