Podcast
Questions and Answers
Which factor should a buyer consider when comparing supplier offers?
Which factor should a buyer consider when comparing supplier offers?
- The energy efficiency of the options (correct)
- The changes in legislation
- The ethical sourcing of products and services
- The political situation between Russia and Ukraine
What do EPC A rated fridges have?
What do EPC A rated fridges have?
- Higher upfront cost and lower energy consumption (correct)
- Lower upfront cost and lower energy consumption
- Higher upfront cost and higher energy consumption
- Lower upfront cost and higher energy consumption
Why is a clothing manufacturer conducting a thorough audit of potential suppliers?
Why is a clothing manufacturer conducting a thorough audit of potential suppliers?
- To ensure compliance with labour policies and code of ethics (correct)
- To negotiate lower labor costs
- To assess their financial stability
- To evaluate their manufacturing capabilities
Which of the following is a potential weakness in the buying organization's procurement plan?
Which of the following is a potential weakness in the buying organization's procurement plan?
What can procurement professionals use to assess external factors?
What can procurement professionals use to assess external factors?
What does a STEEPLED analysis help buyers assess?
What does a STEEPLED analysis help buyers assess?
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.
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Description
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.
