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CIPs L4M1 LO1 Questions with All Correct Answers 100% Verified

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CIPs L4M1 LO1 Questions with All Correct Answers 100% VerifiedCIPs L4M1 LO1 Questions with All Correct Answers 100% VerifiedCIPs L4M1 LO1 Questions with All Correct Answers 100% VerifiedCIPs L4M1 LO1 Questions with All Correct Answers 100% VerifiedCIPs L4M1 LO1 Questions with All Correct Answers 10...

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  • October 2, 2024
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  • Exam (elaborations)
  • Questions & answers
  • CIPs L4M1 LO1
  • CIPs L4M1 LO1
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CIPs L4M1 LO1 Questions with All

Correct Answers 100% Verified


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-unable to be touched or grasped; not having physical

presence




Procurement elements - ANSWER-1. Added Value

2. Cost

3. Inventory

4. Logistics

5. Purchasing

6. Quality

,7. Supply

8. Waste Management




downstream supply chain - ANSWER-the supply chain from the production

facility to the end-customer




Supply Chain Management - ANSWER-a management system that

coordinates and integrates all of the activities performed by supply chain

members into a seamless process, from the source to the point of

consumption, resulting in enhanced customer and economic value




Strategic - ANSWER-High level planning including setting direction and long

term goals.




A typical Supply Chain - ANSWER-Primary - raw materials

Secondary - manufacturing

Tertiary - services




Each sector adds value.

, Supply Chain Definition - ANSWER-The infrastructure involved in physically

getting the products and services delivered.

A channel of goods distribution.

Starts with raw material supplier.

Moves through a operational process to the distributor and retailer.

And finally to the customer.




Upstream Supply Chain - ANSWER-Supply of raw materials, components,

parts etc that are needed for production.




Value/Supply Chain - ANSWER-1. Price

2. Delivery

3. Stoarge

4. Ethics

5. Environment

6. Sustainability

7. Communication

8. Quality

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