SCMN 2150 Exam 2 Robert Straw Questions with Correct Answers
21 views 0 purchase
Module
SCMN 2150
Institution
SCMN 2150
What is procurement? Correct Answer The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality
What is strategic sourcing? Correct Answer an institutional procurement process that continuously improves and re-evaluates the purchasing activities o...
SCMN 2150 Exam 2 Robert Straw Questions
with Correct Answers
What is procurement? Correct Answer The purchase of merchandise or services at the
optimum possible total cost in the correct amount and quality
What is strategic sourcing? Correct Answer an institutional procurement process that
continuously improves and re-evaluates the purchasing activities of a company
What is the difference between traditional purchasing and strategic sourcing? Correct
Answer strategic sources seeks for continuous improvement
What are the steps in the procurement process and why is it important to follow them?
Correct Answer 1) Identify material & service needs
2) Evaluate supplier options
3) Select supplier
4) Release orders and receive products
5) Measure and manage performance
It is important to follow these steps because you do not want to make a decision based
on incomplete information
What are the goals of supply chain management and why is it important? Correct
Answer To buy products and services....
- At the right price
- From the right source
- At the right specification
- In the right quantity
- For delivery at the right time
- To the right internal customer
It is important because it wants to generate a sustainable advantage through lower
costs, higher quality, and better service from our global supply base of trading partners
What is a quadrant analysis and why is it important? Correct Answer A quadrant
analysis is a visual tool that categorizes data or elements into four quadrants based on
two criteria, helping to prioritize and make decisions from either the products or
services. It is important for simplifying complex data, identifying trends, and making
informed choices in various fields.
Why is it important to evaluate supplier performance? Correct Answer - To monitor kpis
(key performance indicators) and take corrective action, to ensure value is provided by
suppliers
, - To create visibility into process and performance across the entire supply
management lifecycle
Fill Rate Correct Answer Total Quantity Received / Total Quantity Ordered
Defect Rate Correct Answer Total Quantity Defective / Total Quantity Received
On Time Correct Answer Orders Received On Time / Total Orders
Perfect Purchase Order Percent Correct Answer Order arrives on time, without defects,
and with perfect documentation at the right location with correct quantities of all skus
(stock keeping unit) ordered
What is a supplier scorecard and how are they created and utilized? Correct Answer -
Monitor performance across multiple metrics over extended time period
- Categorize suppliers based on their scores
- Offer additional business to best performers
What are the 7 steps of strategic sourcing? Correct Answer 1. Analyze product
categories used by the business, spending patterns, and the processes and
departments involved.
2. Develop a sourcing strategy based on business goals.
3. Analyze the supplier market and create a supplier portfolio.
4. Define request for proposal criteria and templates.
5. Negotiate with and select suppliers.
6. Integrate suppliers into existing processes, onboarding any new vendors or
outsourcing providers.
7. Track performance metrics and optimize the sourcing plan, as needed
What is holding procurement back? Correct Answer 1. Lack of kpis and metrics to
monitor the effectiveness of the performance tomeet the goals of the relationship. If kpis
do exist, they are generally focused on safety and adherence to payment terms with a
very limited view, if any, on performance and productivity
2. Unwillingness for end-users / operations groups to modify day to day interactions with
suppliers
3. Lack of executive support and commitment to the new operating model developed
through the contracting process
What types of large-scale changes are companies planning in the coming out of the
pandemic? Correct Answer 1. Expand their supply base
2. Shrink their global supply chain and rely on local suppliers
3. Increase inventory levels
4. Increase financing for key suppliers
What is Production Correct Answer the process by which inputs are combined,
transformed,and turned into outputs. May involve products and/or services
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 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 ExamsGuru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.60. You're not tied to anything after your purchase.
