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Submission #2:
| Submission Score: | 95 / 100 (95.00%) |
| Grade Time: | May 06 at 19:46 |
| Submitted On: | May 06 at 19:46 |
- One reason that those employed in purchasing need to understand processes is ________.
- To recreate the purchasing process
- To understand the manufacturing process (if applicable)
- To circumvent frustrating processes
- All of the above
- During the “analyze” stage of strategic sourcing g, you do which of the following?
- Identify potential suppliers
- Select the source
- Finalize contract
- Develop a deep understanding of what you are buying
- During the “source” stage of strategic sourcing g, you do which of the following?
- Finalize contract
- Identify potential suppliers
- Buy at the list price
- Select the source
- Which of the following is one of the seven rights of purchasing?
- Getting the right price
- Getting the right customer
- Getting material from the right supplier
- Getting the right logistics company
- During the “procure” stage of strategic sourcing g, you do which of the following?
- Select the source
- Identify potential suppliers
- Develop a deep understanding of what you are buying
- Finalize contract
- ________ represent costs that will remain even after we stop a particular process or activity.
- Cash-to-cash cycle
- Back orders
- Balanced scorecard
- Fixed costs
- 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 available
- Create a source of supply when the item you want is not readily available and help existing suppliers improve their capabilities in some way
- Help existing suppliers improve their capabilities in some way and gain power
- Gain power and create a source of supply when the item you want is not readily available
- Market complexity is relevant to strategic sourcing for which reasons?
- It refers to the lowest level of division for a process
- It is one step in the strategic sourcing process
- It is a planning tool to diagram a sequence of events or activities
- It concerns risks in the marketplace and it asks you to look at the competitive landscape of the supply market
- What are the four types of buy (i.e., segments) that are described by the purchasing portfolio matrix?
- Easy, hard, simple, complex
- Routine, leverage, bottleneck, strategic
- Smart, leverage, special, valuable
- Generic, leverage, special, constant
- Multi-criteria analysis is an intuitive tool that helps you select the right supplier. One of the strengths of multi-criteria analysis is that it enables you to “________” qualitative decisions.
- Multiply
- Exploit
- Divide
- Quantify
- Single sourcing is a strategy used by some organizations. Which of the following is not a benefit of single sourcing?
- Synergies between multiple suppliers benefit the buyer
- Only need to synchronize processes with one supplier
- Volume consolidation
- Supplier brings you innovative products
- Deciding how important each criterion is is which of the following steps in Multi-criteria analysis?
- Define scoring system
- Evaluate options
- Decide on criteria
- Set weights
- As a purchasing professional, what is your role in the p-card process?
- Provide the funding stream for a wide variety of program logistics
- Select p-card issuer and negotiate the agreement
- Work with IT to design and easy-to-use web interface
- Management and control of activities
- Purchasing professionals need to ________ and ________ in order to find the right supplier.
- Lower market share; write contracts
- Get the lowest price; monitor delays
- Overpromise; underperform
- Ask tough questions; do their homework
- The formal process of asking “What if…?” questions in a decision-making process is called what?
- Cost variance
- Decomposition
- Sensitivity analysis
- Expediting
- If a supplier perceives you as a customer as a development, what should your strategy be for bottleneck buys?
- Identify compatibilities and build those together
- Manage risks proactively and consider supplier development opportunities
- Seek cost saving projects
- Manage risk and look for a new supplier that values you more
- As a purchasing professional, when you don’t stay ahead of the ________, you and your company will become irrelevant.
- Changing market
- Technology game
- Supplier contract
- Competitor’s core competence
- Which of the following is the “Monitoring” step in the supplier selection process?
- Make sure the supplier is performing to promise
- Define key selection criteria, compare costs and capabilities, visit suppliers and establish an approved list
- Know who all your suppliers are
- Pick the “best” supplier and get contract signed
- Single sourcing is a strategy used by some organizations. Which of the following is a benefit of single sourcing?
- Competition ensures price and service
- Lower freight costs on consolidated orders
- Risk mitigation
- Synergies between multiple suppliers benefit the buyer
- What are some of the consequences of choosing the wrong supplier?
- Production delays and higher costs
- Enhance firm’s competitiveness and higher costs
- Lost profits, production delays, and lower market share
- Lower market share and enhance firm’s competitiveness