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CIPS L4M2 - Defining Business Need > Chapter 1.1 > Flashcards

Chapter 1.1 Flashcards

Analyse how business needs influence procurement and supply decisions

1
Q

Liability

A

Being legally responsible for something

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2
Q

Business Case

A

A justification for a proposed project or undertaking on the basis of its investment and cost implications balanced against its expected benefits

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3
Q

Corporate Goals

A

The targets set by an organisation or company that will achieve the organisation’s mission or objectives

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4
Q

Straight Rebuy

A

Straightforward re-purchase of an item bought previously, rather than considering an alternative

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5
Q

Modified Rebuy

A

A product/service that has been sourced before but requires a slight change prior to being rebought

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6
Q

New purchase

A

The purchase of an item for the first time

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7
Q

Would a procurement team write a business case in isolation from the rest of the organisation?

A

No - never

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8
Q

What should procurement aim to do when developing a business case?

A

They should help to further the organisation’s corporate goals

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9
Q

What three possible scenarios is a buyer faced with when making a decision to procure an item?

A

Whether the item bought should be a…
1. Straight rebuy
2. Modified rebuy
3. New purchase

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10
Q

Approved supplier list

A

A list of approved suppliers who have the skills (for example, technical, functional or financial) to undertake the work

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11
Q

Call off

A

The purchase of an item using a framework agreement that has already been through a procurement process

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12
Q

Framework agreement

A

An arrangement that is put in place with one or more suppliers for the supply of a range of suppliers or services in which the prices (or a pricing formula) and terms and conditions are all agreed for the duration of the period of the arrangement

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13
Q

Volume discount

A

A reduction in the usual price when a minimum quantity is ordered (also called a bulk discount)

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14
Q

How is a straight rebuy transaction usually undertaken?

A

With an existing supplier on an approved supplier list

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15
Q

What type of purchase is a straight rebuy?

A

A routine one because it is for an item that is used continually in the operation of an organisation

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16
Q

Provide 3 examples of straight rebuys:

A
  1. MRO (maintencance, repair and operational) items
  2. Stationary items such as pens, paper and ink cartridges
  3. Raw materials such as steel and bulk chemicals
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17
Q

Describe the value and risk of a straight rebuy

A

Its often relatively low value or low risk to the organisation if there is a disruption in supply

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18
Q

Why are straight rebuys usually low value/low risk?

A

Because there is usually alternative suppliers available and the cost of switching is low

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19
Q

Do straight rebuys require any research into alternative products and alternative suppliers or any negotiation of new prices?

A

Only minimal

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20
Q

For straight rebuys what 3 tasks are only usually completed when re-letting the contract?

A

Research into alternative products, alternative suppliers or any negotiation of new prices

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21
Q

What kind of purchase are straight rebuys usually?

A

A call off from an existing contract or framework agreement

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22
Q

What does P-cards stand for?

A

Purchasing or procurement cards

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23
Q

How can organisations make purchases without having to use a formal procurement process?

A

P-cards

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24
Q

What are P-cards normally used for?

A

Low-value items

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25
Q

Provide an example of a modified rebuy

A

A product where the technical department may have modified the specification or the end-customer may have requested a change to the item. In addition, there may have been a change in the quantity demanded or in the purchase price

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26
Q

Provide 3 examples of modified rebuy

A
  1. A buyer sets a cost reduction target for the year and so attempts to get the same item for a lower price from the same supplier
  2. A buyer reviews the number of suppliers it has and finds that it has multiple suppliers for the same item - the buyer chooses one supplier and renegotiates terms to get a volume discount
  3. A change in regulations means that a product has to be modified and this requires changes to the specification of components that are procured
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27
Q

Why may a modified rebuy require more effort from the buyer?

A

Because there is a need to find an acceptable solution - the buyer has to use a certain level of problem-solving skills to achieve their objective

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28
Q

Name 3 items where modified rebuys are most common for:

A
  1. Components for production
  2. Consulting services using a consultancy that the organisation has used before but with a new brief
  3. Software bought on the basis of a number of users
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29
Q

Critical path

A

The sequence of steps in a project plan that together determine the shortest time to complete the project

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30
Q

Business Requirement

A

The activities that meet the need of, and provide value to, the business (also called business need)

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31
Q

Specification

A

A detailed description of the product or service required

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32
Q

Supply market

A

The marketplace in which suppliers conduct business

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33
Q

Key suppliers

A

Externally located suppliers - either people or organisations - who are essential to the successful delivery of a business’ objectives

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34
Q

Invitation to tender (ITT)

A

A formal invitation sent to suppliers inviting them to make an offer to supply goods or services

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35
Q

Provide 3 examples of where new purchase activities occur when the organisation identifies a completely new requirement

A
  1. A new product is added to an organisation’s offer, that uses materials or components not sourced before
  2. There are changes in legislation which mean a public sector department has to offer a new service that requires skills and experience not used in other services that are already procured
  3. Technology changes and new equipment is needed
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36
Q

In what circumstance are procurement skills most needed?

