100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CIPS Level 4 Module 1 Questions and Answers 100% Accurate £20.45
Add to cart
Quickly navigate to
Preview
  2.  
  3. CIPS
  4.  
  5. CIPS

Exam (elaborations)

CIPS Level 4 Module 1 Questions and Answers 100% Accurate
 0 purchase
  • Module
  • CIPS
  • Institution
  • CIPS

CIPS Level 4 Module 1 Questions and Answers 100% AccurateCIPS Level 4 Module 1 Questions and Answers 100% AccurateCIPS Level 4 Module 1 Questions and Answers 100% AccurateCIPS Level 4 Module 1 Questions and Answers 100% Accurate The Purchasing process - ANSWER-1. Define Specification. 2. Select S...

[Show more]

Preview 4 out of 91  pages

Document information

  • October 2, 2024
  • 91
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • cips level 4 module 1 questions and answers 100 a
  • cips level 4 module 1 questions and answers stuvia
  • the purchasing process answer 1 define specific

Written for

  • CIPS
  • CIPS

Seller

avatar-seller
NursingTutor1

Reviews received

Content preview

CIPS Level 4 Module 1 Questions

and Answers 100% Accurate


The Purchasing process - ANSWER-1. Define Specification.

2. Select Supplier

3. Contract Agreement

4. Ordering

5. Expediting

6. Evaluation Follow up




Definition of Procurement & Supply - ANSWER-recognition of the fact that the

purchasing function has a role in not just "buying inputs" but in "securing

supply"




Direct Costs - ANSWER-These are costs which can be identified directly with

the production of a good or service; e.g. raw materials.

Usually strategic or leverae suppliers

,Indirect Costs - ANSWER-These are costs which cannot be matched against

each product because they need to be paid whether or not the production of

good or services takes place; e.g. rent on the premises.




Kraljic Matrix - ANSWER-A tool for portfolio analysis: a four-box matrix that

reflects the segmentation of spend based on an assessment of the value of

the spend relative to the market risk to acquire

1. Leverage Suppliers

2. Strategic Suppliers

3. Routine Suppliers

4. Bottleneck Suppliers




CAPEX is - ANSWER-1. Capital expenditures are for major purchases that will

be used in the future.

2. The life of these purchases extends beyond the current accounting period

in which they were purchased.

3. Because these costs can only be recovered over time through

depreciation, companies ordinarily budget for 4. CAPEX purchases separately

from preparing an operational budget.

,Right Quality - ANSWER-goods which are of satisfactory quality and fit for

their intended purpose e.g. ensuring an accurate specification of the

requirement and its quality standards.




Right Quantity - ANSWER-sufficient to meet demand and maintain service

levels while minimising stock holding e.g. by ensuring that there is accurate

demand forecasting and efficient inventory management.




Right Place - ANSWER-goods delivered to the appropriate delivery point,

packaged and transported so as to secure their safe arrival in good condition

e.g. by including transport instructions including packaging requirements as

part of purchase orders.




Right Time - ANSWER-delivery of goods at the right time to meet demand,

i.e. not too late but not so early as to incur unnecessary inventory costs e.g.

by ensuring accurate demand management, placing orders in time for

suppliers to provide timely delivery and ensuring that suppliers are aware of

delivery requirements.




Right Price - ANSWER-securing all of the above at a reasonable, fair,

competitive and affordable price. Ideally, minimising procurement costs in

, order to maximise profit e.g. by carrying out price and supplier cost analysis

and/or by carrying out competitive tendering and negotiation. The 'right'

price is one that represents good value for money.




OPEX - ANSWER-Operating expenses are the costs for a company to run its

business operations on a daily basis.




CAPEX - ANSWER-1. Useful beyond its curent year

2. Lump sum up front

3. 3-10 year accounting lifespan for depreciaiton

4. Listed as preprty or equipment

5. Tax deducted as asset depreciated




Name the 13 stages of the procurement cycle - ANSWER-1. Understand the

need.

2. Market Commodity options.

3. Develop Stratgey/ Plan.

4. Pre-procurement / market test.

5. Develop required documentation.

6. Supplier Selection.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

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 NursingTutor1. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £20.45. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£20.45
  • (0)
Add to cart
Added