When should Competitive bidding not be used? - correct answer Where price cannot be establish with certainty
Where price isn't the only variable
Where
... [Show More] there are significant set up costs involved
Which 3 types of Whole Life Costing (WLC) models can be used in the planning stage? - correct answer Decision support models
Simulation models
Optimisation models
What do Decision Support models do in WLC? - correct answer Identify the issue to find possible alternatives
What do Simulation Models do in WLC? - correct answer Considers that cost variables may come in different values and informs which variables have the biggest impact
What is the Preparation stage of WLC used for? - correct answer To choose the best model and identify any costs requiring further investigationg
Why is it good to know the criteria whether considering whether to approve a BC? - correct answer Because it improves chances of approval
Which criteria is usually applied when creating a Business Case (BC)? - correct answer Objectives
Options
Cost and Benefits
Risk Assessment
Implementation Plan
What are the 3 trends to help determine strategic levels of Objectives in a BC? - correct answer External trends
Internal trends
Organisational trends
Identify the 6 types of intervention to consider when looking a Options in a BC. - correct answer Market interventions: 'make vs buy'
Technical interventions: simplifying specs
Cost structure interventions
Work process interventions
Supplier rel interventions:
Supply chain interventions:
Identify 3 of the typical costs considered in the Costs and Benefits part of a BC. - correct answer Machinery
Additional staff
Cost of external input
Identify 3 less typical costs considered in the Costs and Benefits part of a BC. - correct answer Impact on health and safety
Organisation's reputation
Environmental Costs
How should you conduct a Risk Assessment? - correct answer List all the potential sources of risk
Identify the potential impact if the risk occurs
Identify the likelihood of the risk occurring
Identify the 6 typical elements to consider when creating a Implementation Plan in a BC. - correct answer Have roles/responsibilities been allocated and agreed? [Show Less]