CIPS L4M8 Procurement and Supply in Practice (Questions & Answers) Passed!!

Whole Life Asset Management - Answer-Based around obtaining the best value theiugbout the lifetime of the asset (fixed assets only) Value - Answer-Value is perceived differently by different stakeholders (finance, IT, sales, etc) WLAM 8 Elements - Answer-Identify need/objectives/risk Procurement Construction Commissioning Deterioration/maintenance Condition performance monitoring Decommissioning Renewal/replacement Identify need/objective/risk - Answer-Unfit for purpose Competition in the market Raised/reduced demand Regulations/legislations Financial concerns Identify need/objective/risk - Answer-Reducing cost Improving reputation Reducing output Keeping up with the competition Improving processesIdentify need/objective/risk - Answer-Downtime Resistance Incompatibility Associated costs Lost sales/revenue Procurement - Answer-Identifying, selecting and evaluating potential suppliers then conducting the RFQ or ITT Construction - Answer-Designing and manufacturing the asset Commissioning - Answer-Bringing something new into working condition Commissioning Costs - Answer-Installation Training Insurance Testing Operational efficiencies/performance Quality 5 Approaches to condition performance monitoring - Answer-Do nothing Reactive Preventative Redictive Proactive Extended Supply Chain - Answer-Primary sector Secondary sector Tertiary sectorRetailers Customers/consumers Hidden Costs - Answer-Internal overheads Transition/mobilisation Language barriers Time differences Post contact review Culture differences Ethical behaviour Reputation Hidden Costs - Answer-Supplier financial position Exchange rates Logistics Lead time Inventory Incompatibility Changes in duties/taxes Trade wards 3 Economic Sectors - Answer-Primary Secondary Tertiary Internal Overheads - Answer-Admin Researching suppliers Travel expenses Agent fees6 Cultural Dimensions - Answer-Individual/collectivistic Masculine/feminine Uncertainty avoidance Power distance Time perspective Indulgence/restraint