CPPB Exam - Domain VI - Strategic Procurement Planning questions with correct answers

SWOT analysis - Correct Answer-a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats Pareto Principle - Correct Answer-80% of purchasing cost is created by 20% of the purchase orders issued spend analysis - Correct Answer-process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring compliance procurement profile - Correct Answer-result produced after conducting a series of various analyses on: -procurement expenditures of an organization - range of commodities & services acquired through procurement (spend analysis), -markets that provide them (market analysis) -influence of suppliers/entity in the market -risks inherent in market buying plan - Correct Answer-based on demand, market & supplier analyses.