CPPB Exam - Domain VI - Strategic Procurement Planning Correct 100%

CPPB Exam - Domain VI - Strategic Procurement Planning Correct 100% SWOT analysis - ANSWER a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats Pareto Principle - ANSWER 80% of purchasing cost is created by 20% of the purchase orders issued spend analysis - ANSWER process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring compliance procurement profile - ANSWER result produced after conducting a series of various analyses on: -procurement expenditures of an organization - range of commodities & services acquired through procurement (spend analysis), -markets that provide them (market analysis) -influence of suppliers/entity in the market -risks inherent in market buying plan - ANSWER based on demand, market & supplier analyses. should be developed for each major type of material targeted for purchase. market research - ANSWER current info to identify the most beneficial method for acquiring, distributing, and supporting supplies & services. journals indexes supplier shows industry forums, websites discussions with colleagues forecasting - ANSWER tool to determine future needs ongoing assessment to examine opportunities and is an essential element of strategic planning requires buyers to keep abreast of market and surveys, and understand various indicators, business cycles, indexes, lead times, and price histories.