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Explain what is meant by added value (5 points). Describe 4 ways the Procurement Department can add value for their organisation (20 points)
Explain what is meant by added value (5 points). Describe 4 ways the Procurement Department can add value for their organisation (20 points)View AnswerAnswer: What to include in the essay: -Definition of added value: the economic enhancement given to products or services before offering them to customers. Examples may include...
Describe what is meant by the 5 Rights of Procurement (25 points)
Describe what is meant by the 5 Rights of Procurement (25 points)View AnswerAnswer: How to approach the question This question is worth 25 marks so you can imagine what the mark scheme will look like. There are 5 Rights so there will be 5 points for each Right. Naming the...
What is meant by Stakeholder Mapping? Describe a tool that can be used by a Procurement Professional to map the stakeholders at their organisation (25 points)
What is meant by Stakeholder Mapping? Describe a tool that can be used by a Procurement Professional to map the stakeholders at their organisation (25 points)View AnswerAnswer: -Define stakeholder mapping C completing an analysis of the stakeholders of an organisation and dividing them into categories depending on certain characteristics. This...
Explain, with examples, the three different ways one can categorise procurement spend: direct vs indirect, capital expenditure vs operational expenditure and stock vs non-stock items. (25 points)
Explain, with examples, the three different ways one can categorise procurement spend: direct vs indirect, capital expenditure vs operational expenditure and stock vs non-stock items. (25 points)View AnswerAnswer: The knowledge to remember: Essay Plan : Remember to include examples for each of the six categories of spend. This is specifically...
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the factory has recently broken and Sarah has been charged with replacing it as quickly as possible. Sarah is considering using the Whole Life Costing approach to this procurement. What is meant by Whole Life Costing? (5 points). Discuss 5 factors that Sarah should consider when buying new machinery (20 points).
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the...
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the factory has recently broken and Sarah has been charged with replacing it as quickly as possible. Sarah is considering using the Whole Life Costing approach to this procurement. What is meant by Whole Life Costing? (5 points). Discuss 5 factors that Sarah should consider when buying new machinery (20 points).
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the...
What is ‘supply chain management’? Outline the drivers, advantages and disadvantages of using this approach within the Procurement Department of an organisation (25 points)
What is ‘supply chain management’? Outline the drivers, advantages and disadvantages of using this approach within the Procurement Department of an organisation (25 points)View AnswerAnswer: How to approach the question-There are 4 main components to this question that you will have to answer, so my advice is to first write...
Bob is a procurement manager at ABC Ltd. He has been asked to ensure all future purchases achieve ‘value for money’ for the organisation. What is meant by ‘value for money’? (5 points). Describe 4 techniques that Bob could use to achieve this (20 points)
Bob is a procurement manager at ABC Ltd. He has been asked to ensure all future purchases achieve ‘value for money’ for the organisation. What is meant by ‘value for money’? (5 points). Describe 4 techniques that Bob could use to achieve this (20 points)View AnswerAnswer: 1)A definition of Value...
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the factory has recently broken and Sarah has been charged with replacing it as quickly as possible. Sarah is considering using the Whole Life Costing approach to this procurement. What is meant by Whole Life Costing? (5 points). Discuss 5 factors that Sarah should consider when buying new machinery (20 points).
Sarah has recently been hired as the new Head of Procurement at Alpha Ltd, a manufacturer of small electronics such as hairdryers and alarm clocks. Alpha Ltd has a large factory based in Birmingham where many of the products are manufactured. One of the large pieces of machinery in the...
Provide a definition of a stakeholder (5 points) and describe 3 categories of stakeholders (20 points).
Provide a definition of a stakeholder (5 points) and describe 3 categories of stakeholders (20 points).View AnswerAnswer: Essay Plan: Definition of Stakeholder- someone who has a ‘stake’ or interest in the company. A person or organisation who influences and can be influenced by the company. Categories of stakeholders: 1)Internal Stakeholders-...
