L4M1 - CIPS: Scope and Influence of Procurement and Supply CORRECT 100%
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Course
L4M1 - CIPS
Institution
L4M1 - CIPS
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 Am...
L4M1 - CIPS: Scope and Influence of
Procurement and Supply CORRECT
100%
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 Amount of products produced at a time
Benchmark - ANSWER Compare an element of one business, such as price, quality or service, against
another
Bid - ANSWER Offer of a price, may be a response to an invitation to tender
Brand - ANSWER The image of an organisation. The name, logo, slogan, colours, etc., that differentiate it
from the competition
Budget - ANSWER Financial plan for a set period of time on how much can be spent
Buffer Stock - ANSWER The amount of stock held as inventory at any time in addition to immediate
requirements
Capital Asset - ANSWER Tangible, non-current (or fixed) assets
, Carriage Deals - ANSWER Negotiations to achieve the best possible cost
Centralised Structure - ANSWER Activities carried out at one central location
Charity - ANSWER A not-for-profit organisation with the objective of raising awareness or helping its
chosen cause
Cloud Computing - ANSWER The delivery of IT services such as storage and networking which are hosted
by a third party and accessed over the internet
Co-Operative - ANSWER A people-centred enterprise owned and run by and for its members, which
either reinvests any profits or returns them to its members
Code of Ethics - ANSWER A document detailing acceptable behaviour within an organisation
Collaborative Style - ANSWER Working together effectively, a style promoting win-win and trust within
relationships
Competitive Dialogue - ANSWER Multi-stage process involving feedback from potential suppliers prior to
bidding
Competitive Dialogue with negotiation - ANSWER Multi-stage process involving negotiation with the
bidders
Compliance - ANSWER Conformed to rules and regulations
Conflict of Interest (COI) - ANSWER A situation where a person has opposing loyalties
Corporate Governance - ANSWER The mechanisms, procedures and processes that are used to control
and direct an organisation.
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