When should Competitive biStage 13: Assets management/end of life - correct answer The procurement professional should evaluate whether the need is still
... [Show More] current. If it is and unchanged, the procurement cycle process commences again but from a different stage as the need is already known and understood. If the need is not required the buyer should manage the end of life by reducing stock levels and informing the supplier
Anti-bribery procedures - correct answer -Proportionate procedures: should be in line with the ype of bribery risk and scale that is likely to be faced
-Top level commitment: High level execs should set an example and issue statements, updates and feedback on the procedures and expectations
-Risk assessment: Regular and documented risk assessment of the likelihood and impact of bribery
-Due diligence: Documented procedures should cover and be enforced by all of the organisation within the supply chain
-Communication: Ongoing training and updates should be provided to keep the organisation and its workforce aware of current developments
-Monitoring and reviewing: Methods should be implemented to review compliance with the policies and procedures
Busisness case for whole life asset management - correct answer -Introduction
-Objective
-Approach
-Resources
-Benefits
Procurement Cycle - correct answer the cyclical process of key steps when procuring goods or services.
Steps of the Procurement Cycle - correct answer 1. Understand Need and develop High level Spec.
2. Market/Commodity and options (inc make or buy assessment).
3. Develop Strategy/plan
dding not be used? - correct answer Where price cannot be establish with certainty
Where price isn't the only variable
Where 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]