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MGMT 3300 Final Exam Questions with Correct Answers.
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MGMT 3300 Final Exam Questions with Correct Answers.
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MGMT 3300 Final Exam Questions with CorrectAnswers
the zone of negotiation Correct Answer-is perceived in exactly the same
way by buyer and seller in a negotiation
when developing a negotiation strategy, the negotiator should assess the
positions of strength of both (all) parties to: Correct Answer-establish
negotiation points and avoid setting unrealistic expectations
a US buyer may be discouraged from sourcing offshore if: Correct
Answer-the political situation in the country of interest is questionable
when sourcing offshore: Correct Answer-the buyer should learn about
the culture, customs, norms, taboos, and history of the supplier's country
the world has grown a good deal smaller, figuratively, in the last 60
years, with the increased speed of transportation and communication
Correct Answer-true
the process of attempting to determine all cost elements such as
acquisition price, purchasing administration, follow-up, expediting,
inspection and testing, rework, scrap, downtime, lost sales and customer
returns is called: Correct Answer-total cost of ownership
total cost of ownership (TCO) can be used to: Correct Answer-highlight
cost reduction opportunities, compare suppliers in a supplier selection
, decision, prepare for a negotiation and assess the reasonableness of a
supplier's prices
the challenge in buyer-seller relationships is to find ways to foster the
development of trust and mutual understanding of the goals and
objectives of each other's organization while maintaining a professional
relationship Correct Answer-true
purchasing represents the exchange of money for goods and services.
often, a very large amount of money is involved in this exchange. it is,
therefore, vital that the transactions associated with this process not be
carried out at the highest ethical level Correct Answer-false
total cost of ownership definition Correct Answer-acquisition price price
all other associated costs often called in-house costs of pre- and post-
transaction costs
a cash discount allows: Correct Answer-the seller to secure prompt
payment and the buyer to pay a lower price per unit
if the buyer wants to motivate the seller to manage total costs, the best
type of contract is: Correct Answer-cost-plus-incentive-fee (CPIF)
contract pricing is set and not subject to change. buyers prefer this
option, often used in short-range contracts Correct Answer-firm-fixed-
price (FFP)
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