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CPSM EXAM 1 (ISM CERTIFIED PROFESSIONAL IN SUPPLY MANAGEMENT) QUESTIONS WITH COMPLETE ANSWERS!!
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CPSM EXAM 1 (ISM CERTIFIED PROFESSIONAL IN SUPPLY MANAGEMENT) QUESTIONS WITH COMPLETE ANSWERS!!
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CPSM EXAM 1 (ISMCERTIFIED
PROFESSIONAL IN
SUPPLY
MANAGEMENT)
QUESTIONS WITH
Evatee 8/13/24 CPSM
, CPSM EXAM 1 (ISM CERTIFIED
PROFESSIONAL IN SUPPLY MANAGEMENT)
QUESTIONS WITH COMPLETE ANSWERS!!
Methods of communicating attributes of a product or service Answer - A)
Performance & design specs - define what the product or service must do.
Often used with capital equip & services. Performance spes. gives supplier the
most control over how to satisfy the requirement. Design Specs gives buyer
most control.
B) Internal vs. external specs - if not the same product will cost more.
C) Supplier samples - a physical sample can serve as the spec when it meets the
buyers needs.
Statement of Work (SOW) Answer - Is a spec for service to be performed. Two
components. 1. defines what product must look like or do and 2. quantitative
to measure performance.
Types of solicitation bids Answer - 1. Offer to buy vs Offer to sell, 2. Informal
bid/quotation, 3. Electronic solicitations (RFx), 4. Competitive proposals, 5.
Sealed bids / formal advertising, 6. Restricted competition, 7. Non-competitive
negotiations, 8. Two step bidding, 9. alternative/innovative proposals, 10.
Pricing models / market baskets, 11. Lotting strategies (online bidding)
Request for Information (RFI) Answer - Are information request not binding on
either party. Results are usually in the form of price list or catalogs and helps
supplier in budgeting process. Potential draw backs, is that RFI's are overused
and supplier may not respond.
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