CIPs L4M1 LO1 Exam Questions
and Answers (Graded A)
Procurement - ANSWER-Involves obtaining something either tangible (goods)
or intangible (services). The process begins by identifying a need and is
complete once that need is delivered. It is a strategic function.
tangible - ANSWER-capable of being touched; real, concrete
intangible - ANSWER-unable to be touched or grasped; not having physical
presence
Procurement elements - ANSWER-1. Added Value
2. Cost
3. Inventory
4. Logistics
5. Purchasing
6. Quality
,7. Supply
8. Waste Management
Strategic - ANSWER-High level planning including setting direction and long
term goals.
A typical Supply Chain - ANSWER-Primary - raw materials
Secondary - manufacturing
Tertiary - services
Each sector adds value.
Supply Chain Definition - ANSWER-The infrastructure involved in physically
getting the products and services delivered.
A channel of goods distribution.
Starts with raw material supplier.
Moves through a operational process to the distributor and retailer.
And finally to the customer.
, Upstream Supply Chain - ANSWER-Supply of raw materials, components,
parts etc that are needed for production.
Supply Chain Network - ANSWER-Evolution of basic supply chain to include
all other parties involved in the entire supply process rather than just one
element. A two-way exchange of information. A one-way flow of goods.
Physical flows - ANSWER-The movement and storage of goods and materials
within a supply chain. These are the tangible parts of supply chain network.
Goods flow one way only.
Informational flows - ANSWER-Organisational strategies and the way they are
communicated, the control processes within the network and the standards
to which the chain should work. Information flows two ways.
downstream supply chain - ANSWER-the supply chain from the production
facility to the end-customer
Supply Chain Management - ANSWER-a management system that
coordinates and integrates all of the activities performed by supply chain
and Answers (Graded A)
Procurement - ANSWER-Involves obtaining something either tangible (goods)
or intangible (services). The process begins by identifying a need and is
complete once that need is delivered. It is a strategic function.
tangible - ANSWER-capable of being touched; real, concrete
intangible - ANSWER-unable to be touched or grasped; not having physical
presence
Procurement elements - ANSWER-1. Added Value
2. Cost
3. Inventory
4. Logistics
5. Purchasing
6. Quality
,7. Supply
8. Waste Management
Strategic - ANSWER-High level planning including setting direction and long
term goals.
A typical Supply Chain - ANSWER-Primary - raw materials
Secondary - manufacturing
Tertiary - services
Each sector adds value.
Supply Chain Definition - ANSWER-The infrastructure involved in physically
getting the products and services delivered.
A channel of goods distribution.
Starts with raw material supplier.
Moves through a operational process to the distributor and retailer.
And finally to the customer.
, Upstream Supply Chain - ANSWER-Supply of raw materials, components,
parts etc that are needed for production.
Supply Chain Network - ANSWER-Evolution of basic supply chain to include
all other parties involved in the entire supply process rather than just one
element. A two-way exchange of information. A one-way flow of goods.
Physical flows - ANSWER-The movement and storage of goods and materials
within a supply chain. These are the tangible parts of supply chain network.
Goods flow one way only.
Informational flows - ANSWER-Organisational strategies and the way they are
communicated, the control processes within the network and the standards
to which the chain should work. Information flows two ways.
downstream supply chain - ANSWER-the supply chain from the production
facility to the end-customer
Supply Chain Management - ANSWER-a management system that
coordinates and integrates all of the activities performed by supply chain
