Exam (elaborations)
Cips Supplier Relationships L4m6 Questions And Answers With Verified Solutions 100% Correct!!!
- Course
- Institution
Cips Supplier Relationships L4m6 Questions And Answers With Verified Solutions 100% Correct!!!
[Show more]
Content preview
Cips Supplier Relationships L4m6Questions And Answers With Verified
Solutions 100% Correct!!!
What is a connected stakeholder? - ANSWER✔✔A stakeholder that has a strong
interest in a company's activities. This is due to its contractual or commercial
relationship with the company.
What do internal stakeholders include? - ANSWER✔✔Internal end users, contract
managers, legal team, employees.
What do connected stakeholders include? - ANSWER✔✔Suppliers, Customers
and clients
What do external stakeholders include? - ANSWER✔✔Competitors, communities,
government and other public agencies
What is the definition of value for money? - ANSWER✔✔The most advantageous
combination of price and quality that makes a product or service fit for purpose
and will achieve the buyer's required outcomes. This needs to be reviewed in terms
of whole life costs.
Value for money is often described as the three E's, what are the three E's? -
ANSWER✔✔Economy, Efficiency, Effectiveness
What are typical factors taken into account in defining value for money? -
ANSWER✔✔Fitness for purpose, quality, total lifetime costs, risk, environmental
and sustainability issues.
Creating value for money with competition. - ANSWER✔✔In the public sector
there are legal rules to support the creation of value for money, transparency and
fairness.
What can happen when there is a lack of compliance with procurement processes
and procedures? - ANSWER✔✔Lack of contract coverage, Maverick buying
activity, May end up with a product or service that is unfit for purpose,
procurement activity is not assessed and managed in a consistent way.
, How can procurement add value when understanding the need? -
ANSWER✔✔Make or buy decision, support the formation of a cross-departmental
team to develop the specification, review where branded products could be
replaced by substitute non-branded products or materials to reduce costs,
encourage standardisation
What is value mapping? - ANSWER✔✔A process in which value is created by
reducing or eliminating waste and operational inefficiencies.
What are the seven wastes? (TIMWOOD) - ANSWER✔✔Transportation,
Inventory, motion, Waiting, Over production, over processing, defects.
How can can value be added through a strategic approach? - ANSWER✔✔-
Review spend across various areas
-Following on from spend reviews they could aggregate demand and consolidate
spend.
-Supplier relationship management and risk management plans
-Specialist category and supplier knowledge.
Added value through suppler relationships - ANSWER✔✔-Being able to identify
and use an appropriate approach to deal with supplier.
-Innovation developed as part of collaborative projects with strategic suppliers
-Reduction of waste
-Resilience and risk reduction
What are sources of information that a buyer can use to identify a suitable
supplier? - ANSWER✔✔Internal stakeholders/user department knowledge,
preferred supplier lists, internet searches, networking.
Supplier identification in the private sector? - ANSWER✔✔The private sector
buyer is free to invite as many suppliers to participate as it feels are relevant.
Supplier identification in the public sector? - ANSWER✔✔Supplier identification
in the public sector is a more transparent process than in the private sector. In the
public sector in the EU the buyer will be required to advertise the requirement in
the OJEU. It will then need to select which common procurement vocabulary
modes match its requirements.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
