L4M1 - CIPS: Scope and Influence of Procurement and Supply-Questions and Answers
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Course
CIPS
Institution
CIPS
L4M1 - CIPS: Scope and Influence of Procurement and
Supply-Questions and Answers
Competitive Dialogue with negotiation Correct Ans-Multi-stage process involving
negotiation with the bidders
Compliance Correct Ans-Conformed to rules and regulations
L4M1 - CIPS: Scope and Influence of Procurement and
Supply-Questions and Answers
Competitive Dialogue with negotiation Correct Ans-Multi-stage process involving
negotiation with the bidders
Compliance Correct Ans-Conformed to rules and regulations
Conflict of Interest (COI) Correct Ans-A situation where a person has opposing loyalties
Corporate Governance Correct Ans-The mechanisms, procedures and processes that are
used to control and direct an organisation.
Corporate Social Responsibility (CSR) Correct Ans-a business approach that contributes to
sustainable development by delivering economic, social and environmental benefits for all
stakeholders. The CSR policy may cover fundraising for charity, ethical behaviour, social and
environmental policies, etc.
Cost Impact Correct Ans-The amount of money spent on a particular product or service
Cost of Sales Correct Ans-Amount of money directly attributable to the production of
goods or services that are sold
, L4M1 - CIPS: Scope and Influence of Procurement and
Supply-Questions and Answers
Counter Offer Correct Ans-A response to an offer that is different from the original,
including amended details, such as price
Cross-functional Activities Correct Ans-Individuals from different departments working
together to achieve a common goal
Cycle Time Correct Ans-The amount of time it takes from receiving raw materials to
creating a finished product
Depreciation Correct Ans-The reduction overtime in the value of an asset held by a
company, often due to wear and tear. An amount for this is treated as a cost in a company's
annual accounts
Devolved Structure Correct Ans-Activities carried out at local levels
Direct Procurement Correct Ans-The purchasing of large quantities of raw materials
needed for production, at the best possible rates
Direct Purchase Correct Ans-Buying something that is required to enable production
, L4M1 - CIPS: Scope and Influence of Procurement and
Supply-Questions and Answers
Distributive Style Correct Ans-A style where one party wants to win and does so by
focusing on their own goals
Dividend Correct Ans-Sum of money payable to shareholders which is related to
organisational profit
Downstream Correct Ans-Processing the raw materials into the finished product
E-Auction Correct Ans-An auction that takes place between a buyer and a seller on an
electronic platform
Artificial Intelligence (AI) Correct Ans-Machines that display human-like intelligence
Assets Correct Ans-The value of everything an organisation owns
Audit Correct Ans-A systematic inspection of a process or procedure to assess compliance
with requirements or regulations
Batch Quantity Correct Ans-Amount of products produced at a time
Benchmark Correct Ans-Compare an element of one business, such as price, quality or
service, against another
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