L4M1 - CIPS: Scope and Influence
of Procurement and Supply with
Complete Solutions
Artificial Intelligence (AI) - ANSWER-Machines that display human-like
intelligence
Assets - ANSWER-The value of everything an organisation owns
Audit - ANSWER-A systematic inspection of a process or procedure to assess
compliance with requirements or regulations
Batch Quantity - ANSWER-Amount of products produced at a time
Benchmark - ANSWER-Compare an element of one business, such as price,
quality or service, against another
,Bid - ANSWER-Offer of a price, may be a response to an invitation to tender
Brand - ANSWER-The image of an organisation. The name, logo, slogan,
colours, etc., that differentiate it from the competition
Budget - ANSWER-Financial plan for a set period of time on how much can be
spent
Corporate Governance - ANSWER-The mechanisms, procedures and
processes that are used to control and direct an organisation.
Corporate Social Responsibility (CSR) - ANSWER-a business approach that
contributes to sustainable development by delivering economic, social and
environmental benefits for all stakeholders. The CSR policy may cover
fundraising for charity, ethical behaviour, social and environmental policies,
etc.
Buffer Stock - ANSWER-The amount of stock held as inventory at any time in
addition to immediate requirements
Capital Asset - ANSWER-Tangible, non-current (or fixed) assets
, Carriage Deals - ANSWER-Negotiations to achieve the best possible cost
Centralised Structure - ANSWER-Activities carried out at one central location
Charity - ANSWER-A not-for-profit organisation with the objective of raising
awareness or helping its chosen cause
Cloud Computing - ANSWER-The delivery of IT services such as storage and
networking which are hosted by a third party and accessed over the internet
Co-Operative - ANSWER-A people-centred enterprise owned and run by and
for its members, which either reinvests any profits or returns them to its
members
Code of Ethics - ANSWER-A document detailing acceptable behaviour within
an organisation
Collaborative Style - ANSWER-Working together effectively, a style promoting
win-win and trust within relationships
of Procurement and Supply with
Complete Solutions
Artificial Intelligence (AI) - ANSWER-Machines that display human-like
intelligence
Assets - ANSWER-The value of everything an organisation owns
Audit - ANSWER-A systematic inspection of a process or procedure to assess
compliance with requirements or regulations
Batch Quantity - ANSWER-Amount of products produced at a time
Benchmark - ANSWER-Compare an element of one business, such as price,
quality or service, against another
,Bid - ANSWER-Offer of a price, may be a response to an invitation to tender
Brand - ANSWER-The image of an organisation. The name, logo, slogan,
colours, etc., that differentiate it from the competition
Budget - ANSWER-Financial plan for a set period of time on how much can be
spent
Corporate Governance - ANSWER-The mechanisms, procedures and
processes that are used to control and direct an organisation.
Corporate Social Responsibility (CSR) - ANSWER-a business approach that
contributes to sustainable development by delivering economic, social and
environmental benefits for all stakeholders. The CSR policy may cover
fundraising for charity, ethical behaviour, social and environmental policies,
etc.
Buffer Stock - ANSWER-The amount of stock held as inventory at any time in
addition to immediate requirements
Capital Asset - ANSWER-Tangible, non-current (or fixed) assets
, Carriage Deals - ANSWER-Negotiations to achieve the best possible cost
Centralised Structure - ANSWER-Activities carried out at one central location
Charity - ANSWER-A not-for-profit organisation with the objective of raising
awareness or helping its chosen cause
Cloud Computing - ANSWER-The delivery of IT services such as storage and
networking which are hosted by a third party and accessed over the internet
Co-Operative - ANSWER-A people-centred enterprise owned and run by and
for its members, which either reinvests any profits or returns them to its
members
Code of Ethics - ANSWER-A document detailing acceptable behaviour within
an organisation
Collaborative Style - ANSWER-Working together effectively, a style promoting
win-win and trust within relationships
