SCMN 2150 Test 2 Questions with Detailed
Verified Answers
the purchase of merchandise or services at the optimum possible total cost in the
correct amount and quality. Ans: What is a procurement?
Institutional procurement process that continuously improves and re-evaluates the
purchasing activities of a company Ans: What is strategic sourcing?
strategic sourcing plays a more intense role in evaluating the the best possible price
based on other aspects that affect selling the product vs the traditional transaction
process and purchasing price only Ans: Explain the differences between traditional
purchasing and strategic sourcing.
Identify materials and service needs, evaluate supplier options, select supplier, release
orders and receive products, measure and manage performance Ans: What are the
steps in the procurement process and why is it important to follow them?
buy products and service under all optimal conditions, and be able to generate a
sustainable advantage through lower costs, higher quality, and better service from our
global supply base of trading partners Ans: What are the goals of supply management
and why is it important?
evaluating the key attributes of the products/services we acquire as well as the supplier
who provided them (critical, strategic, tactical, leverage) (risk exposure vs value) Ans:
What is a quadrant analysis and why is it important?
to monitor key performance indicators and take correct action to ensure value is
provided by suppliers, and to create visibility into process and performance across the
entire supply management life cycle Ans: Why is it important to evaluate supplier
performance?
, monitor performance across multiple metrics over extended period of time, categorize
suppliers based on their scores, and offer additional business to best performers` Ans:
What is a supplier scorecard and how they created and utilized?
Analyze product categories used by the business, spending patterns, and the processes
and departments involved, Develop a sourcing strategy based on business goals,
Analyze the supplier market and create a supplier portfolio, Define request for
proposal criteria and templates, Negotiate with and select suppliers, Integrate suppliers
into existing processes, onboarding any new vendors or outsourcing providers, Track
performance metrics and optimize the sourcing plan, as needed Ans: From readings:
What are the 7 steps of strategic sourcing?
Lack of KPIs and metrics to monitor the effectiveness of the performance to meet the
goals of the relationship, Unwillingness for end-users/operations groups to modify day
to day interactions with suppliers, Lack of executive support and commitment to the
new operating model developed through the contracting process Ans: From readings:
What's holding procurement back?
expand their supply base, shrink global supply chain and rely on local suppliers,
increase inventory level, increase financing for key suppliers Ans: From readings: What
types of large-scale changes are companies planning in the coming out of the pandemic?
the process by which inputs are combined, transformed, and turned into outputs, may
involve products and/or services Ans: Production
transform materials via assembly, fabrication, conversion processes into a finished
product, especially by means of a large-scale industrial operation Ans: Manufacturing
input (resource used the creation of output), transformation (operation/action that
takes place), output (what is created) Ans: What are the three key decisions in the
production and manufacturing process?
Quality objective (do things right), speed objective (do things fast), dependability
objective (do things on time), flexibility objective (develop ability to change), cost
© Get it right 2025 Getaway - Stuvia US All rights reserved
Verified Answers
the purchase of merchandise or services at the optimum possible total cost in the
correct amount and quality. Ans: What is a procurement?
Institutional procurement process that continuously improves and re-evaluates the
purchasing activities of a company Ans: What is strategic sourcing?
strategic sourcing plays a more intense role in evaluating the the best possible price
based on other aspects that affect selling the product vs the traditional transaction
process and purchasing price only Ans: Explain the differences between traditional
purchasing and strategic sourcing.
Identify materials and service needs, evaluate supplier options, select supplier, release
orders and receive products, measure and manage performance Ans: What are the
steps in the procurement process and why is it important to follow them?
buy products and service under all optimal conditions, and be able to generate a
sustainable advantage through lower costs, higher quality, and better service from our
global supply base of trading partners Ans: What are the goals of supply management
and why is it important?
evaluating the key attributes of the products/services we acquire as well as the supplier
who provided them (critical, strategic, tactical, leverage) (risk exposure vs value) Ans:
What is a quadrant analysis and why is it important?
to monitor key performance indicators and take correct action to ensure value is
provided by suppliers, and to create visibility into process and performance across the
entire supply management life cycle Ans: Why is it important to evaluate supplier
performance?
, monitor performance across multiple metrics over extended period of time, categorize
suppliers based on their scores, and offer additional business to best performers` Ans:
What is a supplier scorecard and how they created and utilized?
Analyze product categories used by the business, spending patterns, and the processes
and departments involved, Develop a sourcing strategy based on business goals,
Analyze the supplier market and create a supplier portfolio, Define request for
proposal criteria and templates, Negotiate with and select suppliers, Integrate suppliers
into existing processes, onboarding any new vendors or outsourcing providers, Track
performance metrics and optimize the sourcing plan, as needed Ans: From readings:
What are the 7 steps of strategic sourcing?
Lack of KPIs and metrics to monitor the effectiveness of the performance to meet the
goals of the relationship, Unwillingness for end-users/operations groups to modify day
to day interactions with suppliers, Lack of executive support and commitment to the
new operating model developed through the contracting process Ans: From readings:
What's holding procurement back?
expand their supply base, shrink global supply chain and rely on local suppliers,
increase inventory level, increase financing for key suppliers Ans: From readings: What
types of large-scale changes are companies planning in the coming out of the pandemic?
the process by which inputs are combined, transformed, and turned into outputs, may
involve products and/or services Ans: Production
transform materials via assembly, fabrication, conversion processes into a finished
product, especially by means of a large-scale industrial operation Ans: Manufacturing
input (resource used the creation of output), transformation (operation/action that
takes place), output (what is created) Ans: What are the three key decisions in the
production and manufacturing process?
Quality objective (do things right), speed objective (do things fast), dependability
objective (do things on time), flexibility objective (develop ability to change), cost
© Get it right 2025 Getaway - Stuvia US All rights reserved
