Test Your Knowledge on Maximizing Value for Money in Procurement!
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Questions and Answers

What are the five rights of procurement that a procurement professional needs to consider?

  • Right place, right price, right quality, right quantity, and right time
  • Right place, right price, right quality, right quantity, and right delivery
  • Right place, right price, right quality, right quantity, and right supplier (correct)
  • Right place, right price, right quality, right quantity, and right management

    • What are the three hidden costs identified in the whole-life cost analysis?

  • Logistics handling, ongoing repairs, and stock holding
  • Logistics handling, ongoing cleaning, and stock holding
  • Logistics handling, ongoing maintenance, and stock holding (correct)
  • Logistics handling, ongoing servicing, and stock holding

    • What is one of the approaches used to maintain the right quantity of stock?

  • Economic Order Quantity (EOQ) (correct)
  • Economic Purchase Quantity (EPQ)
  • Economic Stock Quantity (ESQ)
  • Economic Replenishment Quantity (ERQ)

    • What are some of the costs associated with stock holding?

    <p>Redundant and obsolete stock</p> Signup and view all the answers

    What is one of the risks associated with inferior quality?

    <p>Increased defects</p> Signup and view all the answers

    What is the importance of aligning sourcing decisions with business needs and relevant stakeholders?

    <p>The procurement team will have succeeded in its mandate</p> Signup and view all the answers

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