6 Questions
Which factor should a buyer consider when comparing supplier offers?
The energy efficiency of the options
What do EPC A rated fridges have?
Higher upfront cost and lower energy consumption
Why is a clothing manufacturer conducting a thorough audit of potential suppliers?
To ensure compliance with labour policies and code of ethics
Which of the following is a potential weakness in the buying organization's procurement plan?
Lack of trained negotiators
What can procurement professionals use to assess external factors?
STEEPLED analysis
What does a STEEPLED analysis help buyers assess?
Factors affecting the need
Study Notes
Factors to Consider when Comparing Supplier Offers
- Buyers should consider various factors when comparing supplier offers, including price, quality, delivery time, and service.
Energy Efficiency in Fridges
- EPC A rated fridges have high energy efficiency.
Supplier Audit
- A clothing manufacturer may conduct a thorough audit of potential suppliers to assess their reliability, quality, and capability to meet the organization's needs.
Weaknesses in Procurement Plans
- A potential weakness in the buying organization's procurement plan could be inadequate supplier selection criteria or poor contract management.
Assessing External Factors
- Procurement professionals can use tools like PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis to assess external factors affecting procurement.
STEEPLED Analysis
- A STEEPLED analysis helps buyers assess external factors such as Social, Technological, Economic, Environmental, Political, Legal, and Demographic factors that may impact procurement decisions.
Test your knowledge on how to develop a strategic plan aligned with an organization's goals, values, and ESG (Environmental, Social, and Governance) objectives. This quiz will also assess your understanding of the STEEPLED factors and their influence on the external environment.
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