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CIPS Level 3 Mod 2 Part 1 Questions And Answers With Verified Solutions 100% Correct!!!
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CIPS Level 3 Mod 2 Part 1 Questions And Answers With Verified Solutions 100% Correct!!!
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CIPS Level 3 Mod 2 Part 1 QuestionsAnd Answers With Verified Solutions
100% Correct!!!
Value - ANSWER✔✔meeting the exact needs of the individual or organisation at
the time at which they are required
Fixed cost - ANSWER✔✔a cost that remains constant in the short term
irrespective of production volumes
Variable cost - ANSWER✔✔costs that change with the output of the organisation
Ways to add value - ANSWER✔✔- Monetary
- Reduced input costs
- Brand
- Additional features
- Excellent services
- Reputation
- Convenience
Brand can add value by providing - ANSWER✔✔· Awareness
· Engagement
· Communication
Key areas that should be considered in order to achieve value for money -
ANSWER✔✔· Product or service price
· Currency and exchange rates
· Freight costs
· Maintenance costs
· Warranty
· Environmental factors
· Supplier reputation
· Order requisitions
· Packaging
· Payment terms
· Quality
Five rights of procurement - ANSWER✔✔· Quantity
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