Start Exam Preparation with Dumpexams CIPS L4M6 Practice Questions

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CIPS Supplier Relationships Sample Questions (Q114-Q119):

NEW QUESTION # 114
Rachel and Jacky work in the procurement department of Foddy Foods Ltd. They have been told by their CEO to build better relationships with strategic suppliers as this will create value for money for the company. In what ways can value for money be achieved by building strong relationships with suppliers? Select TWO.

A. Reduction of waste
B. Better payment terms
C. Reducing costs
D. Innovation developed as part of collaborative projects

Answer: A,D

Explanation:
Supplier relationships can result in value for money in the reduction of waste and in innovation developed as part of collaborative projects. Remember that in CIPS waste doesn't necessarily mean physical waste (as in stuff you don't want any more). There are 7 types of waste including waiting, inventory, transportation etc. So when you develop a relationship with a supplier, this can reduce waste (e.g. you may be able to get deliveries quicker by integrating your ordering system with the supplier's, or you might reduce transportation by agreeing a Consignment stock). Having a good relationship with a supplier isn't necessarily going to get you a reduction in cost or better payment terms. See p.70 for more details on this- there's a short list of ways in which good supplier relationships can bring value for money to a business.

NEW QUESTION # 115
Which of the following relationship types are characterised by low levels of trust? Select TWO options

A. Partnership
B. Outsourced
C. Single- Sourced
D. Arm's Length
E. Adversarial
(Correct)

Answer: D,E

Explanation:
Adversarial and Arm's Length relationships have low levels of trust. Single Source, Partnership and Outsourcing require high level of trust. See p.5 for the Supplier Relationship Spectrum

NEW QUESTION # 116
Which of the following are possible drivers for partnership sourcing? Select THREE.

A. The marketplace has become more volatile
B. The protection of intellectual property rights
C. The need to improve performance to satisfy the end customer
To increase production costs and lead-times
D. Working together will create synergies

Answer: A,C,D

Explanation:
The correct answers are; The marketplace has become more volatile, Working together will create synergies and The need to improve performance to satisfy the end customer. Further Drivers of Partnership Sourcing can be found on p.127. The other answers are incorrect as entering a partnership won't protect intellectual property rights- in fact that's one of the big risks of entering into a partnership. Partnerships won't increase costs and lead-times, they're likely to decrease them.

NEW QUESTION # 117
Value for money is often described at the 'three Es'; economy, efficiency and effectiveness. However some people consider a 4th E which refers to the public sector. What is the fourth E?

A. Environment
B. Equality
C. Equity
D. Ethics

Answer: C

Explanation:
Equity is the fourth E- this means the extent to which the service is available. See p.65 for details on the 4 Es

NEW QUESTION # 118
The executive board of a manufacturing company is requesting support from the procurement team because the company needs to improve its levels of profitability. After segmenting the overall spend by value and risk of supply, the senior buyer for the company is planning to undertake a cost modeling activity. This will be undertaken with a cross-organizational team of internal stakeholders and key strategic suppliers. What would be the buyer's initial objective from the cost modeling activity?

A. To understand the supplier's competitive threats
B. To understand the supplier's financial status
C. To understand the supplier's pricing strategy
D. To understand the supplier's investment plans

Answer: C

Explanation:
Cost modeling helps in understanding supplier pricing strategies, identifying cost drivers, and opportunities for negotiation or cost reduction, which supports profitability improvements.

NEW QUESTION # 119
......

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CIPS Supplier Relationships Sample Questions (Q114-Q119):

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