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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
| Topic 2: Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Topic 3: Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Topic 4: Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
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NEW QUESTION # 81
Explain how a lack of understanding of a global supplier's culture and ethical behavior could cost buying organization money.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Organizational culture is made up of behaviors, traits, values and beliefs and these differ signifi-cantly across the globe. Gestures that may be positive in one country can be highly offensive in another. This culture could mean; for example, individualistic/collectivistic, masculine/feminine, uncertainty avoidance, power distance, Time perspective, indulgence/restraint.
When negotiating and forming contracts within the extended supply chain, it is important that the culture of the suppliers is understood to be compatible with the buying organization or else their might be loss of reputation, time, money material and equipment.
Also, being not aware of what is an acceptable ethically behavior in global sourcing can cost a buying organization. In some countries, bribery and kickbacks are a standard part of doing business. If procurement professional is not aware of the fact that some countries methods of doing business involves or expect kickbacks, for example, this could be costly to the organization and cancel out any savings that had originally been seen.
Cost of poor quality and rework: if the product or service quality is poor the organization may not satisfy it customers and this can lead to a loss of reputation in the market. For example, a residential building construction company contracting a supplier that supply would require home owners to reinstall a new door within three months. The organization would spend more funds in carrying out rework.
More administrative cost in contract management: an organization will have to manage it sup-pliers and the contracts to ensure they are delivering what they were contracted to do. A poor con-tract management is a waste in the process of delivery that can lead to loss of money. Also, to cor-rect this would cost the organizations administrative cost.
* Refer to the question column for response
NEW QUESTION # 82
When benchmarking what other factors, apart from price should be considered to find the total cost of acquisition?
Answer:
Explanation:
When evaluating potential suppliers, procurement professionals can carry out benchmarking. Benchmarking is the process of comparing a function, a process performance with another which is best in-class.
Other factors, apart from price that can be considered to find the total cost of acquisition include the product or service quality, lead time, supplier culture, its environmental awareness and sustainability.
Case study:
Tetsuya Tada, Chief engineer of the Toyata Supra Sports car has revealed how the process of benchmarking contributed to the car's design.
Tada has worked by comparing the Supra to other cars. For example, it has been intentionally designed with a shorter wheelbase, than the Toyata 86 to make it more suitable for track racing. Furthermore, Tada has benchmarked the Supra against competition by suggesting that drivers will find the car's performance comparable with that of Posche's Cayman sports car.
Tada's knowledge of the features belonging to different sports cars in his industry shows how benchmarking can be used by companies to successfully differentiate their products and remain competitive through awareness of their competitor's activities.
NEW QUESTION # 83
Explain the difference between bonded and forced labor.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Bonded labour and forced labour are among the five types of modern slavery which is against ethical and responsible sourcing.
Bonded labour also known as debt bondage, this is an individual's promise to provide services through exploitation as repayment, or part of them, of a debt or other obligation whereas forced labour is work that people are forced to do with the heat of punishment if it is not carried out.
(Correct)
NEW QUESTION # 84
What is Decommissioning?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When a fixed asset reaches the end of its life, it requires decommissioning before reconditioning or disposal.
Decommissioning is to observe all the safety measures and technical procedures and stop active machinery or an asset from operation (example; gas plant, power generator, transformer etc.
Decommissioning process include the following aspect
1) Preparation: Plan the process
2) Dismantle: Take the asset apart and remove hazardous waste
3) Processing: make safe any hazardous waste
4) Disposal: Ensure paper work is received to confirm removal and disposal
NEW QUESTION # 85
What are the four stages of decommissioning?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When a fixed asset reaches the end of its life, it requires decommissioning before reconditioning or disposal.
Decommissioning is to observe all the safety measures and technical procedures and stop active machinery or an asset from operation (example gas plan, generator, transformer etc.
Decommissioning process include the following aspect
1) Preparation: Plan the process
2) Dismantle: Take the asset apart and remove hazardous waste
3) Processing: make safe any hazardous waste
4) Disposal: Ensure paper work is received to confirm removal and disposal
* Refer to the question column for response
NEW QUESTION # 86
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