Exam (elaborations)
CIPS L4M6 (Supplier Relationship) LO3 QUESTIONS AND ANSWERS RATED A.
- Course
- Institution
CIPS L4M6 (Supplier Relationship) LO3 QUESTIONS AND ANSWERS RATED A.
[Show more]
Content preview
CIPS L4M6 (Supplier Relationship) LO3QUESTIONS AND ANSWERS RATED
A.
What is a multi-national company?
Correct Answer -a company that operates in more than one country, for
example, McDonalds
What behaviors are expected from the buyer and supplier in a partnership
relationship?
Correct Answer -- open and honest communications between both parties
- trust
- fair/non-opportunistic behavior
What will the buyer need to do in order to develop commitment via
communication?
Correct Answer -- establish a formal review structure. this will include a
team structure, review frequency, methods of communication, escalation
points and timescales
- provide clear information on the knowledge to be shared by the buyer
and supplier as well as information on how this knowledge is to be
managed once it has been shared
- both the buyer and the supplier must communicate the partnership
information within their organizations to support commitment
Why is reviewing the partnership relationship important?
Correct Answer -- by having KPIs and a formal review process the
partners can focus resources on the priority areas in order to achieve the
required benefits
, - reviews will ensure that the benefits and value-added objectives are
achieved within the required timescales
- documenting and celebrating success is important. demonstrating the
improvements and benefits will motivate the partners and their staff to
continue to progress the partnership relationship. this may also service to
reduce or eliminate any remaining resistance in the wider organisation
what is meant by lessons learned?
Correct Answer -experiences gained as part of a project that should be
documented and used to improve future projects
what is continuous improvement?
Correct Answer -an ongoing effort to improve products, processes and
services
what is a project audit?
Correct Answer -a more formal process than a review; this would usually
be undertaken by a party that is independent of the organisation being
audited
what are the benefits of undertaking an audit of the partnership
relationship?
Correct Answer -- the audit will review how the partnership is progressing
against the implementation plan and the key milestones
- it provides an overview of what has gone well and what could be
improved
- audits can uncover problems which can then be addressed before they
derail the partnership relationship and they can ensure that the
partnership relationship is efficient and effective
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller saraciousstuvia. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.29. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
