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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: Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Topic 4: Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
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NEW QUESTION # 16
What information should be included on a purchase requisition?
Answer:
Explanation:
RESPONSE
A purchase requisition should contain the following information
1) Date of the requisition
2) Description of what is required
3) Supplier if known
4) The quantity
5) when the need is required
6) why the need is required
7) who identified the need
8) who approved the need
9) if it's a re-buy
NEW QUESTION # 17
What are the four quadrants within the Kraljic portfolio matrix?
Answer:
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
NEW QUESTION # 18
Describe one implied term and one expressed term from a contract with which you are familiar.
Answer:
Explanation:
Terms are the right and duties agreed between parties which are then documented in contract. Terms can be implied or expressed.
Implied terms are always present in a contract and are set by national laws; implied terms do not have to be written or verbally agreed : they always exist, for example sales of Gods Act, good being fit for purpose, Negligence ,confidence , whereas expressed terms are negotiated and agreed rather than being automatically included, express terms are agreed between, parties negotiating the contract. For example; payment terms, specification, delivery details and quantities.
NEW QUESTION # 19
Which Incoterm applies here?
The supplier is responsible for delivering the goods directly onto the vessel that will transport them to their named destination. As soon as the goods are on the vessel, the risk transfers to the buyer
Answer: C
NEW QUESTION # 20
Looking at stage 8 of the procurement and supply cycle, what does TCA mean?
Answer:
Explanation:
See the answer in explanation.
Explanation:
When evaluating offers, it is important to remember that the best price may not be the lowest. To ascertain that; the total cost of Acquisition TCA (the cost a buyer bears for placing orders and re-ceiving a product from a supplier) should be uncovered and compare against offers received. Things to consider that might make up the total cost of acquisition are;
1) logistics and handling costs
2) Cost of requisition
3) Rework
4) stock cost
5) Delay
6) Inspection
7) customer services
8) consumables
9) Training & support
NEW QUESTION # 21
......
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