Exam 8: Supply Management

The second step of the purchasing process may be performed a number of ways.Perhaps the best way for standard items is ________ which is a description method that is applicable when the requirements are well understood.

Authorization to a supplier to deliver product,known as a(n)________,increasingly takes the form of ________.

Top executives name ________ as a significant threat to their companies' revenue streams.

A supplier that has previously demonstrated its performance capabilities through purchase contracts may well receive:

Use of EDI in the supply chain has led to shorter lead times and lower inventory.

A sourcing strategy in which two suppliers are used for the same purchased product or service is:

The purchasing team examined all of their purchasing patterns in order to identify any irregularities or possible areas of cost savings in a little scheme they liked to call:

A company that uses portfolio analysis would probably classify things like office supplies in the Bottleneck quadrant.

The bulk of insourcing costs are usually ________ costs.

What takes place in each step in the procure-to-pay cycle and which step is most critical?

Define outsourcing and discuss its advantages and disadvantages.

This table contains the performance criteria and scores for four potential suppliers to Kramerica Industries.Evaluate the data and identify the BEST source for Kramerica.

For the average manufacturer,over 50 percent of the value of shipments comes from materials.

A description method used when a product or service is proprietary or when there is a perceived advantage to using a particular supplier's product or services is:

The ratio of earnings to sales for a given time period is a firm's profit margin.

A manufacturer seeking to reduce the variability of quality should use multiple sourcing.

Terms and conditions for a purchased service that indicate what services will be performed and how the service provider will be evaluated are called a:

One advantage of outsourcing is that it:

Which of the following is required in order to execute a successful spend analysis?

What are the four sourcing strategies,how do they work,and what are the advantages of each?