SCM 309 Exam #1 (100% Correct Answers)

Supply Managemnt correct answers a progressive approach to managing the supply base that differs from the traditional arm's length or adversarial approach with suppliers Requires supply chain professionals to work directly with key suppliers who are capable of providing world-class performance RFI correct answers request for information (about capabilities of various suppliers, comparative) RFQ correct answers request for quotation (invite suppliers to a bidding process on specific products or services) RFP correct answers request for proposal (a document that solicits proposal, often made through a bidding process, by any agent or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals) purchasing requisition correct answers a document used when an employee needs to make a purchase on behalf of their company. It is a document that is used to inform department managers or the purchasing officer of the decision so that the purchasing department can start the purchasing process. purchase order (PO) correct answers a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. Blanket purchase order correct answers a purchase order which a customer places with its supplier to allow multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing. It is normally used when there is recurring need for expendable goods bill of lading correct answers a detailed list (type, quantity, and destination) of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods Packing slip correct answers a list of what is included in a shipment Invoice correct answers a bill; a list of goods sent or services provided, with a statement of the sum due for these Strategic sourcing correct answers an institutional procurement process that continuously improves the purchasing activities of a company formalizes the way information is gathered, targets select suppliers, organization leverages its consolidated purchasing power to find the best possible values in the marketplace