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| Section | Weight | Objectives |
|---|---|---|
| Ethics, Responsibility & Compliance | 25% | - Ethical and responsible sourcing application
|
| Whole Life Asset & Cost Management | 25% | - Total cost of ownership concept
|
| Sourcing Process & Supplier Management | 25% | - Stages of strategic sourcing
|
| Application of Procurement Cycle | 25% | - Key stages of procurement cycle in practice
|
Describe three benefits of working cross-functionally
See the answer in explanation.
Explanation:
Working cross-functionally is the involvement of all departments involved in an organization to contribute knowledge, skills and innovation towards adding value of achieving the organization's strategic goal. All functions may include; procurement, maintenance, marketing, finance, human resources working together in procurement activity to come up with the best strategy or selecting the supplier that best suit the organization.
When working cross functionally, members of the organization gives support by believing in the end goal, assist during difficult time, help troubleshoot any issue, providing the required resources and sharing information.
What effect is technology having on jobs within an organization with which you are familiar with?
See the answer in explanation.
Explanation:
With the ever developing use of technology, organizations are often under pressure to keep up with numerous technological advances. Jobs could be created in line with technology. Advances in technology can also results in lack of requirement for human impact and as such, jobs could be lost. Though it can help save time and retain bulk files in no space.
Why do some specifications need to adapt?
See the answer in explanation.
Explanation:
Specification is a detailed description of what is required or needed. Due to certain reasons, needs sometimes increase in importance or lose their essence, therefore speci-fications need to adapt and develop to reflect the changing requirements of the con-sumer and also to comply with regulations and legislatures as this are amended.
Standard, regulations and legislation are continually evolving and new updated versions of existing guideline, as well as completely new initiatives one being released.
When should whole life asset management be applied?
See the answer in explanation.
Explanation:
When organization has made the decision about which option is best for sourcing the asset, it can then begin to work on the whole life asset management strategy.
Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for money.
This strategy is only under taken for large-value procurements because; 1) It takes considerable time (2) It involves many stakeholders and require numerous resources; If whole life asset management were conducted on every purchase it would not create value for the organization and that may tie up valuable resources.
* Refer to the question column for response
Explain which factors should be considered when deciding the quantity of a product to order.
See the answer in explanation.
Explanation:
When reviewing supplier's response the procurement professional should consider the right quantity of product or service that has to be ordered at anytime as against the price to decide how to gain the best cost.
Factors to consider include the following
(1)Cost of inventory
(2) cost of insurance
(3) cost of transportation.
These three should be considered against price.
Note: Incoterms are versatile and procurement professionals should understand how they are ap-plied and what point the risk transfers from being the supplier's responsibility to being the buyer's responsibility. It is important to consult the ICC for the most recent definitions, but in the following questions (101-111) you can understand the rules.
Note: sharpen your knowledge on INCOTERMS. Please consider the following Objective Re-sponse questions
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