Importance of Procurement Compliance and Legal Considerations
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Questions and Answers

What is a key benefit of using Spend Analytics Tools in procurement?

  • Automating purchase orders and invoices
  • Improving collaboration with key suppliers
  • Enhancing stakeholder satisfaction
  • Uncovering cost-saving opportunities (correct)

    • Which function is primarily associated with Supplier Relationship Management (SRM) Systems?

  • Proactively managing supplier data and performance (correct)
  • Automating tasks such as purchase orders
  • Improving collaboration with key suppliers
  • Optimizing spending patterns

    • How do E-Procurement Platforms contribute to procurement management?

  • Managing supplier relationships
  • Automating tasks like purchase orders and invoices (correct)
  • Analyzing procurement data
  • Improving spending patterns

    • Which aspect of procurement management focuses on maximizing resource utilization?

    <p>Resource Optimization</p> Signup and view all the answers

    What is the main purpose of Supplier Relationship Management in procurement?

    <p>To build collaborative relationships with suppliers</p> Signup and view all the answers

    Which of the following is NOT a key activity in Procurement Management?

    <p>Marketing Strategy</p> Signup and view all the answers

    What is one of the main goals of effective procurement management?

    <p>Obtaining goods at the right time, quantity, and price</p> Signup and view all the answers

    Which of the following is a common Key Performance Indicator (KPI) for evaluating suppliers?

    <p>On-time Delivery Performance</p> Signup and view all the answers

    What is one key component of a procurement contract?

    <p>Scope of work</p> Signup and view all the answers

    Which aspect of good procurement management focuses on establishing long-term partnerships?

    <p>Supplier relationship management</p> Signup and view all the answers

    What does compliance and legal considerations in procurement management primarily focus on?

    <p>Ensuring ethical and legal practices</p> Signup and view all the answers

    Why is importance placed on procurement cost control?

    <p>To find software and services at good prices</p> Signup and view all the answers

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