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Strategic Sourcing and Procurement Quiz

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Questions and Answers

What is the main purpose of a make or buy analysis for a firm?

To determine the costs associated with purchasing products from different suppliers

To compare the costs of producing a product internally versus buying it externally (correct)

To evaluate the quality of products from internal and external sources

To assess the innovation and performance of potential suppliers

What motivates a company to switch suppliers according to the text?

Price increases by current suppliers

Poor supplier performance (correct)

Innovations in the supply market

Excessive delays in delivery

What is the primary advantage of single sourcing over multi-sourcing?

Greater flexibility in sourcing options

Avoidance of dependence on a single supplier

Encouragement of close supplier relationships (correct)

Enhanced volume consolidation

Which attribute is NOT typically considered during supplier selection according to the text?

Employee satisfaction Signup and view all the answers

In the context of processes, what do strategic processes primarily involve?

Business decisions and deployment of strategies Signup and view all the answers

What is the main focus of the Theory of Constraints mentioned in the text?

Enhancing throughput by targeting bottlenecks Signup and view all the answers

What is the THIRD 'right' in the seven rights of purchasing?

The right service Signup and view all the answers

Which type of strategic sourcing mix involves high volume, complex items?

Strategic Signup and view all the answers

Which of the following is NOT a factor that defines complexity in sourcing?

Supplier Relationship Signup and view all the answers

When making something in-house initially, the costs are higher due to what?

Equipment and other inputs Signup and view all the answers

What is the relationship between collaborative forecasting and supplier integrated manufacturing in terms of level of integration?

Collaborative forecasting has a low level of integration, while supplier integrated manufacturing has a high level of integration. Signup and view all the answers

What is the 'profit leverage effect' in purchasing?

It is easier to save a dollar than spend a dollar, and every dollar saved goes towards the bottom line. Signup and view all the answers