CPPB - Intro to Public Procurement| Questions & Answers 100% correct

Public procurement is.... - ANSWER-The designated legal authority to advise, plan, obtain, deliver, and evaluate a government's expenditures on goods and services that are used to fulfill stated objectives, obligations, and activities in pursuit of desired policy outcomes. Materials Management... - ANSWER-embraces all functions related to the control and coordination of the movement of goods and maintenance, repair and operating items to, through, and out of the organization. May include functions such as purchasing, storage, inventory control, material forecasting, receiving, transportation, inspection, and quality control. Name the functions Materials Management includes... - ANSWER-purchasing, storage, disposal, material forecasting, inventory control, preparing requisitions, developing specifications, receiving, quality control and inspection. Public Procurement value-adding benefits are... - ANSWER-quality, cost (including total cost of ownership), service, continuity of supply, and time. Goals of public procurement - ANSWER-Cost Quality Timeliness Managing Risk Accomplishing Social and Economic Objectives Maximizing Competition Maintaining Integrity and Transparency Cost is... - ANSWER-The actual expenses incurred in delivering a product, service, or construction; includes both direct and indirect costs, but does not include fee or profit from the vendor. Quality is.. - ANSWER-1. The function of excellence, intrinsic value, or grade as determined over time by society generally or by designated bodies in specialized fields. 2. The composite of all attributes or characteristics, including performance, that satisfy the user's needs. 3. Conformance with the stated requirements. Timeliness is... - ANSWER-delivering the requisitioned supplies to the end-user at the time necessary for the end-user's purposes. Managing Risk is... - ANSWER-the process of identification and analysis of risk; and the decision to either accept or mitigate the exposure to such risk when compared to the potential impact on the achievement of the organization's objectives. Davis-Bacon and Service Contract