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SCMN 3730 EXAM 1 QUESTIONS AND CORRECT ANSWERS GRADED A+ || LATEST UPDATE 2024/225
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SCMN 3730 EXAM 1 QUESTIONS AND CORRECT ANSWERS GRADED A+ || LATEST UPDATE 2024/225
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SCMN 3730 EXAM 1 QUESTIONS ANDCORRECT ANSWERS GRADED A+ || LATEST
UPDATE 2024/225
Procurement - CORRECT ANSWER ; the purchase of products or services at the
right price, delivered at the right time, of the right quality, in the right quantity,
from the right source
Procurement Process - CORRECT ANSWER ; starts with the identification of a need
for a product or service, to the sourcing and appointment of service / product
provider and thereafter the management of those products or services
Where is Procurement in the Value Chain? - CORRECT ANSWER ; In the support
activities
Where does Procurement fit within Supply Chain Management? - CORRECT
ANSWER ; As a precursor and support to Inbound logistics
Strategic Orientation - CORRECT ANSWER ; Business Strategy Cycle -> Strategic
Procurement Cycle -> Procurement sub-processes
Business Strategy Cycle - CORRECT ANSWER ; -Articulate vision, mission and
goals
-Scan Environment
-Develop strategic priorities and plans
-Implement
-Evaluate and Learn
,Strategic Procurement Cycle - CORRECT ANSWER ; -Articulate Procurement's
vision, mission and goals
-Analyze situation
-Develop procurement strategy
-Implement procurement strategy
-Continuous Improvement
Benefits of cost reductions - CORRECT ANSWER ; -Increased bottom line
-Increased margin
Lead Times - CORRECT ANSWER ; The amount of time it takes to complete a
specific process
Goals for lead times - CORRECT ANSWER ; Stabilize the amount of time it takes
for the product to arrive
Reduce the amount of time it takes for the product to arrive
Ensure the amount of time it takes for the product to arrive
Goals with regards to organizational Imports - CORRECT ANSWER ; Improve
benefits and minimize the negative impact
Organizational Imports - CORRECT ANSWER ; -Innovation
-Quality
-Risk
, -Environmental Impact
Value Advantage - CORRECT ANSWER ; -Quicker response
-Improved quality
-Increased reliability
-Improved relationships
-Manage and mitigate risks
-Source innovation
Cost Advantage - CORRECT ANSWER ; -Efficiency gains / utilization
-Reduce purchasing costs
-Reduce in inventory levels
-Sharing capital investment
-Reduced waste
Centralized Procurement Structure - CORRECT ANSWER ; Centralized
procurement organization for al commodities with a single upward reporting
structure
Hybrid Procurement Structure - CORRECT ANSWER ; Decentralized transactions,
but central led strategy and sourcing control
Coordinated Procurement Strucuture - CORRECT ANSWER ; Decentralized
sourcing, but center led led strategy. Voluntary commodity strategy collaboration
across BU
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