A

For new procurement activities

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37
Q

Name 9 tasks involved in a new procurement activity

A
  1. Understanding the business requirement
  2. Writing an effective specification for what is needed
  3. Researching the supply market
  4. Researching key suppliers in that market
  5. Deciding on the key capabilities that suppliers must have
  6. Writing invitation to tender documentation
  7. Managing the tender process
  8. Negotiating
  9. Selecting the supplier
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38
Q

What are the three types of purchases?

A
  1. Straight rebuy
  2. Modified rebuy
  3. New purchase
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39
Q

Provide 3 examples of straight rebuy

A
  1. Stationary
  2. MRO
  3. Raw materials
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40
Q

Provide 3 examples of modified rebuy

A
  1. Services
  2. Components and semi-finished products
  3. ICT
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41
Q

Provide 3 examples of a new purchase

A
  1. Capital items
  2. Finished products
  3. Products from resale
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42
Q

Regulatory bodies

A

Public authorities or government agencies that have responsibility for overseeing and supervising a specified activity

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43
Q

Capacity

A

A measure of the rate at which the operations function can transform its inputs into a quantity of product or service outputs in a given timescale

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44
Q

Target costs

A

The expected costs of making a product or delivering a service

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45
Q

Whole-life costs (WLC)

A

An estimate used to help buyers determin the end-to-end cost of providing a service, manufacturing, or procuring a product. Also commonly referred to as total cost of ownership (TCO), or total life-cycle costs (LCC). The use of the terms vary dependent on industry and sector

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46
Q

Benchmarked prices

A

Comparing an element of one business, such as price, quality or service against another

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47
Q

Continuous improvement

A

An ongoing effort to improve products, processes and services

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48
Q

Provide an example of the mission of a private sector company

A

Supply a specific group of customers with products that meet their everyday needs or improve their lives in some way

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49
Q

Provide an example of the aim of a private sector company

A

To maximise profits and provide a financial return to it’s shareholders

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50
Q

Provide an example of the mission of a public sector company

A

Provide people with services that are not available from the private sector or are better provided by a non-profit organisation

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51
Q

What does the mission of an organisation do?

A

Determines its business requirements

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52
Q

What do business requirements effect?

A

What procurement needs to source and how it goes about it

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53
Q

What acronym can be used to identify business needs?

A

RAQSCI

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54
Q

Whats does RAQSCI stand for?

A

Regulatory
Assurance of supply
Quality
Service requirements
Cost
Innovation

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55
Q

What business need does regulatory cover?

A

Any legal requirements or requirements of regulatory bodies

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56
Q

What business need does assurance of supply cover?

A

The continuing supply of goods and services when required and is based on factors such as capacity, financial stability and risk

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57
Q

What business need does quality cover?

A

The consistency, repeatability and how fit for purpose the procured goods and services are

58
Q

What business need does service requirements cover?

A

Factors associated with the way services are supplied, for example, flexibility. availability of support, such as helpdesks

59
Q

What business need does cost cover?

A

Cost and price for example: target costs, whole-life costs, benchmarked prices and continuous improvement

60
Q

What business need does innovation cover?

A

Looking for means of improving customer experience such as the use of emerging technology, customer of first choice and capability improvement

61
Q

Why do procurement professionals need to involve a range of stakeholders within the organisation?

