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CIPS Supplier Relationships L4M6 Questions and Answers (Graded A) $14.49   Add to cart

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CIPS Supplier Relationships L4M6 Questions and Answers (Graded A)

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CIPS Supplier Relationships L4M6 Questions and Answers (Graded A)CIPS Supplier Relationships L4M6 Questions and Answers (Graded A)CIPS Supplier Relationships L4M6 Questions and Answers (Graded A)CIPS Supplier Relationships L4M6 Questions and Answers (Graded A)What is a connected stakeholder? - ANSW...

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  • October 2, 2024
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  • Questions & answers
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NursingTutor1
CIPS Supplier Relationships L4M6

Questions and Answers (Graded

A)


What is a connected stakeholder? - ANSWER-A stakeholder that has a strong

interest in a company's activities. This is due to its contractual or commercial

relationship with the company.




What do internal stakeholders include? - ANSWER-Internal end users,

contract managers, legal team, employees.




What do connected stakeholders include? - ANSWER-Suppliers, Customers

and clients




What do external stakeholders include? - ANSWER-Competitors,

communities, government and other public agencies

,What is the definition of value for money? - ANSWER-The most advantageous

combination of price and quality that makes a product or service fit for

purpose and will achieve the buyer's required outcomes. This needs to be

reviewed in terms of whole life costs.




What is value mapping? - ANSWER-A process in which value is created by

reducing or eliminating waste and operational inefficiencies.




What are the seven wastes? (TIMWOOD) - ANSWER-Transportation,

Inventory, motion, Waiting, Over production, over processing, defects.




Value for money is often described as the three E's, what are the three E's? -

ANSWER-Economy, Efficiency, Effectiveness




What are typical factors taken into account in defining value for money? -

ANSWER-Fitness for purpose, quality, total lifetime costs, risk, environmental

and sustainability issues.

, Creating value for money with competition. - ANSWER-In the public sector

there are legal rules to support the creation of value for money,

transparency and fairness.




What can happen when there is a lack of compliance with procurement

processes and procedures? - ANSWER-Lack of contract coverage, Maverick

buying activity, May end up with a product or service that is unfit for

purpose, procurement activity is not assessed and managed in a consistent

way.




How can procurement add value when understanding the need? - ANSWER-

Make or buy decision, support the formation of a cross-departmental team to

develop the specification, review where branded products could be replaced

by substitute non-branded products or materials to reduce costs, encourage

standardisation




How can can value be added through a strategic approach? - ANSWER--

Review spend across various areas

-Following on from spend reviews they could aggregate demand and

consolidate spend.

-Supplier relationship management and risk management plans

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