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What is the objective of benchmarking?
During discussions on the upcoming construction project's scope and implementation, a stakeholder highlights the inherent risks due to uncertain initial estimations and fluctuating material costs over the project's duration. To mitigate these uncertainties, the procurement manager proposes a pricing structure wherein the supplier's costs are covered along with a 10% markup on total costs. This arrangement is commonly referred to as...?
Stront, a supplier of defense and law enforcement equipment, is currently developing a new product but faces significant concerns regarding the detailed specifications of components and the capacity of the supply market. Which of the following approaches should Stront consider adopting to optimize specifications and expedite time to market?
In this scenario, an automotive manufacturer is procuring rubber components from Company A. The specifications provided to the supplier indicate a required length of 1 meter, with no specified tolerance. Eager to excel, engineers at Company A meticulously craft the components with a tolerance of only +/- 1mm. Subsequently, the components are formed into circular bands by joining the head and tail. These bands are then stretched over other components, necessitating a flexible length ranging from 80cm to 110cm. This situation exemplifies...?
A CPO is analyzing whole life cycle costing of a machinery. He realises that cost elements are not specific but come from a range of values. Which whole-life costing model should the CPO use to get the most accurate total cost of ownership?
What makes the specification regarded as the most crucial document in procurement?
The hospital allocates significant resources to medical devices, implantable devices, pharmaceutical supplies, and building maintenance-related supplies. The procurement manager suggests that the hospital could decrease operational costs by minimizing the variation in medical devices and pharmaceutical supplies. Which of the following accurately characterizes the procurement manager's suggestion?
During which phase of the product life cycle is price competition between sellers expected to be most fierce?
Buyers are more powerful than the suppliers when they are purchasing from a monopoly market. Is this statement true?
One drawback associated with employing standards in specifications is that...
When constructing a business case for acquiring a new copier, Maria examines its whole-life costs as follows:
While she has identified cost-generating activities, Maria has not categorized the costs. What is the cumulative value of the copier's end-of-life costs?
Which statement accurately describes the product life cycle?
GSC Ltd is a manufacturer of car parts. To accommodate growing demands of electric cars, the company is developing a new component which requires different type of steel. The project team estimates that the component will be ready for production in 1.5 years. Until then, they need to keep the production busy. After checking the inventory records, the production team sees that the company has 3 months of stock. The lead time for each batch is two months. Which of the following should be a priority action of the company?
In drafting through-life specifications, which additional requirements should the procurement team delineate beyond the physical asset? Choose TWO options that are applicable.
Why might a company send value engineering analyses to external suppliers?
Which of the following are the focuses of ISO 14001:2015?
1. Life cycle
2. Process
3. Capacity
4. Information security
Company A retails a product at $100 each. With total unit variable costs set at $60, and fixed costs recorded at $20,000, the question arises: how many units must the company sell to reach the break-even point?
STK Ltd is in the process of creating a new environmentally friendly product, but they lack clarity on which features will resonate most with customers. In this scenario, what approach could assist them in determining the essential functions for the new product?
Which of the following specific markets is most susceptible to experiencing product shortages due to natural factors?
Even within the same industry and with comparable perceptions of relative value and pricing, buying organizations might opt for different choices regarding switching. Which of the subsequent factors might sway a buying organization towards substitute products?
1.Possibility of backward integration
2.Availability of financial resources
3.High switching costs
4.Alignment of the substitute with the organization's strategy
Which of these issues can be recognized as open-ended challenges? Choose TWO options that are relevant:
Which TWO of the following activities are classified as secondary activities within an organization?
What is a valuable tool for value engineering?
While functional benchmarking offers the promise of superior improvement rates compared to other benchmarking methods, it still harbors certain drawbacks. Which of the following is most likely to represent a disadvantage of functional benchmarking?
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