A

So they can take into account different stakeholders’ conflicting needs and to agree in advance on any compromises that must be met

62
Q

Name 4 procurement activities that business requirements will be used to inform

A
  1. Defining evaluation criteria
  2. Testing the available options to ensure they satisfy the company’s overall needs
  3. Developing performance measures
  4. Re-evaluating your sourcing strategy if circumstances change
63
Q

Criteria

A

Principles or standards used to judge or decide something

64
Q

Performance measures

A

Standards, targets and metrics used to collect and analyse information on the performance of an individual or contract

65
Q

Sourcing stratgey

A

A plan for creating an advantage by continually reviewing current needs against purchasing opportunities

66
Q

Why is the order of the 6 themes in the RAQSCI model important

A

It ranks them in order of importance

67
Q

Provide a RAQSCI example for the provision of care service in the adult social care market

A

Regulatory - must comply with safeguarding vulnerable groups act 2006
Assurance of supply - Must have the capacity to offer 98% of our placement needs on demand and must be able to demonstrate financial stability
Quality - Must have a minimum of a two-star CQC rating and the supplier must show evidence that it has processes in place that assure quality standards are achieved consistently
Service - Must have a help desk available to enquirers for core hours 9-5
Cost - unit prices will be at or below published average levels and processes are put in place to deliver continuous improvement that achieves agreed deflation levels year after year
Innovation - Processes in place to adopt and adapt new technology available to the sector to improve service standards

68
Q

Name 4 things to consider when developing a business requirement

A
  1. Collect information relating to the organisations desired future state
  2. Categorise all potential stakeholders
  3. Indentify individuals who contribute to the acquisition, manufacture or use of the product/service
  4. On completion, the analysis should be summarised and shared with all the stakeholders
69
Q

Requisition

A

An internal document raised by a user or a store to communicate to procurement the need to buy the product or service specified

70
Q

Purchase Order (PO)

A

A commercial document issued by a buyer to a seller confirming the goods or services required together with the quantity and specification needed

71
Q

Annual planning cycle

A

Planning involves a number of activities, such as analysis of opportunities, setting aims, exploring options, producing detailed plans and reviewing the plans against expectations. A cycle of activities as the result where each activity might need the previous activity revised before the final plan is accepted

72
Q

Terms and conditions

A

The rules that must be adhered to during a contract (also called terms of service or terms of use)

73
Q

Trigger events

A

A set of circumstances that start an activity

74
Q

Breakthrough result

A

The achievement of a particularly important and significant result

75
Q

It is possible to decide whether something is a straight rebuy if one or more of the following apply. List 4 of the ‘following’.

A
  1. A list of approved suppliers exist and terms and conditions have previously been agreed
  2. New suppliers are not considered
  3. The process for ordering is procurement approved and routine
  4. Buyers have relevant buying experience and require little to no new information
76
Q

When is there value in revisiting the business need?

A

If the item is a modified rebuy

77
Q

What’s the best way of revisiting a business need?

A

Creating a sourcing strategy

78
Q

Name the 10 steps to creating a sourcing strategy

A
  1. Define the scope of spend for the strategy and the requirements of the user or budget holder
  2. Assess the current spend
  3. Assess the supply market
  4. Analyse the total cost
  5. Identify suitable suppliers
  6. Develop a strategy
  7. Decide the route to market
  8. Decide how to implement the new supply arrangements
  9. Decide how to track results and benefits
  10. Define the trigger events that will restart the sourcing process
79
Q

Whats the most important part of preparing a sourcing strategy?

A

The scope of the business needs

80
Q

Is the sourcing strategy a continuous cycle?

A

Yes

81
Q

What does the scope of the sourcing strategy determine?

A

It determines what can and cannot be considered

82
Q

What’s the starting point of the scope of a sourcing strategy?

A

To define the category of what the organisation is sourcing

83
Q

Name 3 questions you should ask when defining the scope of the strategy

A
  1. Are there any geographical boundaries that need to be considered?
  2. What time period should the strategy cover?
  3. Are there any organisational boundaries that need to be considered?
84
Q

Collaborative agreement

A

This is a long term agreement between a buying organisation and a selling organisation which sets out how each party proposes to share information, costs, risks and results by working together on a product or service

85
Q

What should the output from the process of defining the scope be?

A

A simple statement of no more than one or two sentences

86
Q

What 2 things do you need to consider to generate options that substantially increase the value of the modfied rebuy?

