MNP3701 ASSIGNMENT 3 FOR 2ND SEMESTER 2024

Question 1 Not yet answered Marked out of 1.00 Flag question Question text When Toyota's suppliers do not have adequate capacity to meet purchase requirements when demand increases substantially, it is referred to as: a. Triage approach b. Overaggressive supply reduction c. Supplier dependency d. Absence of competition Clear my choice Question 2 Not yet answered Marked out of 1.00 Flag question Question text _____ allows a buying organisation to react more quickly when supply chain risk events occur by already having prepared plans and proposed responses before the actual risk event. a. Hedging b. Absolution c. Multiple sourcing d. Scenario analysis Clear my choice Question 3 Not yet answered Marked out of 1.00 Flag question Question text A/An _____ clause assumes the contract will be renewed every year unless the supplier is otherwise notified that this is not the case. a. escape b. due diligence c. evergreen d. penalty Clear my choice Question 4 Not yet answered Marked out of 1.00 Flag question Question text _______ authority is a term used for purchases made by non-agents such as financial analysts. a. Implied b. Actual c. Special d. Apparent Clear my choice Question 5 Not yet answered Marked out of 1.00 Flag question Question text In Toyota's approach to establishing long-term supplier contracts, which of the following strategies most effectively addresses the risk of supplier opportunism and ensures ongoing performance improvement over the life of the contract? a. Limiting Supplier’s Market Scope - Restrict the supplier's ability to engage with other customers or markets to ensure exclusivity. b. Implementing Volume Guarantees - Commit to purchasing a fixed volume of goods or services to reduce the supplier's risk of uncertainty. c. Incorporating Incentive Clauses - Design the contract to include performance-based incentives that motivate suppliers to maintain or improve their performance throughout the contract term. d. Offering Broad Contract Terms - Develop flexible terms that accommodate changes in requirements and market conditions without specifying detailed performance metrics. Question 6 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is an advantage of a weighted-point supplier evaluation system? a. the system requires minimal data b. the system allows for objective supplier ranking c. the system is flexible d. the system requires high implementation costs Clear my choice Question 7 Not yet answered Marked out of 1.00 Flag question Question text In line with Toyota's approach to effective contract management, which of the following best addresses the issue of ensuring contracts are adaptable and appropriate for dynamic environments, rather than relying solely on reused contract templates? a. Integration Clause - States that the contract represents the entire agreement between the parties, precluding any additional or prior agreements. b. Force Majeure Clause - Outlines conditions under which performance is excused due to unforeseen events like natural disasters or political upheaval. c. Arbitration Clause - Specifies the use of arbitration for dispute resolution to ensure efficient and confidential handling of disagreements. d. Verification of Contract Elements - Ensures the contract clearly identifies what is being purchased, specifies delivery and installation terms, includes acceptance provisions, and addresses warranties and remedies. Clear my choice Question 8 Not yet answered Marked out of 1.00 Flag question Question text Considering the Toyota case study and the different categories of supplier performance measures, in which supplier performace measurement category would the majority of Toyota's suppliers performance measures be? a. Delivery performance b. Cost reduction c. Agility d. Quality performance Clear my choice Question 9 Not yet answered Marked out of 1.00 Flag question Question text Considering the Toyota case study, focusing on the prevention of quality defects rather than the detection thereof forms part of? a. Total cost management. b. The eight key principles of total quality management. c. Six sigma. d. Just-in-time inventory management. Clear my choice Question 10 Not yet answered Marked out of 1.00 Flag question Question text ______ cost includes the direct, out-of-pocket costs of measuring quality, particularly inspecting for possible defects. a. External failure b. Appraisal c. Internal failure d. Prevention Question 11 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following options would best describe the ability of a supplier to affect a buyer’s total quality as one of the factors in managing supplier quality? a. Suppliers providing less-than-desirable quality performance will require closer managing from supply management. b. Supply management must manage the suppliers of critical items more closely than those providing standard, easy-to-obtain items. c. Supply management must develop and employ real-time research and tracking systems that collect and share supplier-related quality data. d. Suppliers should be assisted with the application of quality concepts, techniques and tools to ensure these are correctly applied. Clear my choice Question 12 Not yet answered Marked out of 1.00 Flag question Question text In a firm-fixed-price contract, if market prices _____ the stated contract price because of outside factors such as competition, changes in technology, or raw material prices, the _____ assumes the risk or financial loss. a. rise above, purchaser b. stay the same, purchaser c. fall below, purchaser d. rise below, seller Clear my choice Question 13 Not yet answered Marked out of 1.00 Flag question Question text ______ is the ability of a process to generate yields that meet engineering specifications and customer requirements and refers to the standard behaviour of a process when operating in a state of statistical control. a. Supplier rationalisation b. Supplier certification c. Process optimisation d. Process capability Clear my choice Question 14 Not yet answered Marked out of 1.00 Flag question Question text In the _____ model, prices are set because of a lack of supply management sophistication resulting in managers being willing to pay a premium for products. a. target pricing b. market skimming c. market-share d. price volume Clear my choice Question 15 Not yet answered Marked out of 1.00 Flag question Question text Microchips are critical to the production of Toyota's vehicles and are supplied by only a handful of suppliers. The following strategy will be most appropriate regarding strategic cost management: a. Leverage preferred suppliers b. Standardized requirements c. Total delivered cost d. Collaborative cost-reduction efforts Question 16 Not yet answered Marked out of 1.00 Flag question Question text Which one of the following costs occurs before providing the product to the customer? a. External failure b. Appraisal c. Internal failure d. Prevention Clear my choice Question 17 Not yet answered Marked out of 1.00 Flag question Question text The _____ pricing model presents pricing for individual products and services that is set to enhance the sales of the overall product line rather than to ensure the profitability of each product. a. revenue b. promotional c. target d. competition Clear my choice Question 18 Not yet answered Marked out of 1.00 Flag question Question text Toyota is evaluating suppliers for a new vehicle component and is considering how to specify the component's requirements to influence pricing effectively. Toyota aims to keep costs down and seeks to specify industry-standard parts wherever possible. If Toyota requires custom design and tooling for a component, which of the following statements accurately reflects the impact on price and cost? a. Using industry-standard parts will lead to higher costs but lower prices because of reduced design and tooling expenses. b. Custom design and tooling will likely decrease the cost of the component as it reduces the complexity of the production process. c. Custom design and tooling will typically increase the cost and price of the component due to additional design, tooling, or engineering requirements. d. Specifying industry-standard parts will generally increase the price of the component because of higher customisation costs. Clear my choice Question 19 Not yet answered Marked out of 1.00 Flag question Question text Toyota uses the margin pricing model to set the selling price for a new component. The total cost to produce the component is R80, and Toyota aims to achieve a profit margin of 25% on the unit selling price. According to the margin pricing formula: Unit Selling Price = Cost/(1 − Margin Rate). What should Toyota’s unit selling price be? a. R100 b. R133.33 c. R120 d. R106.67 Clear my choice Question 20 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is a disadvantage of a categorical supplier evaluation system? a. usually an automatic system b. least reliable system c. cost accounting system required d. least subjective system