CIPS L4M1 Scope and Influence of Procurement and Supply P1/4 QUESTIONS & CORRECT SOLUTIONS(GRADED A)EXAM BUNDLE

Stakeholders - ANSWER In any activity an organization undertakes, whether strategic, operational or tactical, the activity can only be successful with the input, commitment and support of its key stakeholders. Gaining and maintaining the support and commitment of stakeholders requires a continuous p...

What is Procurement? - ANSWER Procurement is a STRATEGIC function of a business obtains something Tangible as goods or Intangible as services. Include Purchasing Inventory, Logistics, Supply, Waste Management Quality, Cost, Added Value What is Purchasing? - ANSWER Is the ACT of physically orderin...

Procurement - ANSWER Procurement is a strategic function of the business, includes the elements such as : Added Value, Cost, Inventory, Logistics, Purchasing, Quality, Supply. Purchasing - ANSWER Purchasing is the act of physically ordering and buying something. It can be can be tangible or intan...

Innovation, sustainability, meeting KPI's and market development are all examples of added ___? - ANSWER Value ____ costs are not directly attributable to the end product or service - ANSWER Indirect Which of the following are recognised categories of expenditure within procurement: Direct,...

Artificial Intelligence (AI) - ANSWER Machines that display human-like intelligence Assets - ANSWER The value of everything an organisation owns Audit - ANSWER A systematic inspection of a process or procedure to assess compliance with requirements or regulations Batch Quantity - ANSWER Amo...

Procurement - ANSWER the process of obtaining something, either tangible or intangible. the process starts by indentifying a need and is complete once the goods or services that meet that need are delivered Purchasing - ANSWER the act of physically ordering and buying something Supply - ANSWE...

The Purchasing process - ANSWER 1. Define Specification. 2. Select Supplier 3. Contract Agreement 4. Ordering 5. Expediting 6. Evaluation Follow up Definition of Procurement & Supply - ANSWER recognition of the fact that the purchasing function has a role in not just "buying inputs" bu...

what is opening stock? - ANSWER the inventory held at the start of an accounting period what is stocktake? - ANSWER an audit check of the stock physically held; this may be by amount or value, or both what are finished goods? - ANSWER products ready for sale and/or use what is work in progr...

Define procurement - ANSWER Procurement is the process of obtaining goods or services through following a process that includes identifying the need through to goods or services being delivered. Define purchasing - ANSWER Purchasing is the act of physically ordering and buying something. Defin...

Corporate Governance - ANSWER Mechanisms, procedures and processes that are used to control and direct an organisation. Ethics - ANSWER Principles that govern a person's or an organisations behaviour Values - ANSWER Importance or worth that an attribute has for an individual or stakeholder ...

definition of procurement - ANSWER procurement is a strategic function of the business that includes, added value, cost, inventory, Logistics, purchasing,ordering, quality and supply /delivery Kraljic Matrix - ANSWER A tool for portfolio analysis: a four-box matrix that reflects the segmentation ...

What is corporate governance? - ANSWER Corporate governance is the system of standards, procedures and policies by which an organisation is controlled - a framework that is created around the organisation's values and objectives, making an organisation effective, efficient and successful W...

Procurement - ANSWER Involves obtaining something either tangible (goods) or intangible (services). The process begins by identifying a need and is complete once that need is delivered. It is a strategic function. tangible - ANSWER capable of being touched; real, concrete intangible - ANSWER u...

What added value do structured procurement processes provide? - ANSWER Consistent best practice, less scope for laws and regs deviance, reduced opp for duplicated effort, faster procurement Advantages of formal, systematic approach to structuring processes and procedures (8) - ANSWER Coordination...