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| Section | Objectives |
|---|---|
| Procurement Technology and Innovation | - Innovation in supply management
|
| Supplier Relationships and Performance | - Performance improvement
|
| Risk, Ethics and Sustainability | - Ethical and sustainable procurement
|
| Procurement and Supply Context | - External business environment
|
| Procurement Process and Sourcing | - Supplier selection and evaluation
|
| Contracting and Legal Principles | - Contract management
|
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NEW QUESTION # 181
What are advantages and disadvantages of the two types of specifications?
Answer:
Explanation:
Ones the need is understood, the procurement professional develops the specifications while working together with stakeholders and colleagues to ensure that the final design is fit for purposes that it meets the generated need.
Specification can be focus on performance or conformance.
Performance specification states what the product or service must do or how it should perform but leave the supplier the freedom to achieve this, however they wish.
Performance specification brings the following advantages; it allows supplier innovation, promote competition in the market place, shorter document, quick to prepare. The disadvantage of perfor-mance specification is that buyers may not know exactly what they will be getting.
Conformance specification gives clear instructions to the supplier about what is required and how it should be achieved. Examples of conformance specifications are chemical formulae, recipes and technical drawings. Conformance specification specifies which standards a requirement must meet or exceed. The advantage of using it is; buyers know exactly what they will get. It has the following disadvantages; the buyer bears the risk, it does not encourage supplier to innovate, take longer and complex documentation.
NEW QUESTION # 182
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 # 183
Use the balance sheet below to work out the correct ratio for coffee Time and explain whether the company appears to have enough assets to cover it liability.
Answer:
Explanation:
See the answer in explanation.
Explanation:
The current ratio is one of the two was to determine organizations liquidity (how quickly its assets can be converted into cash) A current ratio of 1 shows that the organization has enough assets to repay (cover) it liability Buyers can be encouraged to deal with these suppliers after if they considered proven and strong in other areas.
NEW QUESTION # 184
What matrix helps to define how to manage stakeholders?
Answer:
Explanation:
Stakeholders are individuals or organizations who are directly affected by a decision for example, community, shareholders, employees, suppliers, distributors, customers etc. stakeholders can be internal (employers, staffs), connected (such as suppliers, shareholders, financers and customers) external (Government, pressure groups, and community).
The matrix that helps define how to manage stakeholders is mendelow's stakeholders manage-ment matrix.
This matrix is based on the theory that the level of management stakeholders require depends on the level of their power and interest within the project or organization The matrix groups stakeholders in to four quadrants according to their power and interest and ad-vice how to manage them.
1) Low power - Low interest (minimum effort)
2) Low power - High interest (keep inform)
3) High power - Low interest (keep satisfied)
4) High power - high interest (manage closely)
* Refer to the question column for response
NEW QUESTION # 185
What are the 3Ps in the triple bottom line.
Answer:
Explanation:
See the answer in explanation.
Explanation:
Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured.
This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinvesting its profits in State- of-the-art recycling machinery for it wasted cardboard.
People: A large privately owned call centre donate its end of life computers to a local youth clubs and social groups to help gain internet cases.
Planet: A driving instructors using only hybrid vehicles to teach her learners, thus to reducing Co2 emission.
NEW QUESTION # 186
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