What is a connected stakeholder? - ANSWER-A stakeholder that has a strong
interest in a company's activities. This is due to its contractual or commercial
relationship with the company.
What do internal stakeholders include? - ANSWER-Internal end users,
contract managers, legal team, employees.
What do connected stakeholders include? - ANSWER-Suppliers, Customers
and clients
What do external stakeholders include? - ANSWER-Competitors,
communities, government and other public agencies
,What is the definition of value for money? - ANSWER-The most advantageous
combination of price and quality that makes a product or service fit for
purpose and will achieve the buyer's required outcomes. This needs to be
reviewed in terms of whole life costs.
What is value mapping? - ANSWER-A process in which value is created by
reducing or eliminating waste and operational inefficiencies.
What are the seven wastes? (TIMWOOD) - ANSWER-Transportation,
Inventory, motion, Waiting, Over production, over processing, defects.
Value for money is often described as the three E's, what are the three E's? -
ANSWER-Economy, Efficiency, Effectiveness
What are typical factors taken into account in defining value for money? -
ANSWER-Fitness for purpose, quality, total lifetime costs, risk, environmental
and sustainability issues.
, Creating value for money with competition. - ANSWER-In the public sector
there are legal rules to support the creation of value for money,
transparency and fairness.
What can happen when there is a lack of compliance with procurement
processes and procedures? - ANSWER-Lack of contract coverage, Maverick
buying activity, May end up with a product or service that is unfit for
purpose, procurement activity is not assessed and managed in a consistent
way.
How can procurement add value when understanding the need? - ANSWER-
Make or buy decision, support the formation of a cross-departmental team to
develop the specification, review where branded products could be replaced
by substitute non-branded products or materials to reduce costs, encourage
standardisation
How can can value be added through a strategic approach? - ANSWER--
Review spend across various areas
-Following on from spend reviews they could aggregate demand and
consolidate spend.
-Supplier relationship management and risk management plans
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