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Questions and Answers
Which stage of the procurement process involves selecting a supplier based on evaluated offers?
Which stage of the procurement process involves selecting a supplier based on evaluated offers?
Which component of supply chain management focuses on managing demand and inventory?
Which component of supply chain management focuses on managing demand and inventory?
What is a common strategy used to reach an agreement in negotiation?
What is a common strategy used to reach an agreement in negotiation?
Which of the following is NOT a key element of a valid contract?
Which of the following is NOT a key element of a valid contract?
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How does ethical sourcing impact procurement processes?
How does ethical sourcing impact procurement processes?
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In supply chain management, which component deals with transportation and warehousing?
In supply chain management, which component deals with transportation and warehousing?
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Which negotiation strategy is defined by focusing on mutual interests rather than positions?
Which negotiation strategy is defined by focusing on mutual interests rather than positions?
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What legal consequence can arise from breach of contract?
What legal consequence can arise from breach of contract?
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Flashcards
Procurement Process
Procurement Process
The process of acquiring goods, services, or works.
Supply Chain Management
Supply Chain Management
The flow of goods, services, and information from origin to consumer.
Key Stage in Procurement
Key Stage in Procurement
Identifying needs, defining specifications, sourcing, evaluating, selecting, negotiating, ordering, receiving, managing payments and post contract management/evaluation.
Negotiation Strategies
Negotiation Strategies
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Contract Law
Contract Law
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Valid Contract Elements
Valid Contract Elements
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Ethical Sourcing
Ethical Sourcing
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Supply Chain Components
Supply Chain Components
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Study Notes
L4M5
- L4M5 is likely a reference to a specific curriculum module or learning objective. Further context is required to provide meaningful notes.
Procurement Processes
- Procurement is the process of acquiring goods, services, or works.
- Key stages in procurement often include:
- Identifying needs
- Defining specifications
- Sourcing potential suppliers
- Evaluating offers
- Selecting a supplier
- Negotiating terms
- Placing an order
- Receiving and inspecting goods/services
- Managing payments
- Post-contract management and evaluation
- Effective procurement requires clear procedures, well-defined roles, and standardized documentation.
Supply Chain Management
- Supply chain management encompasses the flow of goods, services, and information from the origin to the consumer.
- Key components include:
- Planning: Forecasting demand, inventory management, capacity planning.
- Sourcing: Identifying and selecting suppliers, negotiating contracts.
- Manufacturing: Production planning, quality control.
- Delivery: Logistics, transportation, warehousing.
- Returns: Reverse logistics, handling returns.
- Effective supply chain management aims for efficiency, responsiveness and cost control.
Negotiation Strategies
- Negotiation involves reaching an agreement between different parties with potentially conflicting interests.
- Negotiation strategies often involve:
- Understanding the other party's needs and motivations.
- Identifying potential compromises.
- Employing active listening techniques.
- Structuring the negotiation process.
- Using persuasion to achieve desired outcomes.
- Planning contingencies.
- Strategies like positional bargaining, principled negotiation (or interest-based bargaining), and collaborative negotiation have varied effectiveness.
Contract Law
- Contract law governs the creation and enforcement of agreements between parties.
- Key elements of a valid contract include:
- Offer and acceptance
- Consideration (something of value exchanged)
- Intention to create legal relations
- Capacity (parties must be legally able to contract)
- Legality of object (must not be illegal or immoral).
- Breach of contract can lead to legal remedies like damages or specific performance.
Ethical Sourcing
- Ethical sourcing involves procuring goods and services in a way that considers social and environmental responsibility.
- Key considerations may include:
- Fair labor practices: ensuring fair wages, safe working conditions, and the absence of child labor.
- Environmental protection: minimizing environmental impact throughout the supply chain, reducing waste, and using sustainable materials.
- Transparency in supply chains: providing clear visibility into the origin and production of products.
- Respect for human rights: ensuring ethical and just treatment throughout the supply chain.
- Ethical sourcing contributes to long-term sustainability and reputation.
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Description
This quiz covers the essential stages of procurement processes essential for effective supply chain management. Learn about identifying needs, sourcing suppliers, and managing post-contract evaluations. Test your knowledge and understanding of procurement to enhance your skills in this crucial business area.
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