CPPB Exam - Domain VI - Strategic Procurement Planning Correct 100%(RATED A+)

SWOT analysis - ANSWER a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats Pareto Principle - ANSWER 80% of purchasing cost is created by 20% of the purchase orders issued spend analysis - ANSWER process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring compliance procurement profile - ANSWER result produced after conducting a series of various analyses on: -procurement expenditures of an organization - range of commodities & services acquired through procurement (spend analysis), -markets that provide them (market analysis) -influence of suppliers/entity in the market -risks inherent in market buying plan - ANSWER based on demand, market & supplier analyses. should be developed for each major type of material targeted for purchase. market research - ANSWER current info to identify the most beneficial method for acquiring, distributing, and supporting supplies & services. journals indexes supplier shows industry forums, websites discussions with colleagues forecasting - ANSWER tool to determine future needs ongoing assessment to examine opportunities and is an essential element of strategic planning