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CORRECT TEXT What are five recognized types of modern slavery?View AnswerAnswer: Modern slavery is against ethical and responsible sourcing. Modern slavery is one of the areas to understudy for procurement professionals to carry out ethical and responsible sourcing and this is recognized in five ways.

CORRECT TEXT What matrix helps to define how to manage stakeholders?View AnswerAnswer: Stakeholders are individuals or organizations who are directly affected by a decision for example, community, shareholders, employees, suppliers, distributors, customers etc. stakeholders can be internal (employers, staffs), connected (such as suppliers, shareholders, financers and customers) external (Government, pressure...

CORRECT TEXT What are the eight elements of whole life asset management?View AnswerAnswer: Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for...

CORRECT TEXT Describe three ways in which a buyer could or test the market in other to assist with determining a need.View AnswerAnswer: Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking...

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 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 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 What are the four quadrants in the Mendelow stakeholder matrix?View AnswerAnswer: Stakeholder are individuals or organizations that can be affected directly or indirectly by any project or decision. For successful procurement activities to take place, stakeholders must be identified, engaged and managed. Not all stakeholders require the same...

CORRECT TEXT Describe two negative factors associated with ordering excess inventory.View AnswerAnswer: In the decision to not run out of supplies, organizations can anticipate a peak were by it products will be in a high demand or a period of scarcity of raw materials and may want to increase the...

CORRECT TEXT Describe three ways in which a buyer could or test the market in other to assist with determining a need.View AnswerAnswer: Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking...