CIPS L4M6 (Supplier Relationship) LO3
QUESTIONS AND ANSWERS RATED
A.
What is a multi-national company?
Correct Answer -a company that operates in more than one country, for
example, McDonalds
What behaviors are expected from the buyer and supplier in a partnership
relationship?
Correct Answer -- open and honest communications between both parties
- trust
- fair/non-opportunistic behavior
What will the buyer need to do in order to develop commitment via
communication?
Correct Answer -- establish a formal review structure. this will include a
team structure, review frequency, methods of communication, escalation
points and timescales
- provide clear information on the knowledge to be shared by the buyer
and supplier as well as information on how this knowledge is to be
managed once it has been shared
- both the buyer and the supplier must communicate the partnership
information within their organizations to support commitment
Why is reviewing the partnership relationship important?
Correct Answer -- by having KPIs and a formal review process the
partners can focus resources on the priority areas in order to achieve the
required benefits
, - reviews will ensure that the benefits and value-added objectives are
achieved within the required timescales
- documenting and celebrating success is important. demonstrating the
improvements and benefits will motivate the partners and their staff to
continue to progress the partnership relationship. this may also service to
reduce or eliminate any remaining resistance in the wider organisation
what is meant by lessons learned?
Correct Answer -experiences gained as part of a project that should be
documented and used to improve future projects
what is continuous improvement?
Correct Answer -an ongoing effort to improve products, processes and
services
what is a project audit?
Correct Answer -a more formal process than a review; this would usually
be undertaken by a party that is independent of the organisation being
audited
what are the benefits of undertaking an audit of the partnership
relationship?
Correct Answer -- the audit will review how the partnership is progressing
against the implementation plan and the key milestones
- it provides an overview of what has gone well and what could be
improved
- audits can uncover problems which can then be addressed before they
derail the partnership relationship and they can ensure that the
partnership relationship is efficient and effective
QUESTIONS AND ANSWERS RATED
A.
What is a multi-national company?
Correct Answer -a company that operates in more than one country, for
example, McDonalds
What behaviors are expected from the buyer and supplier in a partnership
relationship?
Correct Answer -- open and honest communications between both parties
- trust
- fair/non-opportunistic behavior
What will the buyer need to do in order to develop commitment via
communication?
Correct Answer -- establish a formal review structure. this will include a
team structure, review frequency, methods of communication, escalation
points and timescales
- provide clear information on the knowledge to be shared by the buyer
and supplier as well as information on how this knowledge is to be
managed once it has been shared
- both the buyer and the supplier must communicate the partnership
information within their organizations to support commitment
Why is reviewing the partnership relationship important?
Correct Answer -- by having KPIs and a formal review process the
partners can focus resources on the priority areas in order to achieve the
required benefits
, - reviews will ensure that the benefits and value-added objectives are
achieved within the required timescales
- documenting and celebrating success is important. demonstrating the
improvements and benefits will motivate the partners and their staff to
continue to progress the partnership relationship. this may also service to
reduce or eliminate any remaining resistance in the wider organisation
what is meant by lessons learned?
Correct Answer -experiences gained as part of a project that should be
documented and used to improve future projects
what is continuous improvement?
Correct Answer -an ongoing effort to improve products, processes and
services
what is a project audit?
Correct Answer -a more formal process than a review; this would usually
be undertaken by a party that is independent of the organisation being
audited
what are the benefits of undertaking an audit of the partnership
relationship?
Correct Answer -- the audit will review how the partnership is progressing
against the implementation plan and the key milestones
- it provides an overview of what has gone well and what could be
improved
- audits can uncover problems which can then be addressed before they
derail the partnership relationship and they can ensure that the
partnership relationship is efficient and effective
