12 Questions
What is a key benefit of using Spend Analytics Tools in procurement?
Uncovering cost-saving opportunities
Which function is primarily associated with Supplier Relationship Management (SRM) Systems?
Proactively managing supplier data and performance
How do E-Procurement Platforms contribute to procurement management?
Automating tasks like purchase orders and invoices
Which aspect of procurement management focuses on maximizing resource utilization?
Resource Optimization
What is the main purpose of Supplier Relationship Management in procurement?
To build collaborative relationships with suppliers
Which of the following is NOT a key activity in Procurement Management?
Marketing Strategy
What is one of the main goals of effective procurement management?
Obtaining goods at the right time, quantity, and price
Which of the following is a common Key Performance Indicator (KPI) for evaluating suppliers?
On-time Delivery Performance
What is one key component of a procurement contract?
Scope of work
Which aspect of good procurement management focuses on establishing long-term partnerships?
Supplier relationship management
What does compliance and legal considerations in procurement management primarily focus on?
Ensuring ethical and legal practices
Why is importance placed on procurement cost control?
To find software and services at good prices
Learn about the significance of adhering to procurement laws and regulations to avoid legal issues. Discover how procurement management aids in resource optimization by efficiently allocating manpower and budget. Understand the importance of stakeholder satisfaction in procurement processes.
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