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| Section | Objectives |
|---|---|
| Understand market management in procurement and supply | - Contrast direct costs and indirect costs
|
| Understand how to develop a business case for requirements to be sourced from external suppliers | - Analyse how market factors affect procurement |
| Understand the use of specifications in procurement and supply |
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NEW QUESTION # 315
Robert is a senior buyer at MMC Construction Ltd. His company is doing multiple development projects in the country, which increases procurement workload significantly. Meanwhile, most of the tasks are handled manually, which causes bottlenecks in the workflows. The procurement team is overwhelmed by the workload and complains from other departments. From previous experience, Robert knows that electronic system may help his procurement team. He writes a business case to submit to the senior management, in which he insists on the possible productivity improvement by adopting e-system in procurement. Is Robert's action reasonable?
Answer: C
Explanation:
Composing a compelling business case requires the proposer to write in the language of the approvers. Generally, approvers are business executives or important shareholders whose major interest is the profitability of the firm. Business case proposer may embed the following contents:
- Return on investment: according to Investopedia, Return on Investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments. ROI tries to directly measure the amount of return on a particular investment, relative to the investment's cost. A business case would seem more attractive if the proposal is expected to have high ROI.
- Time to market: Time-to-market (TTM) refers to the time from which a company initially con-ceives a product or service idea to the point when the actual product or service is accessible to buyers in the market (Afonso et al., 2008). The speed at which companies can introduce products into the market is critical for sustaining competitive advantage, and the reduction of product development cycle time has become a strategic objective for many technology-driven firms.
- Customer satisfaction: Keeping existing customer to stay in the business can affect greatly on the profit margin of a firm. A new proposal that finds the way to innovate while keeping the current customers satisfied may gain the interest of senior management.
- Improving productivity: Productivity is the measure of how efficient and effective a firm is. Im-proving the productivity means that with the same or lesser input, better output is generated. In-creasing productivity also improves the profitability of a company.
- Risk management: Any business activity contains inherent risks. For example, for a mining company to be truly responsible, it must keep all of its workers safe, healthy and motivated, meet the expectations of the local community and government for the region in which it is operating, ensure it impacts on the environment positively if at all, as well as achieve the financial objectives set by its investors for both the short and long term. Managing risks well improves the production throughput and maintains customer satisfaction.
In the scenario, Robert is trying to convince the senior management to adopt e-procurement system by insisting on potential productivity improvement. This is the right approach. A business plan should engage and please senior management and directors. An appealing business case tells them how important things to the business (such as productivity, return on investment, customer satisfaction or costs) are affected by the plan.
Reference:
LO 1, AC 1.1
NEW QUESTION # 316
A company is planning the procurement of an IT system and wants to agree a through-life contract with the supplier to ensure ongoing system support. The first step in producing that specification should be to:
Answer: B
Explanation:
Writing a high-quality specification is very crucial in every purchase. In through-life management, it is even more important since the assets often have very high value. Defining user requirement is the first step to write a specification. Without doing this right, many problems may arise in later stages.
NEW QUESTION # 317
Which of the following events would increase the number of suppliers in a particular market?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Market Structure and Barriers to Entry) De-regulation removes government controls and barriers, allowing new competitors to enter, thereby increasing supplier numbers and competition.
The other options raise barriers to entry (more costs or requirements), thus reducing potential entrants.
Relevant L4M2 references:
* "Barriers to market entry and exit"
* "Impact of deregulation on supply market dynamics"
NEW QUESTION # 318
FSB Group is developing a building specification that ensures fair labour practices and prioritises local employment. What type of sustainability criteria does this describe?
Answer: D
Explanation:
Comprehensive and Detailed Explanation (from CIPS L4M2 - Sustainable Procurement and Specifications) CIPS defines social sustainability as protecting and improving human rights, working conditions, equality, and local community welfare.
This includes:
* Fair labour standards
* Local employment
* Diversity and inclusion
Hence, Option D (Social sustainability) is correct.
Relevant L4M2 references:
* "The triple bottom line in procurement"
* "Embedding social sustainability in specifications"
NEW QUESTION # 319
Sabic is a petrochemical manufacturer. It wants to digitalise its operation and is looking for new IT system.
The procurement manager approaches this matter with a through-life specification. He supposes that stating
"good quality" in the specification will be enough for quality standard section. Is the procurement manager's thought appropriate?
Answer: A
Explanation:
Specifications for through-life contracts must be clear. They should use precise technical language and avoid any ambiguity as much as possible. In most cases, 'good quality' is ambiguous. The con-tractor doesn't know exactly which product the buying organisation needs and how to supply that product.
Other notices for description of requirement are:
- Short and simply description
- Clear definitions at the beginning of the documents
- Clarify abbreviations (if any), but abbreviations should be avoided as much as possible
- Avoid any 'slang'
- Use imperative forms of language whenever possible.
LO 3, AC 3.2
NEW QUESTION # 320
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