Define procurement - Study guides, Class notes & Summaries

CIPS Level 4 Module 1 Questions and Answers Rated A+ The Purchasing process 1. Define Specification. 2. Select Supplier 3. Contract Agreement 4. Ordering 5. Expediting 6. Evaluation Follow up Definition of Procurement & Supply recognition of the fact that the purchasing function has a role in not just "buying inputs" but in "securing supply" Direct Costs These are costs which can be identified directly with the production of a good or service; e.g. raw materials. Usually ...

CMIT Exam (200 multiple choice) Questions with Verified Answers A CM's role and responsibilities are governed solely by the Owner/CM Agreement. True False - CORRECT ANSWER True There are two basic forms of CM, agency and at-risk. Each form provides for the basic services of construction management practice. However, there are some key differences. Which of the following do not apply to both CM forms? A) Both forms provide advice to the owner on constructibility, budget and the schedule....

OMIS 352 FINAL EXAM ACTUAL QUESTIONS AND ANSWERS SOLVED 100% _____ address where the project stands in terms of meeting scope, time, and cost goals a.Status reports b.Lessons-learned reports c.Technical reports d.Progress reports Ans- A. Status Reports Analogous estimates are also known as _____ estimates. a. parametric b. bottom-up c. top-down d. budgetary Ans- C. Top Down Which of the following is true about identifying stakeholder? a.It is not very difficult t...

The Purchasing process 1. Define Specification. 2. Select Supplier 3. Contract Agreement 4. Ordering 5. Expediting 6. Evaluation Follow up Definition of Procurement & Supply recognition of the fact that the purchasing function has a role in not just "buying inputs" but in "securing supply" Direct Costs These are costs which can be identified directly with the production of a good or service; e.g. raw materials. Usually strategic or leverae suppliers Indirect Costs Thes...

CPPB Exam Prep Questions and Answers Already Passed!! What does the procurement policy of an entity reflects? correct answers -The entity's legal system -The goals and values of the entity -Policies and practices federal-level entities use to acquire goods and services; this may not apply to state or local entities What should the overall purpose of a procurement policy manual be? correct answers -Establish the legal authority of the procurement function within the entity. -Simplify, cl...

CPPB Exam Prep Questions and Answers Already Passed!! CPPB exam prep (Already Graded A+) What does the procurement policy of an entity reflects? correct answers -The entity's legal system -The goals and values of the entity -Policies and practices federal-level entities use to acquire goods and services; this may not apply to state or local entities What should the overall purpose of a procurement policy manual be? correct answers -Establish the legal authority of the procurement functi...

L4M4 - Chapter 1 Questions and Answers Graded A+ What is Tactical sourcing? Low level decision making High profit, low risk items Short term projects Transactional relationships What is Strategic sourcing? Top level decision making High profit, high risk items Long term projects Collaborative relationships What factors typically represent value to the procurement organisation when sourcing? Price, Delivery, Quality, Ethics, Sustainability, Availability Novack and Simco's 1...

In which phase sponsor is selected CORRECT ANSWER-Preliminary phase In which phase budget plan is developed CORRECT ANSWER-Preliminary What drives requirements and performance metrics for architecture work CORRECT ANSWER-Business imperative such as business requirements, cultural aspirations, organizational intents, strategic intents, forecast financial requirements. Management frameworks CORRECT ANSWER-Business capability management - define capability required to realize value Proj...

Construction Management EXAM 1 Questions and Answers Already Passed What is the main purpose of a construction project charter? To define the project's objectives, scope, and stakeholders and provide authorization to proceed. What is the role of a construction manager in the pre-construction phase? To help with project planning, budgeting, and scheduling before the actual construction begins. What is the term for the document that specifies the quality standards and procedures f...

CIPS Level 4 Module 1 questions and answers 2024/2025The Purchasing process - correct answer 1. Define Specification. 2. Select Supplier 3. Contract Agreement 4. Ordering 5. Expediting 6. Evaluation Follow up Definition of Procurement & Supply - correct answer recognition of the fact that the purchasing function has a role in not just "buying inputs" but in "securing supply" Direct Costs - correct answer These are costs which can be identified directly with the production of a ...