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NEW QUESTION 39
Victoria runs a hotel and has recently had several security issues such as attempted robberies. She has decided that she needs to hire a security firm to ensure these issues don't continue. She has done some research and has found there are several local security firms who may be able to provide services to her hotel. However, she hasn't decided exactly what she would require the security firm to do. What should be Victoria's next steps?
- A. Issue an Invitation to Tender
- B. Issue a Request for Proposal
- C. Issue a Request for Quotation
- D. Issue a Prior Information Notice
Answer: B
Explanation:
Victoria should use a 'request for proposal' - this allows the security firms to submit ideas on how best to serve the hotel. They might come up with some ideas that Victoria hasn't thought about and can price against their own ideas. As Victoria doesn't have a concrete specification, an ITT or RFQ are not appropriate. A PIN tells suppliers that a tender opportunity is coming up and is used in the Public Sector. A hotel is not a Public Sector organisation. See p.76 for more information on when to issue a Request for Proposal
NEW QUESTION 40
Fred is a new procurement manager at a large engineering firm. They procure 100s of components and use these to make kitchen appliances such as kettles and toasters. He has been asked by his manager to look into procuring a new component which will go into a new environmentally friendly kettle and has been asked to ensure that the firm receives value for money. What should Fred do?
- A. Contact current suppliers to try and get a good deal
- B. Invite known suppliers to bid for the contract
- C. Hold an open competition
- D. Put together a business case to make the product in-house
Answer: C
Explanation:
Fred should hold a competition as this is a 'key way of achieving value for money' p.67. Fred shouldn't put a business case together to make the product in-house without doing a make vs buy analysis, and that analysis showing make is the way to go. As the firm buy in 100s of components, it's very unlikely that making the component in-house would bring 'value for money'. He should also be careful of only looking at current suppliers or known suppliers- the best supplier of this new component might be unknown to the engineering firm at present.
NEW QUESTION 41
The Queen Victoria is a traditional British pub which serves a range of alcoholic beverages. It has a partnership relationship with a local brewery which supplies several types of beer and cider. Logistics is a key concern for the Queen Victoria as deliveries must be made when there is room in the cellar to store the barrels of beer and cider. In what ways could the logistics risk be reduced?
- A. Sharing up-to-date information
- B. Using several suppliers instead of one
- C. Issuing POs electronically.
- D. Batch ordering
Answer: A
Explanation:
The logistics risk can be reduced by 'Sharing up-to-date information'. If the Pub tells the supplier when it's running low, they can then time the deliveries more accurately.
P. 136. A lot of the questions on the 'Partnerships' chapters of the book are common-sense questions like this. It involves reading the question and using logic, rather than relying on your knowledge of procurement. If you found this question easy - that's a good sign for the exam.
NEW QUESTION 42
Tim manages the procurement department at a large retailer. He wants to ensure that his team are achieving value for money in their procurement activities. Which of the following should Tim set up?
- A. Audit
- B. Framework
- C. ITT
- D. Contract
Answer: A
Explanation:
Tim should do an audit. P.71 of the textbook says "to ensure that a procurement department is achieving value for money, an audit should be undertaken"
NEW QUESTION 43
What is value mapping?
- A. Analysing the costs that go into making a product
- B. Segmenting suppliers based on the value they bring to the company
- C. Make vs Buy decision
- D. Creating value through the elimination of waste and operational inefficiencies
Answer: D
Explanation:
The definition of value mapping is given on p.69 this is; 'a process in which value is created through the elimination of waste and operational inefficiencies'. It ties into JIT / Lean.
NEW QUESTION 44
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