SCMN 2150: Module 5-8 Robert Straw Auburn Questions and Answers Already Passed

SCMN 2150: Module 5-8 Robert Straw Auburn Questions and Answers Already Passed According to the reading the final step of strategic sourcing is to: A. integrate suppliers into existing processes B. negotiate with and select suppliers C. analyze product categories used by the businesses and spending patterns D. track performance metrics and optimize sourcing plan D. track performance metrics and optimize sourcing plan According to the reading, the most popular response to COVID-19 will be which large scale sourcing change? A. expanding the supply base B. increasing financing for key suppliers C. maintaining processes as is D. reducing inventory levels A. expanding the supply base According to the reading, strategic sourcing differs from conventional purchasing because it places emphasis on _______ and optimizing the sourcing process through ongoing market analysis and building relationships with suppliers. A. purchase price B. total cost of ownership C. landed cost D. total value minimization B. total cost of ownership According to the reading, the total value optimization measure of success for strategic procurement focuses on: A. reduction in purchase price B. price, quality, durability, market savings C. price, specifications, value stream D. price, supplier relationships, sustainability D. price, supplier relationships, sustainability What is procurement? the process of acquiring goods and services from 3rd party vendors as optimum total cost, correct time, quality, and quantity What is procurement referred to as? The Buy Process What is The Buy Process - the activities that bring needed resources into an organization; initiates the flow of materials in the supply chain -encompasses foundation concepts, procurement process, and strategic sourcing 3 Characteristics of The Buy Process 1. organizations are not vertically integrated 2. the supply base is geographically dispersed 3. the buy process can provide competitive advantage T/F Procurement varies among business needs TRUE What is supply management? the identification, use, and management of resources/capabilities the organization needs to meet its strategic objectives Strong Procurement Benefits - cost reduction - improves order to delivery timelines - shorter product development cycles - access to supplier expertise and technology - improved product quality What is the goal of procurement? strategically manage sources of supply