L4M8 exam

CORRECT TEXT Research the ethical standard or accreditations of an industry with which you are familiarView 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 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 Explain why risk should be evaluated prior to the disposal of any assets.View AnswerAnswer: Disposal of an asset is the final stage in the decommissioning process of a fixed asset. When a fixed asset reaches the end of its useful or cost effective life time within an organization,...

CORRECT TEXT Using the case study about Toyata, which type of benchmarking Tada has used when comparing the Toyata with Porsche?View AnswerAnswer: Benchmarking is the process of comparing a function, process or performance with another which is best-in-class. Benchmarking is either internal or external. External benchmarking has three types; 1)...

CORRECT TEXT Explain why it is deemed better to use Sea freight rather than air.View AnswerAnswer: It would be rare to find a supplier who does not emit any form of pollution. However, part of ethical and responsible sourcing is to make effort to reduce impact of population on the...

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

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 How can procurement professionals select suppliers?View AnswerAnswer: During the sourcing stage of the procurement cycle, the procurement professional needs to identify and select suppliers to fulfill the business needs. Supplier selection involves evaluating suppliers against predetermine criteria to assess their suitability in working with the buying organization. Suppliers...

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 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...