Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CIPS Level 4 - LM1 > Module 2 > Flashcards

Module 2 Flashcards

1
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 1 Of The Procurement Cycle Add
1) Define The Need

A

1) Define The Need
- Saves Time
- Reduces Need For Requotes From Misinformation
- Ensures Quotes Are Based On Correct Requirements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 2 Of The Procurement Cycle Add
2) Market / Commodity

A

2) Market Commodity
- Saves Money - Saves Time
- Decide If Will Cost More To Acquire Or Produce
- Decide If Company Has Enough Capacity To Produce
- Decide How Much Control They Want In Cycle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 3 Of The Procurement Cycle Add
3) Develop Strategy

A

3) Develop Strategy
- Saves Money, Saves Time
- To Source Locally Or Globally
- Can Savings Be Made Overseas
- Does Currency Exchange Help Reduce Costs
- Do Overseas Suppliers Have Good Reputation For Producing Product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 4 Of The Procurement Cycle Add
4) Pre-Procurement

A

4) Pre-Procurement
- Saves Time, Saves Money In Long Run
- Gather Information
- See What Competition Is Out There
- Who Could Impact Strategy Positively & Negatively
- Ensure Potential Suppliers Have Capacity And Capability To Produce
- Ensure Companies Are Ethical And Sustainable
- Ensure Companies Will Not Financially Collapse During Contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 5 Of The Procurement Cycle Add
5) Develop Documentation

A

5) Develop Documentation
- Saves Time
* Use Request For Information To Analyse Suppliers
* Rule Out Unsuitable Suppliers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 6 Of The Procurement Cycle Add
6) Supplier Selection

A

6) Supplier Selection
Save Money, Time
- Use Carters 10 C’s Ensure Have Correct Supplier
- Pick Company Based Around Initial Requirement Who Can Delivery On Strategy
- Ensure Consistency During Product Life Cycle
- Ensure Company Has Desired Level Of Control On Production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 7 Of The Procurement Cycle Add
7) Issue ITT / RFQ

A 
7) Issue ITT / RFQ
Save Money, Achieve Conformance
- Achieve Best Value For Money
- Ensure Fairness
- Attract Wide Range Of Bids
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 8 Of The Procurement Cycle Add
8) Bid / Tender Evaluation

A

8) Bid / Tender Evaluation
- Use Scoring Criteria To Ensure Best Supplier Is Selected
- Scoring Should Be Transparent
- Ascertain
Companies Capability To Delivery On Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 9 Of The Procurement Cycle Add
9) Contract Award

A

9) Contract Award
* Supplier Relationship
* Award Contact To Winner First Allows Backup If Situation Changes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 10 Of The Procurement Cycle Add
10) Warehouse / Logistics

A

10) Warehouse / Logistics
Saves Time
* Warehouse Is Prepared To Receive Goods
* Plan Will Have Been Created For Storing / Moving / Picking Goods.
* Stored Amount Will Have Been Decided To Not Hold More Than Required
Against Demand
* If No Space Available Or Limited, Off Site Can Be Prepped To Receive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 11 Of The Procurement Cycle Add
11) Contract Performance Review

A

11) Contract Performance Review
Saves Time, Money And Improves Supplier Relationship
* Do KPI’s Show Contract Is Performing Well
* Are There Any Adjustments Required
* Is The Product Or Service Still Required
* Improves Supplier Relationships Meeting And Reviewing
* Develops Supplier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 10 Of The Procurement Cycle Add
12) SRM & CRM

A

12) SRM & CRM
Saves Time
* How Is The Supplier Chain Performing
* See Problems Before They Arrive
* Improves Supplier Relationships Meeting And Reviewing
* Develops Supplier
* Saves Money As Supplier May Be Being Over Managed
* Reduces Risk If Supplier Is Found To Be Being Undermanaged.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

ADDED VALUE IN THE SOURCING PROCESS
What Value Does Step 13 Of The Procurement Cycle Add
13) Asset Management

A

13) Asset Management
* Allows Monitoring Of TCO, Whole Life Costs
* Allows To Compare To Original Estimates
* Ensures Not Overspending Against Original Estimates
* Highlights Issues With Long Term Purchases
* Are The Assets Still Required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

CARTERS 10 C’S

  • Cash
  • Capacity
  • Competency
  • Consistency
  • Communication
  • Commitment
  • Cost
  • Control
  • Clean
  • Culture
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

WHAT ARE THE TERMS OF A LEGALLY BINDING CONTRACT?

A
  • Offer
  • Acceptance
  • Consideration
  • Intention To Create Legal Relations
  • Contractual Capacity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

WHAT IS THE DIFFERENCE BETWEEN THE FOLLOWING CONTRACT TERMS

EXPRESS TERMS
IMPLIED TERMS

A

EXPRESS TERMS
* EXPLICITLY INSERTED INTO A CONRACT TO ENSURE ADHERENCE AND ACCEPTANCE

IMPLIED TERMS
* ASSUMED TERMS NOT IN THE CONTRACT AS THEY ARE REQUIRED BY LAW

17
Q

WHAT DOES SLA STAND FOR AND WHAT IS IT?

A

SLA Stands For Service level Agreement

They Show How Service Levels Will Be Assessed And Monitored

What Measures Will Be Involved And How Problems Are Addressed

18
Q

NAME SOME E-SOURCING TOOLS

A

1) E-Catalogues
2) E-Tender - E-Bids
3) Supplier Portals & Market Exchanges
4) Reverse Auctions
5) On-Line Suppler Data

19
Q

WHAT ADVANTAGES DOES E-SOURCING PROVIDE TO THE PUBLIC SECTOR

A
  • EFFICIENCY
  • COMPLIANCE
  • COST SAVING
  • COLLABROATION
  • STRATEGIC FOCUS
20
Q

WHAT ARE OHNO’s 7 WASTES?

A 
OVER PRODUCTION - QUANITY
OVER PROCESSING - 
OVER TRANSPORTATION - PLACE
OVER INVENTORY
OVER MOTION
OVER DEFECTS / CORRECTION - QUALITY
OVER WAITING - TIME
21
Q

WHAT ARE THE AREAS COVERED BY COMPLIANCE

A
  • STANDARDS
  • REGULATIONS
  • LEGISLATION
  • CONTROL
  • STRATEGIES
  • POLICIES
  • AUDITS
  • RISK
22
Q

CORPORATE SOCIAL RESPONSIBILITY COVERS?

A
  • PHILANTOPIC GOOD WILL - BE A GOOD CITIZEN
  • EHTICAL - BE EHTICAL
  • LEGAL - OBEY THE LAW
  • ECONOMIC - BE PROFITABLE
23
Q

REMEMBER

SOURCING FROM UN ETHICAL NON SUSTAINABLE OR POORLY EVIRONMENTALLY AWARE COMPANIES CAN HAVE A HUGE DETRIMENTAL EFFECT ON COMPANIES

THE MEDIA WILL REPORT NEGATIVELY CONNECTIONS TO THESE BUSINESSES BUT THEY WILL ALSO RESORT IN YOU HAVING HIGH LATE DELIVERES, POORLY MANUFACTURED GOODS OR MATERIALS AND OWING TO THEIR LOW STANDARDS CANNOT GUARANTEE THEIR OWN SUSTAINABILITY.

A

CIPS Level 4 - LM1 (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions