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- During the “source” stage of strategic sourcing g, you do which of the following?
| Finalize contract identify potential suppliers select the source by at the list price |
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Which of the following processes do purchasing professionals need to understand?
| Understanding processes is over-ratedThe computerizing the human thought processBoth purchasing and manufacturing processes A clearly specified mathematical process for manufacturing |
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During the “procure” stage of strategic sourcing g, you do which of the following?
| Identify potential suppliers Finalize contract Develop a deep understanding of what you are buying select the source |
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During the “analyze” stage of strategic sourcing g, you do which of the following?
| Select the source develop a deep understanding of what you are buying identify potential suppliersFinalize contract |
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Market complexity is relevant to strategic sourcing for which reasons?
| It is one step in the strategic sourcing processIt is a planning tool to diagram a sequence of events or activitiesIt concerns risks in the marketplace and it asks you to look at the competitive landscape of the supply marketIt refers to the lowest level of division for a process |
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Which of the following is one of the seven rights of purchasing?
| Getting the right logistics companyGetting the right priceGetting the right customerGetting material from the right supplier |
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Reasons for supplier development include which of the following?
| Calculate activities based on a series of known activities and create a source of supply when the item you want is not readily availableGain power and create a source of supply when the item you want is not readily availableCreate a source of supply when the item you want is not readily available and help existing suppliers improve their capabilities in some wayHelp existing suppliers improve their capabilities in some way and gain power |
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One reason that those employed in purchasing need to understand processes is ________.
| To recreate the purchasing processTo understand the manufacturing process (if applicable)To circumvent frustrating processesAll of the above |
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________ represent costs that will remain even after we stop a particular process or activity.
| Fixed costsBalanced scorecardCash-to-cash cycleBack orders |
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As a purchasing professional, what is your role in the p-card process?
| Provide the funding stream for a wide variety of program logisticsManagement and control of activitiesWork with IT to design and easy-to-use web interfaceSelect p-card issuer and negotiate the agreement |
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What are some of the consequences of choosing the wrong supplier?
| Lower market share and enhance firm’s competitivenessLost profits, production delays, and lower market shareProduction delays and higher costsEnhance firm’s competitiveness and higher costs |
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Single sourcing is a strategy used by some organizations. Which of the following is a benefit of single sourcing?
| Competition ensures price and serviceSynergies between multiple suppliers benefit the buyerLower freight costs on consolidated ordersRisk mitigation |
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Single sourcing is a strategy used by some organizations. Which of the following is not a benefit of single sourcing?
| Supplier brings you innovative productsOnly need to synchronize processes with one supplierVolume consolidationSynergies between multiple suppliers benefit the buyer |
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The formal process of asking “What if…?” questions in a decision-making process is called what?
| Sensitivity analysisCost varianceDecompositionExpediting |
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As a purchasing professional, when you don’t stay ahead of the ________, you and your company will become irrelevant.
| Technology gameCompetitor’s core competenceChanging marketSupplier contract |
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Deciding how important each criterion is is which of the following steps in Multi-criteria analysis?
| Set weightsEvaluate optionsDefine scoring systemDecide on criteria |
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Purchasing professionals need to ________ and ________ in order to find the right supplier.
| Lower market share; write contractsGet the lowest price; monitor delaysAsk tough questions; do their homeworkOverpromise; underperform |
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Which of the following is the “Monitoring” step in the supplier selection process?
| Define key selection criteria, compare costs and capabilities, visit suppliers and establish an approved listKnow who all your suppliers arePick the “best” supplier and get contract signedMake sure the supplier is performing to promise |
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Collecting data and filling out the matrix is which of the following steps in Multi-criteria analysis?
| Decide on criteriaDefine scoring systemSet weightsEvaluate options |
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If a supplier perceives you as a customer as a development, what should your strategy be for bottleneck buys?
| Seek cost saving projectsManage risks proactively and consider supplier development opportunitiesIdentify compatibilities and build those togetherManage risk and look for a new supplier that values you more |