Cips l4m4 - Study guides, Class notes & Summaries

CIPS L4M4 LO1 EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ What is sourcing? Correct Answer: Sourcing is the location, acquisition and management of all the vital inputs required for an organisation to operate. What is tactical/operational sourcing? Correct Answer: Low-level decision making High profit, low risk items Short-term projects Transactional relationships What is strategic sourcing? Correct Answer: Top-level decision making High-profit, h...

CIPS L4M4 Ethical and Responsible Sourcing Exam Questions & Answers 2024/25 What are the two types of sourcing? - ANSWERSTactical/Operational & Strategic What is tactical sourcing? - ANSWERSLow level sourcing for low risk or routine items What is strategic sourcing? - ANSWERSHigh level sourcing for core products or services Benefits of make decision? - ANSWERSStrategy of organisation is to be self sufficient Enhanced control over processes Improved quality control Workforce rema...

CIPS L4M4 LO1 exam latest verified 2024

What are the two types of sourcing? - Tactical/Operational & Strategic What is tactical sourcing? - Low level sourcing for low risk or routine items What is strategic sourcing? - High level sourcing for core products or services Benefits of make decision? - Strategy of organisation is to be self sufficient Enhanced control over processes Improved quality control Workforce remains stable Continuity of supply No suitable suppliers to buy from Economies of scale available Reduced risk Ea...

L4M4 - Chapter 1 Questions and Answers Graded A+ What is Tactical sourcing? Low level decision making High profit, low risk items Short term projects Transactional relationships What is Strategic sourcing? Top level decision making High profit, high risk items Long term projects Collaborative relationships What factors typically represent value to the procurement organisation when sourcing? Price, Delivery, Quality, Ethics, Sustainability, Availability Novack and Simco's 1...

L4M4 - Chapter 2 Questions and Answers 100% Pass How does the Pareto Principle differ to the ABC Analysis? - Correct Answer ️️ -Instead of the Pareto 80/20 split, the figure splits the suppliers into three categories. 'A', 'B', 'C'. They are categorised according to their levels of importance/spend to the buying organisation. Figure 2.1 : 'A' suppliers represent 20% of the total spend (these suppliers are responsible for the highest level of spend, most important). 'B' supp...

L4M4 - Chapter 2 Exam Questions And Answers How does the Pareto Principle differ to the ABC Analysis? - ANS Instead of the Pareto 80/20 split, the figure splits the suppliers into three categories. 'A', 'B', 'C'. They are categorized according to their levels of importance/spend to the buying organization. Figure 2.1 : 'A' suppliers represent 20% of the total spend (these suppliers are responsible for the highest level of spend, most important). 'B' suppliers are collecti...

L4M4 - Chapter 2 Questions and Answers 100% Pass How does the Pareto Principle differ to the ABC Analysis? - Correct Answer ️️ -Instead of the Pareto 80/20 split, the figure splits the suppliers into three categories. 'A', 'B', 'C'. They are categorised according to their levels of importance/spend to the buying organisation. Figure 2.1 : 'A' suppliers represent 20% of the total spend (these suppliers are responsible for the highest level of spend, most important). 'B' supp...