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L4M1 Chapter 3: Key aspects of organisational infrastructure that shape the scope of a procurement or supply chain function 100% ACCURATE$9.99
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L4M1 Chapter 3: Key aspects of organisational infrastructure that shape the scope of a procurement or supply chain function 100% ACCURATE
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Course
L4M1
Institution
L4M1
3.1 What is corporate governance? (3) - ANSWER Mechanisms, procedures and processes to control/direct stakeholders and org; make org effective, efficient and successful; make orgs procedures and policies ethical
3.1 What are the 10 aspects that make up corporate governance? - ANSWER Vision; poli...
L4M1 Chapter 3: Key aspects of organisational infrastructure that
shape the scope of a procurement or supply chain function 100%
ACCURATE
3.1 What is corporate governance? (3) - ANSWER Mechanisms, procedures and processes to
control/direct stakeholders and org; make org effective, efficient and successful; make orgs procedures
and policies ethical
3.1 What are the 10 aspects that make up corporate governance? - ANSWER Vision; policies and
procedures; mission; accountability (management, stakeholder and board); strategy; performance
management; objectives; stakeholder protection; goals; values and ethics
3.1 What are the 4 examples of conflicts of interest and their possible outcomes? - ANSWER Buyer-
supplier relationship - confidential, unprofessional convos; buyer awards to family - sharing info unfairly;
accepting supplier bribe for info - award unsuitable supplier; accepting gifts/hospitality for award -
unsuitable supplier
3.1 What are the 2 ways in which a COI can present itself? - ANSWER Actual COI - decision affecting
personally; Perceived - private interests affecting decision making
3.1 What are the 4Ds in the COI model? - ANSWER Disclose - first step; distance - no direct input;
delegate - if cannot distance, delegate; dissasociate - for complete objectivity (if critical)
3.1 What do ethics relate to in procurement? (4) - ANSWER Human rights (modern slavery, working
conditions, child labour, trafficking); bribery and coercion (COI, gifts, blackmail); fair trade (fairer trading
conditions); environment (pollution, renewable resources)
3.1 What are the 3 key aspects of a code of ethics? - ANSWER Clearly outline what acceptable and not;
not necessarily legal requirement (in every country); best practice and knowledge
3.1 What are the main elements found in a code of ethics? (5) - ANSWER Values (morals and beliefs i.e
fairness, transparency and integrity); principles - how values met (CSR, standards, customer satisfaction,
continuous improvement); personal responsibility (for upholding code); compliance - what required (for
standards/policies); reporting - concerns
, 3.1 What are the 6 benefits to a code of ethics in a procurement function? - ANSWER Provide framework
(to work towards, cohesiveness); rep for strong values (transparency and fairness); protect against
ethical breach; good practice focus (updating etc); cross-functional involvement; diversity understanding
(cultures, beliefs and practices)
3.2 What are the 4 main policies covering anti-competitive behaviour (aspects covered in procedures) -
ANSWER IP - prevent copying; cartels - price fixing, limiting supply; merger control; monopolies
3.2 What are the 4 independent regulatory bodies that supervise utility industries? - ANSWER Ofcom -
comms; Ofgem - gas and elec markets; ofwat - water/wastewater services; ORR - rail and road
3.2 What is the difference between small and larger companies on who has responsibility for stages of
the sourcing process? (aspects covered in procedures) - ANSWER Small org - one buyer responsible for
all; large org - specialists in stages (market analysis/supplier evaluation)
3.2 What sort of items should be checked in an invoice clearance and payment procedure? (5) - ANSWER
Quantity received; price invoiced; tax rate applied; transport costs; payment terms
3.2 What is the sequence of procurement strategy to work tasks? (4) - ANSWER Procurement strategy at
top outlining proc objectives; policies from strategy; procedure how policy carried out; manuals from
procedures to guide tasks (all fulfilling strategy)
3.2 What are the 6 influences on procurement strategy? - ANSWER Operations; forecasts; competition;
organisational objectives; economy; budgets
3.2 What are the key aspects of procurement strategy change? (3) (2 types of change) - ANSWER Must
align to market forces; may face step change (radical) after significant event (strategic supplier only one
meeting policy out of business, change policy); otherwise incremental to avoid resistance
3.2 What are the 10 advantages of procurement strategies, policies and manuals? (part of corporate
governance) - ANSWER Guidance; continuity; promotes ethical behaviour; control; reduced risk;
consistent supplier treatment; credibility; prevents maverick purchasing; proc focus; accountability
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