Cppb exam stuvia 2023 - Study guides, Class notes & Summaries

An entity purchases several different types of mobile phones to meet employees' preferences. This is causing inefficiencies. What action can be taken to address and correct the inefficiencies? A. creation of performance specifications B. sole sourcing C. benchmarking D. standardization - ANSWER-standardization A buyer has been invited to join a supplier account rep for lunch to discuss the performance of a contract. How should the buyer respond to the invitation? A. decline the supplier's o...

What does the procurement policy of an entity reflects? - ANSWER--The entity's legal system -The goals and values of the entity -Policies and practices federal-level entities use to acquire goods and services; this may not apply to state or local entities What should the overall purpose of a procurement policy manual be? - ANSWER--Establish the legal authority of the procurement function within the entity. -Simplify, clarify, and reflect the laws governing procurement -Enable uniform p...

Surety - ANSWER-A pledge or guarantee by an insurance company, bank, individual, or corporation on behalf of the bidder/proposer to satisfy the contractual obligations. accountability - ANSWER-the principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome. acceptance - ANSWER-1. Indication that all parties to the contract agree to be bound by the terms of the contract. 2. An indication by one party of a willingness to ...

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 ...