A
  1. The capability of the supplier that is being sourced
  2. The product or service specification
87
Q

Capability

A

The ability of a supplier to meet an organisations specific business requirements

88
Q

Name 8 examples of typical capabilities

A
  1. Specialist skills
  2. World-class processes
  3. Social value contribution
  4. Sustainability characteristics
  5. Qualifications from regulatory bodies
  6. Leading-edge software
  7. Specific capital equipment
  8. Unique or dominant access to rare resources
89
Q

Name 4 things to remember when creating your sourcing strategy

A
  1. Formulate a plan for engaging with all the relevant stakeholders
  2. Be creative when defining the scope of the procurement
  3. Consider whether a broad range of related products and services can be included to increase your spend and therefore your leverage
  4. Present your scope to your stakeholders in a clear and concise statement of one or two sentences
90
Q

Name 4 examples of risks to an organisation due to new purchase activities

A
  1. Marketing needs to agree that the attributes of the product or service are those that are needed to support the required levels of quality, services and cost of the end product sold to customers
  2. Engineering needs to ensure that the item meets all of the technical requirements
  3. Manufacturing needs to be assured that the item is capable of being used in existing manufacturing processes using existing equipment
  4. Finance needs to ensure that the cost of the item enables the price if the end product to be maintained
91
Q

Name 5 ways new purchase situations are characterised by?

A
  1. The need is for a new product or service not used before
  2. There is no existing experience of buying this item
  3. A review has already been carried out to identify different ways of meeting the need other than by a new procurement
  4. A lot of information is needed before the purchase can be made
  5. There may be a requirement for follow-on straight rebuy orders once the initial purchase has been made
92
Q

What does a business case capture? (5)

A
  1. Benefits of the proposed action
  2. Any risks involved
  3. How risks can be mitigated
  4. Timescales for completing the project
  5. Role and responsibilities involved
93
Q

What should a business case explain?

A

Why something needs to be done and not just what needs to be done

94
Q

What’s the purpose of a business case?

A

To seek approval and possibly finance for the recommended plan of action

95
Q

Name 3 reasons a business case is prepared for

A
  1. A contract is coming to an end and the product or service needs to be procured again
  2. Cost reductions need to be made and this requires changes to the way the organisation operates
  3. An alternative product or service has been found that potentially delivers a number of benefits
96
Q

Name 2 forms of a business case

A
  1. Procurement sourcing strategy
  2. Category management plan
97
Q

What’s the first step in developing a business plan?

A

To be clear as to the opportunity the business case will exploit or the problem that the business case will solve

98
Q

Buying off-contract

A

The purchase of an item without a contract when a contract for that item already exists

99
Q

Name 2 types of problems

A
  1. Closed problems
  2. Open-ended problems
100
Q

Closed problems

A

These appear when something happens that should not have happened

101
Q

Open-ended problems

A

These are where something is stopping the achievement of an objective or blocking progress

102
Q

What is problem solving about?

A

Finding ways to correct situations or unblock the blockages

103
Q

Name 4 examples of a closed problem

A
  1. The price of a key raw material suddenly increases and makes a product less profitable
  2. The level of buying off-contract increases quickly and incurs unnecessary cost for the organisation
  3. An employee is under-performing and not achieving the expected results
  4. There is an unusually high level of purchase invoice errors
104
Q

Name 4 examples of open-ended problems

A
  1. Agreement form senior management is required for an additional budget to hire people into the new organisation structure
  2. There is an emerging monopoly in a key market and competition needs to be stimulated
  3. A 10% cost reduction is needed across all purchases to meet new corporate objectives
  4. An individual wants to start a category management programme but the organisation will not cooperate
105
Q

What do people make the mistake of doing when faced with a problem?

A

Trying to jump straight to a solution

106
Q

Describe an 8 step effective process to solving a problem

A
  1. Problem
  2. Problem definition
  3. Data collection
  4. Analysis
  5. Insight
  6. Hypotheses
  7. Test
  8. Solution
107
Q

Name an analysis to identify a problem

A

‘5 Whys’ analysis

108
Q

What should problems and solutions be based on?

A

Evidence

109
Q

Describe the 8 step model process for solving problems in procurement

A
  1. What is the current situation?
  2. What do we know?
  3. What are the underlying issues?
  4. What are the strategic options?
  5. What is the best option?
  6. How should we implement the plan?
  7. Have we achieved our objectives?
  8. What can we improve?
110
Q

What type of systems are closed problems usually identified using?

A

Performance monitoring systems

111
Q

Describe a performance monitoring system

A

Where a target is set and the actual results are measured. Any variance between the target and the actual results indicates that there is a problem

112
Q

Cost-out approach

A

The elimination of a cost in the manufacture of a product or the delivery of a service by means of removing an item from the specification

113
Q

Cost-down approach

A

The reduction of a cost in the manufacture of a product or the delivery of a service by means of changing an item in the specification

114
Q

Name a simple approach for an open-ended question

A

Start by writing down a problem statement

115
Q

What does an effective problem statement include?

