Exam 5: Sourcing Materials and Services

In the Item Procurement Importance Quadrant, what describes high risk, low value?

When a firm makes a "make" decision when analyzing whether to "make or buy," they may still have to purchase some types of inputs from outside suppliers.

To help guide the strategic sourcing process, five core principles are recognized as key drivers to achieve the desired levels of value. Which of the following is not one of those core principles?

What are at least three types of certifications and registrations? What do they signify, and why are they important?

There are four types of products and services that are purchased with varying degrees of importance. Name all four, and choose two to discuss in terms of risk and value.

Procurement serves as a critical link between members of the supply chain.

In the Item Procurement Importance Quadrant, what item is described as low risk, low value?

In the Item Procurement Importance Quadrant, what is described as high risk, high value?

In the Evaluate Supply Sources step, the firm:

There are seven steps in the Strategic Sourcing Process. Name at least five, and choose two to discuss in more detail.

An advantage of e-sourcing and e-procurement is that there is little risk involved.

Which approach represents a strategy in which the entire organization is focused on the examination of process variability and continuous improvement?

There are three definitions to aid understanding of some of the similarities, differences, and linkages between purchasing, procurement, and strategic sourcing. Define them, and discuss the differences between the three.

Some firms are moving towards increasing their number of suppliers in order to encourage competition and lower procurement costs.

Data management and analytics for tracking part numbers and supplier information are essential for companies of all sizes.

Which of the following is not an advantage of e-procurement?

The concept that represents the sum of all costs associated with making and delivering products to the point where they are needed is called:

Zahira, the CEO of a regional chain of bread bakeries, wants to ensure healthy relationships with all of her firm's suppliers, which is why she routinely invites account executives and other members of her suppliers' teams to visit the bakeries, sample the products, and understand as much as they can about her business. This is Zahira's way of:

The first step in the Managing Strategic Sourcing Process is to develop a strategic plan, which includes forming a planning committee with key stakeholders.

Bonanza is a website that enables sellers to hold auctions for their items or products. Bonanza is an example of a(n):