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| Section | Objectives |
|---|---|
| Understand compliance issues when sourcing from suppliers | - Sustainability and environmental considerations - Codes of conduct and ethical standards - Global sourcing considerations and Incoterms - Modern slavery and human rights in supply chains - Anti-bribery and anti-corruption measures - Ethical sourcing and corporate social responsibility (CSR) - Regulatory and legal compliance |
| Understand the key processes that can be applied to the analysis of potential external suppliers | - Risk assessment in supplier selection - Supplier appraisal and evaluation methods - Use of Request for Information (RFI), Request for Proposal (RFP) and Request for Quotation (RFQ) - Supplier audits and due diligence - Financial analysis of suppliers |
| Understand options for sourcing of requirements from suppliers | - Sourcing strategies and approaches - Factors influencing sourcing decisions - Insourcing vs outsourcing decisions - Single, dual and multiple sourcing |
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NEW QUESTION # 130
A buyer is responsible for the procurement of metals within the raw materials department. The buyer is preparing for next year's purchase orders and has been asked to confirm the month of order placement. The buyer has found three trends:
* In January and April, the supplier's local currency is stronger
* November typically has the lowest demand
* May typically has the highest demand
Which month should the buyer plan to place the purchase order?
Answer: D
Explanation:
Ordering in November, when demand is lowest, may allow the buyer to secure better pricing and availability, aligning with responsible sourcing by optimizing purchase timing to achieve cost savings and reliable supply.
NEW QUESTION # 131
What course of action should be taken when an audit of a supplier identifies evidence of human rights malpractice?
Answer: C
Explanation:
CIPS promotes a constructive and corrective approach when suppliers fall short of ethical standards, especially on critical issues like human rights. Immediately cutting ties can harm workers further and disrupt supply without addressing root causes. A responsible sourcing approach requires buyers to engage suppliers, escalate the concern, and establish a corrective action plan with monitoring to ensure compliance. Only if the supplier refuses to act or breaches persist should termination occur. This supports continuous improvement, supplier development, and ethical due diligence, reflecting global standards such as the UN Guiding Principles on Business and Human Rights.
Reference: CIPS L4M4 Study Guide (v2), LO: "Implementation" - audits, corrective action plans, ethical risk management.
NEW QUESTION # 132
Which of the following items would you expect to find on a balance sheet? Select THREE
Answer: A,B,C
Explanation:
current assets, current liabilities and equity can be found on a balance sheet. Net and gross sales will be found on a profit and loss account.
NEW QUESTION # 133
A buyer of bakery products sees wheat shortages due to poor harvests but demand remains high. How does this affect negotiation?
Answer: B
Explanation:
In commodity markets, shortages combined with sustained demand drive price increases. The buyer loses bargaining power, as suppliers can charge higher rates. Negotiating downward is unrealistic; instead, buyers should manage risk through hedging, forward contracts, or alternative sourcing. CIPS notes that responsible sourcing requires understanding market dynamics and their ethical implications (e.g., food security, affordability). The organisation must manage stakeholder expectations about pricing rather than assume negotiation leverage. This reflects the implications of market volatility in global supply chains.
Reference: CIPS L4M4 Study Guide (v2), LO: "Implications" - commodity market dynamics, supply
/demand, and negotiation position.
NEW QUESTION # 134
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 # 135
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