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Mastering Secondary Data for Market Insights and Supplier Optimization

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Mastering Secondary Data for Market Insights and Supplier Optimization

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Questions and Answers

Which form of data collection in procurement involves gathering information first-hand for a specific sourcing purpose?

Tertiary data

Quaternary data

Primary data (correct)

Secondary data

What are examples of primary data collection methods in procurement?

Observing market trends and managing supplier relationships

Secondary data analysis and market research

Optimizing sourcing strategies and anticipating market changes

Supplier audits, one-on-one supplier interviews, and direct supplier surveys (correct)

What is the purpose of using secondary data in procurement?

To gain a competitive advantage (correct)

To collect information first-hand

To anticipate market changes

To optimize sourcing strategies

Which of the following is an example of secondary data?

Financial Journals Signup and view all the answers

What is one advantage of using secondary data for sourcing?

Cost and Time Effective Signup and view all the answers

Which type of data can provide insights into market trends and economic conditions?

Economic Indices Signup and view all the answers

Where can a procurement professional find comprehensive data about a supplier's creditworthiness and risk rating?

Commercial Information Signup and view all the answers

Which of the following statements about data quality is true?

Data quality may be uncertain as procurement professionals have no control over how it was collected Signup and view all the answers

What is one advantage of using secondary data in supplier selection?

Secondary data can reveal trends, correlations, or insights that were not the focus of the original data collection Signup and view all the answers

What is one limitation of using benchmarking in supplier selection?

Benchmarking might not be possible due to limited availability of specific types of data Signup and view all the answers