Podcast
Questions and Answers
What is the primary goal of value analysis?
What is the primary goal of value analysis?
- To investigate all components of an existing product or service
- To analyze market trends and consumer preferences
- To identify unnecessary costs and eliminate them (correct)
- To improve product quality and performance
Which statement best describes the 'make or buy' decision in purchasing?
Which statement best describes the 'make or buy' decision in purchasing?
- It refers to the choice between producing starting with raw materials or purchasing pre-assembled components
- It is the decision to purchase a product or service from an external supplier or produce it in-house (correct)
- It is the process of selecting the most cost-effective method of acquiring goods or services
- It determines whether to invest in manufacturing capabilities or outsource production entirely
What is the purpose of writing specifications in the purchasing process?
What is the purpose of writing specifications in the purchasing process?
- To establish the criteria for evaluating and selecting suppliers
- To outline the procedures for placing purchase orders
- To define the required quality standards and characteristics of the product (correct)
- To determine the pricing and negotiation strategies
Which statement accurately describes the 'informal' method of purchasing?
Which statement accurately describes the 'informal' method of purchasing?
What is the first step in the purchasing process?
What is the first step in the purchasing process?
Which of the following is NOT typically considered a part of the marketing channel?
Which of the following is NOT typically considered a part of the marketing channel?
What technique helps manufacturers determine the best amount of inventory to order and how often it should be ordered?
What technique helps manufacturers determine the best amount of inventory to order and how often it should be ordered?
Why is Supply Chain Visibility important in inventory control?
Why is Supply Chain Visibility important in inventory control?
What is JIT Manufacturing aimed at achieving?
What is JIT Manufacturing aimed at achieving?
Why is effective vendor management essential for purchasing success?
Why is effective vendor management essential for purchasing success?
What role does negotiation play in vendor management?
What role does negotiation play in vendor management?
How does Demand Forecasting impact purchasing decisions?
How does Demand Forecasting impact purchasing decisions?
Which of the following is NOT a key factor in vendor selection?
Which of the following is NOT a key factor in vendor selection?
What is the primary purpose of establishing Service Level Agreements (SLAs) with vendors?
What is the primary purpose of establishing Service Level Agreements (SLAs) with vendors?
Which of the following is NOT a key element of effective negotiation skills?
Which of the following is NOT a key element of effective negotiation skills?
What is the primary purpose of contract negotiation with vendors?
What is the primary purpose of contract negotiation with vendors?
Which of the following is NOT mentioned as a key aspect of vendor management?
Which of the following is NOT mentioned as a key aspect of vendor management?
What should companies focus on to create robust purchasing strategies?
What should companies focus on to create robust purchasing strategies?
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