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| Section | Objectives |
|---|---|
| Topic 1: Understand options for sourcing of requirements from suppliers | - Sourcing strategies and approaches - Single, dual and multiple sourcing - Insourcing vs outsourcing decisions - Factors influencing sourcing decisions |
| Topic 2: Understand compliance issues when sourcing from suppliers | - Codes of conduct and ethical standards - Sustainability and environmental considerations - Regulatory and legal compliance - Ethical sourcing and corporate social responsibility (CSR) - Anti-bribery and anti-corruption measures - Modern slavery and human rights in supply chains - Global sourcing considerations and Incoterms |
| Topic 3: Understand the key processes that can be applied to the analysis of potential external suppliers | - Supplier audits and due diligence - Financial analysis of 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) |
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NEW QUESTION # 20
For what type of purchase would you use a Futures Exchange?
Answer: C
Explanation:
Futures exchanges are used to trade commodities. It's when a buyer and supplier agree a price and deal for something in the future. For example a carrot farmer may agree to sell his carrots to Gary in 3 months time when they're finished growing. It's used when the product / commodity isn't ready yet.
It's also used for hedging and other complex financial stuff- but you don't need to know that yet. Commodities and Future contracts are a big part of L5M4 to warn you though. Futures Contract Definition: Types, Mechanics, and Uses in Trading (investopedia.com)
NEW QUESTION # 21
Which of the following Incoterms has the lowest risk for the supplier?
Answer: A
Explanation:
Ex-Works has the lowest risk to the supplier- in Exworks the buyer collects the items directly from the supplier - so they have all the issues and risks of transporting it back home.
There are many question on Incoterms CIPS can ask. But as there's such a huge bank of questions it's really hit or miss if you'll get one of those question. Two students sitting the exam at the same time in the same study centre can get different question sets. One person can get 3 Incoterm questions and the other gets 0.
I would learn the major ones- the ones at the ends of the table in particular because these are the ones question are likely to be about. Ex works / Free carrier and Delivered at Place Unloaded/ De-livered Duty Paid in particular.
I like this graph as I'm a visual person. I think it makes it easier to understand than the study guide:
Shipping Incoterms: the Complete Guide - Guided Imports
NEW QUESTION # 22
A buyer has been tasked with placing an order for steel from another country and using Incoterms for the delivery. The buyer's organisation has an in-house transportation and export clearance department. During negotiations, the buyer achieved a 25% cost reduction by accepting responsibility to arrange loading, transportation, and export clearance. Which Incoterm has been agreed?
Answer: B
Explanation:
Under the EXW (Ex Works) Incoterm, the buyer assumes responsibility for transportation and export clearance from the seller's premises. This term aligns with cost-saving measures and the buyer's internal capabilities for logistics, supporting efficient and responsible sourcing.
NEW QUESTION # 23
Pierre is constructing a tender for a security contract. As well as cost, he would like to ask the security companies some questions about their health and safety processes and staff qualifications. He has created several questions and weighted these so that they add up to 25. is this the correct thing to do?
Answer: A
Explanation:
weighted points systems for assessments should add up to 100. This is 100%.
An example is how this would work is
Price = 50%
Health and Safety questions= 30%
Qualifications = 20%
NEW QUESTION # 24
An organisation is keep to include Social Outcomes in it's assessment for Value for Money for a new tender.
Which of the following should be considered?
Answer: C
Explanation:
Social value is about benefitting the local community / society. Therefore of those options listed, use of local labour is the most appropriate to consider.
NEW QUESTION # 25
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