CORE VALID STUDY PLAN & EXAM TOPICS CORE PDF

CORe Valid Study Plan & Exam Topics CORe Pdf

CORe Valid Study Plan & Exam Topics CORe Pdf

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ISM Supply Management Core Exam Sample Questions (Q100-Q105):

NEW QUESTION # 100
DEF, Inc. is a multinational oil company expanding into a new geographic region. The firm's policy is to purchase locally for its operations whenever possible. Thus, DEF needs to find sources of materials, basic equipment, and standard bulk items within the new region. Given this situation, which of the following is the BEST way for DEF to proceed?

  • A. Issue a Request for Information (RFI) followed by a Request for Quotation (RFQ)
  • B. Hold a supplier conference followed by a Request for Quotation (RFQ)
  • C. Hold a supplier conference followed by a Request for Information (RFI)
  • D. Issue a Request for Information (RFI) followed by a purchase order

Answer: A

Explanation:
* Need for Local Suppliers: DEF, Inc. is looking for local sources of materials, equipment, and bulk items in a new geographic region.
* RFI Process: Issuing an RFI allows DEF to gather information about potential suppliers in the new region, understanding their capabilities and offerings.
* RFQ Process: Following the RFI with an RFQ enables DEF to obtain detailed quotations from the shortlisted suppliers based on the information gathered, ensuring competitive pricing and terms.
* Strategic Sourcing: This approach aligns with strategic sourcing principles by thoroughly understanding the supplier market before seeking quotations.
References
* CIPS. (n.d.). Effective Use of RFIs and RFQs in Procurement.
* APQC. (2019). Best Practices in Supplier Selection and Evaluation.


NEW QUESTION # 101
An organization selects a supplier for a complex system implementation that will be conducted in several stages. Prompt initiation of the project is necessary in order to maintain the schedule, but the stakeholders have not yet defined the later milestones and deliverables. Which of the following would be the MOST appropriate course of action for the buying organization to take regarding the statement of work (SOW) for this project?

  • A. Create an initial SOW to allow the supplier to begin the first phase, with provisions for negotiating subsequent SOWs for full project implementation
  • B. Issue a general letter of intent so that the supplier can start mobilizing and avoid delays
  • C. Postpone any type of agreement with the supplier until all requirements are fully defined
  • D. Provide a SOW with all requirements available thus far, and include procedures for internal customers to make changes via contract amendments

Answer: A

Explanation:
When dealing with a complex system implementation in stages, it is critical to begin the project promptly to maintain the schedule. However, if later milestones and deliverables are not yet defined, a flexible approach is necessary. Creating an initial Statement of Work (SOW) allows the project to start with the first phase, and provisions for negotiating subsequent SOWs as the project progresses ensure that the remaining stages can be defined in detail later. This approach balances the need for a timely start with the flexibility to adapt as more information becomes available.References:
* Project Management Institute (PMI). A Guide to the Project Management Body of Knowledge (PMBOK Guide).
* CIPS (Chartered Institute of Procurement & Supply) guidelines on SOW management.


NEW QUESTION # 102
Which of the following BEST describes the strategic sourcing process?

  • A. The issuing of materials according to a schedule or to a job at its start time
  • B. The solicitation and evaluation of bids and proposals to meet the organization's material needs
  • C. A series of actions to identify suppliers to provide needed products/services for the organization
  • D. An analysis of the expected demand, supply market, and specific suppliers used by the organization

Answer: C

Explanation:
The best description of the strategic sourcing process is D. A series of actions to identify suppliers to provide needed products/services for the organization. Strategic sourcing is a systematic and data-based approach for optimizing an organization's vendor base and improving overall value propositions for software and services1.
It involves planning, managing, and optimizing supply chain activities, which includes identifying suitable suppliers2.


NEW QUESTION # 103
Smith is a supply manager for BCD, Inc. While planning for a solicitation involving high-volume parts, Smith learns that one of the potential suppliers has recently hired, as account executive, a close relative of Smith's.
The relative owns a large block of shares in the supplier's company. In this situation, which of the following is the BEST course of action for Smith to take?

  • A. Continue with the sourcing process and discuss the situation with the department supervisor if the supplier submits a competitive bid
  • B. Prepare a memorandum outlining the situation and place it in the transaction file
  • C. Advise the supplier that it cannot submit a bid, as it would create a conflict of interest
  • D. Discuss the potential conflict of interest with the department supervisor and jointly determine how to proceed

Answer: D

Explanation:
* Identify Conflict: Recognize the potential conflict of interest due to the familial relationship and stock ownership.
* Transparency: Transparency is crucial in handling conflicts of interest to maintain integrity in the sourcing process.
* Consultation: Discussing the situation with the department supervisor ensures that an unbiased decision is made.
* Joint Decision: Jointly determining how to proceed helps to avoid any appearance of impropriety and ensures compliance with company policies and ethical standards.
References
* Corporate Ethics Guidelines
* Conflict of Interest Policies
* Supply Chain Management Ethics Resources


NEW QUESTION # 104
XYZ Company asks a specialized fastener supplier for its help in choosing a fastener for a new product. The supplier recommends its proprietary part for the application. After several months of production, many field issues are reported due to loose fasteners. The supplier refuses to take responsibility, claiming that the blame lies with XYZ. In this situation, which of the following is TRUE?

  • A. As the requirement for the fastener to hold is not clearly described in the product specifications, XYZ has no recourse.
  • B. Implied warranties such as fitness for intended purpose cannot be waived, and therefore XYZ is protected.
  • C. XYZ is protected under implied warranty for intended purpose, as the supplier knew the planned use and was relied upon for expertise.
  • D. XYZ Is the product owner and therefore has sole responsibility and no recourse.

Answer: C

Explanation:
When a supplier recommends a specific part for an application, and the buying firm relies on this expertise, an implied warranty for fitness for a particular purpose is established. This means the supplier is responsible for ensuring the part is fit for the intended use. Even if the explicit requirements were not detailed, the supplier's recommendation implies a guarantee of suitability. If the fasteners fail, the supplier can be held accountable under this implied warranty. References: Uniform Commercial Code (UCC) Article 2 on Sales, warranty sections, and relevant case law on implied warranties.


NEW QUESTION # 105
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