SCMN 2150 test 2 EXAM REVIEW SOLUTION Qs AND As

SCMN 2150 test 2 EXAM REVIEW SOLUTION Qs AND As What's the financial goal of procurement? - ANS-lowest total cost of ownership Companies devote limited time and effort to procurement and strategic sourcing because they can no longer provide a competitive advantage. - ANS-false What is the sequence of the five-step procurement process - ANS-1. identify need for material 2. evaluate supplier options 3. select best suppliers 4. release orders and receive products 5. measure and manage supplier performance The purchase cycle begins with identification and evaluation of needs. The more expensive and unique the goods, the more time and effort will be required. - ANS-true According to this week's reading (5), the new procurement paradigm requires companies to: - ANSfacilitate and enable suppliers Supply chain information systems can overcome poor quality data and incomplete information to generate good decisions. - ANS-false When supply chain data is said to be RELEVANT, it must - ANS-contain pertinent details and support analysis From a differentiation standpoint, technology can help an organization define supplier and customer segments, understand the cost to serve them, and prioritize service execution so that critical groups receive appropriate attention. - ANS- Continues...