L4M8 exam

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 are the four quadrants within the Kraljic portfolio matrix?View AnswerAnswer: At the early stages In procurement and supply cycle, buyers begin segmenting current supplies in the categories, depending on their level of integration into the organization. To help get this done, the buyer may use the Kraljic...

CORRECT TEXT What is needed for a contract to be binding?View AnswerAnswer: A contract is written or verbal agreement, made between two or more parties that is legally enforceable. For a contract to be legally binding it must include intention of parties entering into the contracts. All parties must have...

CORRECT TEXT What are the 3Ps in the triple bottom line.View AnswerAnswer: Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured. This framework is known as the triple...

CORRECT TEXT Explain the concept of the 3Ps/TBL and how it can be used by an organization.View AnswerAnswer: Trying to measure how sustainable an organization was used to be challenging undertaking. How-ever, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured. This...

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 Write all of factors that contribute towards value for a product that you regularly purchase.View AnswerAnswer: Factors that contribute towards value for clothe gum in a fashion firm; 1) How much money does the gum cost? 2) How much is the benefits of using the clothe gum? 3)...

CORRECT TEXT Why is it important to keep ethical codes of practice up to date?View AnswerAnswer: A code of ethics is a set of morals and principle set out by an organization to state what it deems to be acceptable conduct and behavior An ethical code of practice is a...

CORRECT TEXT What advantages could there be to holding excessive inventory?View AnswerAnswer: Holding excessive inventory can reduce the impact of extended lead time. i.e. by saving the buying organization from downtime, reputation loss, and also it can generate revenue for the organization if there is a sudden increase in demand.

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...