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Questions and Answers
What are the five rights of procurement that a procurement professional needs to consider?
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?
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?
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?
What are some of the costs associated with stock holding?
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What is one of the risks associated with inferior quality?
What is one of the risks associated with inferior quality?
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What is the importance of aligning sourcing decisions with business needs and relevant stakeholders?
What is the importance of aligning sourcing decisions with business needs and relevant stakeholders?
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