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Which of the following are considered ‘wastes’ which can be removed from a business? Select THREE.
Which of the following are considered ‘wastes’ which can be removed from a business? Select THREE.A . Over-processing B. Stockout C. Equity D. Transportation E. InventoryView AnswerAnswer: A,D,E Explanation: The seven wastes (as defined by Taiichi Ohno) can be remembered as Tim Wood; transportation, inventory, motion, waiting, over-processing, over-production, defects....
Which of the following ‘wastes’ is being removed from the business?
Agile Cars Ltd is creating a ‘lean’ business model which involves receiving deliveries of components only when they are required . Which of the following ‘wastes’ is being removed from the business?A . Transportation B. Defects C. Over-production D. InventoryView AnswerAnswer: D Explanation: This would reduce inventory (holding stock). Inventory...
What are these four categories?
According to Mendelow, there are four ways stakeholders can be managed, depending on the amount of power they have, and how interested they are in your project . What are these four categories?A . Keep satisfied, keep informed, minimal effort, no effort B. Manage closely, manage loosely, keep satisfied, keep...
Which of the following factors would you use to analyse the macro-environment? Select THREE.
Which of the following factors would you use to analyse the macro-environment? Select THREE.A . social B. cultural C. political D. philosophical E. legislativeView AnswerAnswer: A,C,E Explanation: STEEPLE is what is used to analyse the macro-environment; the factors are; social, technological, economic, environmental, political, legislative and ethical. Details of this...
Which of the following documents would you expect a supplier to submit as part of a Request for Proposal? Select THREE
Which of the following documents would you expect a supplier to submit as part of a Request for Proposal? Select THREEA . Full pricing information B. Liquidity Ratio C. Risk Assessments D. Method Statements E. Gearing RatioView AnswerAnswer: A,C,D Explanation: You would expect a supplier to submit full pricing information,...
A competitive advantage can be gained by doing what?
A competitive advantage can be gained by doing what?A . Increasing your prices B. Engaging in market research C. Building better relationships with primary stakeholders D. Completing formal tenders for all buying requirementsView AnswerAnswer: C Explanation: The correct answer is ‘Building better relationships with primary stakeholders’. This is a direct...
Which of the following statements are true of a market place which is considered a 'perfect competition'? Select TWO.
Which of the following statements are true of a market place which is considered a 'perfect competition'? Select TWO.A . there are no barriers to entry B. suppliers are selling differentiated products C. competition is at its highest level possible D. competition is not strongView AnswerAnswer: A,C Explanation: In a...
The Kraljic Model is most useful for which aspect of procurement?
The Kraljic Model is most useful for which aspect of procurement?A . category management B. cost analysis C. risk management D. cost reductionView AnswerAnswer: A Explanation: The Kraljic model "plays a key part in category management" p.19 of the textbook. Category Management = the spend in an organisation, broken down...
One of the fist stages of designing a Partnership is to come up with joint KPIs. These
One of the fist stages of designing a Partnership is to come up with joint KPIs. These should be:A . Measurable, achievable and time-bound B. Relatable, specific and measurable C. Time bound, difficult and relevant D. Significant, measurable and achievableView AnswerAnswer: A Explanation: The correct answer is Measurable, achievable and...
Why is this?
Varying levels of commitment is one reason why many partnerships fail . Why is this?A . It can lead to a lack of trust B. One party doesn’t fulfil their KPIs C. Sufficient time and resources are put in D. Less profit is made.View AnswerAnswer: A Explanation: The correct answer...
