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Managing Supply Chain Risk L5M2 Paper *6.
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1.
On a Friday evening, John, your top engineer, tells you that he is quitting and gives you two weeks to find a replacement. What actions or strategies could have been taken to prevent this situation, and why would they be effective?
2.
Which of the following risks are directly linked to a company's brand?
1. Marketing
2. Reputation
3. Positioning
4. Support
3.
A process that prioritizes risks based on their potential impact and likelihood of occurrence for further analysis or action is known as:
4.
Is it standard practice to promote whistle-blowing among employees in the supply chain when they suspect unethical behavior?
5.
During Qualitative Risk Analysis, you assess the impact and probability of a risk using grades like Low, Medium, and High. At what stage should Risk Identification be carried out?
6.
As part of your project, you need to organize a conference. You discover that there is a 70% chance of a tropical storm on the selected dates. How should you manage this risk?
7.
A procurement manager is responsible for a high-risk, medium-value contract, and the procurement organization is critically dependent on the supplier. The procurement manager has instructed the supplier to submit a disaster recovery plan. Is this an appropriate action?
8.
Who are the key individuals or groups that should be involved in Risk Management activities?
9.
Which of the following are recognized risk management strategies for mitigating risks? Select TWO that apply.
10.
You have acquired an expensive, sensitive, and fragile piece of equipment for your project, and several critical tasks depend on it. What is the BEST course of action you can take to enhance the likelihood of project success?
11.
Which of the following are types of intellectual property protection?
1. Indemnity.
2. Warranty.
3. Copyright.
4. Trademark.
12.
You are on a call with clients, and they inform you that the vendor team they hired to create designs is behind schedule. What steps should you take?
13.
The principle of 'utmost good faith' lies at the heart of contracts for the provision of insurance. Is this statement correct?
14.
After completing Qualitative Risk Analysis, what should you create next?
15.
Unforeseen events that arise during a contract will be treated as 'force majeure,' and all parties will be excluded from liability. Is this statement correct?
16.
The traditional approach to assessing risks involves the evaluation of which of the following? Select TWO that apply.
17.
What actions should you take after identifying two critical risks in the Risk Register that you anticipate during the next week?
18.
What is the term for "a network of manufacturers and service providers that work together to convert and move goods from the raw materials stage through to the end user"?
19.
How can Major International Manufacturing's (MIM) approaches to dealing with two risks—one mitigated by insurance and the other accepted due to a supplier's resolution—be best described?
1. Terminate.
2. Tolerate.
3. Transfer.
4. Treat.
20.
Which of the following is NOT typically considered a flow that moves up and down the supply chain?
21.
What is the purpose of purchasing insurance as a technique?
22.
Which of the following are technology risks that a procurement organization might face?
1. Cyber-crime.
2. Cargo theft.
3. Ransomware attack.
4. Under-investment.
23.
How is Dr. Dick managing risk by stopping his practice due to high malpractice insurance premiums?
24.
What is the term for the loss of business a transport company faces in the short term after a fire destroys its vehicle fleet, despite having insurance to replace them over time?
25.
Which contractual clauses should be a priority for Software Development Inc (SDI) to include when working with XNX Developers on Project Y to address its specific needs?
1. Intellectual property rights
2. Force majeure
3. Jurisdiction
4. Indemnity
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