L4M8

CORRECT TEXT When should whole life asset management be applied?View AnswerAnswer: When organization has made the decision about which option is best for sourcing the asset, it can then begin to work on the whole life asset management strategy. Whole life asset management is the process of evaluating the total...

CORRECT TEXT What topics are covered within ethics?View AnswerAnswer: Topics that are covered within ethics are;

CORRECT TEXT Describe four factors that could damage reputation within the supply chairView AnswerAnswer: The reputation of all the organizations within a supply chain is linked. A Company’s reputation is an intangible asset that can contribute to the failure of an organization if damaged. Factors that could damage organizational reputation...

CORRECT TEXT Which type of power is most likely to be used in corruption?View AnswerAnswer: The abuse of power within the supply chain can be linked to corruption. If individuals with seniority favor one supplier over another, they can exercise their power to award the contract to whoever they wish....

CORRECT TEXT What is PQQ and what does it include?View AnswerAnswer: Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes...

CORRECT TEXT What is PQQ and what does it include?View AnswerAnswer: Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes...

CORRECT TEXT Research the ethical standard or accreditation of an industry with which you are familiar.View AnswerAnswer: If a supplier is accredited or is a member of an association that promotes good ethical conduct, a statement to this effect is likely to be featured on its company documentation. This could...

CORRECT TEXT Describe the seven stages of the Tender Process and explain the reasons why the stages must be followed.View AnswerAnswer: The purpose of the tendering process is to invite potential suppliers to bid to supply a product or service to the buying organization. Then buying organization select suitable suppliers,...

CORRECT TEXT Why is it important to have adequate procedures in place within an organization in relation to bribery?View AnswerAnswer: Bribery is the act of giving someone something of value to persuade them to do something that benefits you. Ethical and responsible sourcing requires conducting due diligence on bribery before...

CORRECT TEXT What is PQQ and what does it include?View AnswerAnswer: Pre-qualification questionnaire (PQQ) is often standard forms that buyers send to po-tential suppliers. The purpose is to ensure that these potential suppliers could, if they win the contract, supply the product or service to the standard required. PQQ includes...