A

The key features of the problem in such a way that it helps to point towards a solution

116
Q

Name 4 ways in which data can be gathered

A
  1. Interviews
  2. Questionnaires
  3. Observations
  4. Documents and records
117
Q

Name a method that can help you draw conclusions that help to develop the problem definition

A

Issues map - use sticky notes to write down each issue and connect issues that relate to each other with an arrow

118
Q

Name a simple way to generate options

A

A checklist

119
Q

What acronym can be used as a checklist to generate options?

A

SCAMPER

120
Q

What does SCAMPER stand for?

A

Substitute
Combine
Adapt
Modify
Put to other uses
Eliminate
Reverse

121
Q

What is SCAMPER used for?

A

Each word is used to frame a question for the problem to stimulate the generation of options for solving it

122
Q

What checklist is used for selecting the best solution? (5)

A
  1. Define the ideal solution
  2. Eliminate those which do not meet any constraints that there may be
  3. Evaluate the remaining solutions against the ideal solution definition
  4. Assess the risks associated with the best solution
  5. Make the decision
123
Q

What’s a good way of defining roles and responsibilities?

A

RACI

124
Q

What does RACI stand for?

A

Responsible - the person who will perform the task in the plan
Accountable - the person who has overall control of the project and has the power to say yes or no
Consulted - The people who need feedback on progress and may make some input to the work
Informed - the people who need to know about any decisions made for the project

125
Q

What may happen if too many people have the same role in a RACI matrix?

A

Roles have not been clearly defined

126
Q

What may happen if too few people have the same role assigned in a RACI matrix?

A

The roles have not been assigned

127
Q

Name the 6 step process to implementing the plan

A
  1. Create a team to implement the plan
  2. Create a project plan with activities, dependencies, outputs and dates
  3. Create a dashboard for tracking and demonstrating progress
  4. Communicate ongoing activity and results to stakeholders in the project
  5. Adapt the plan to changing circumstances
  6. When the project is completed document the results and share them with stakeholders
128
Q

Name 5 ‘do’s’ for problem solving

A
  1. Make sure there are sufficient solution options to choose from
  2. Consider all of the options
  3. Gather enough data and information
  4. Have clear objectives for the problems that you are trying to solve
  5. Understand and properly apply techniques for evaluating data and solutions. Be methodical and apply the process consistently
129
Q

Name 5 ‘don’ts’ for problem solving

A
  1. Rush it
  2. Approach the process in a random manner
  3. Accept external information at face value
  4. Accept others’ judgements uncritically
  5. Be impulsive. Taking short cuts will lead to failure
130
Q

What does FOG stand for

A

Fact
Opinion
Guess

131
Q

What does a simple business case look at?

A

The total costs and benefits to the organisation of a project. It needs to ensure activities are aligned with the strategic objectives and purpose of the organisation

132
Q

Name 15 sections that a typical business case for a new purchase activity or modified rebuy would include

A
  1. Executive summary
  2. Long-term strategy considerations
  3. Business requirements
  4. Price and cost analysis
  5. Return on investment
  6. Market analysis
  7. Risk analysis
  8. Supplier analysis
  9. Technical developments
  10. Vulnerability analysis
  11. Sourcing objectives
  12. Implementation plan
  13. Long-term benefits
  14. Sustainability
  15. Competitive advantage
133
Q

Cross-functional collaboration

A

A group of people with different skills and specialisms coming together to achieve a common purpose

134
Q

Return on investment

A

A measure of profitability that indicates whether a gain or loss has been generated compared with the initial cost

135
Q

Risk appetite

A

The level of risk that an individual or organisation is willing to accept

136
Q

Name 5 elements of a business case that appeal to senior managers

A
  1. Return on investment
  2. Time to market
  3. Customer satisfaction
  4. Improving productivity
    5.Managing risk
137
Q

Profit

A

The amount by which revenues of a company exceed its total costs

138
Q

Asset value

A

The value of everything an organisation owns

139
Q

Product life-cycle

A

The processes or stages relating to the development of a product from scratch; bringing the product to the marketplace, sales in the market and the eventual decline and removal of the product from the marketplace. The model has four key stages: introduction, growth, maturity and decline

140
Q

Productivity

A

The efficiency and effectiveness of effort required to produce or do something - measured in terms of the rate of output per unit of input

CIPS L4M2 - Defining Business Need (12 decks)

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