MGMT 3300 Final Exam UPDATED Exam
Questions and CORRECT Answers
Strategic Sourcing Plan - CORRECT ANSWER - Details how supply management will
discover, evaluate, select, develop and manage a viable supplier base.
Sourcing Process - CORRECT ANSWER - Supplier Evaluation and Selection -
What criteria and methods will we use to evaluate and select suppliers?
Supplier Management -
What must we do to manage suppliers effectively and efficiently?
Supplier Development -
What efforts should we put forth to improve supplier performance?
Identifying potential suppliers - CORRECT ANSWER - Info sources online
Info files
Supplier catalogs
Trade Journals
Supplier Evaluation and Selection - CORRECT ANSWER - Methods:
Financial risk analysis
Eval of previous performance
Eval of supplier provided info
Visiting facility
Ask:
What is the best number of suppliers?
, -Don't want too many or too little (economics, stability)
Leads to better relationships and more involvement/trust
Barnett Evaluation:
Point based system times importance
Figuring what portion to give based on ones that meet criteria
Sourcing with strategy - CORRECT ANSWER - Location
Social
Political
Environmental
Risk assessment
Bidding vs Negotiation - CORRECT ANSWER - Decided using criteria, total cost, and logic
Bidding:
High dollar value
Clear specifications
Qualified and adequate number of sellers
Time efficiency
Negotiation:
Hard to see costs
Other things important than cost
Anticipate change
Questions and CORRECT Answers
Strategic Sourcing Plan - CORRECT ANSWER - Details how supply management will
discover, evaluate, select, develop and manage a viable supplier base.
Sourcing Process - CORRECT ANSWER - Supplier Evaluation and Selection -
What criteria and methods will we use to evaluate and select suppliers?
Supplier Management -
What must we do to manage suppliers effectively and efficiently?
Supplier Development -
What efforts should we put forth to improve supplier performance?
Identifying potential suppliers - CORRECT ANSWER - Info sources online
Info files
Supplier catalogs
Trade Journals
Supplier Evaluation and Selection - CORRECT ANSWER - Methods:
Financial risk analysis
Eval of previous performance
Eval of supplier provided info
Visiting facility
Ask:
What is the best number of suppliers?
, -Don't want too many or too little (economics, stability)
Leads to better relationships and more involvement/trust
Barnett Evaluation:
Point based system times importance
Figuring what portion to give based on ones that meet criteria
Sourcing with strategy - CORRECT ANSWER - Location
Social
Political
Environmental
Risk assessment
Bidding vs Negotiation - CORRECT ANSWER - Decided using criteria, total cost, and logic
Bidding:
High dollar value
Clear specifications
Qualified and adequate number of sellers
Time efficiency
Negotiation:
Hard to see costs
Other things important than cost
Anticipate change
