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ASCM Procurement Certificate: Questions and Answers, Exams of Business Management and Analysis

Brunel University LondonBusiness Management and Analysis

A comprehensive set of questions and answers related to the ascm procurement certificate. It covers a wide range of topics, including negotiation, artificial intelligence, procurement metrics, the un global compact, supplier categories, types of discounts, sustainable procurement, benchmarking, supplier relationship management (srm), the purchasing cycle, sourcing process, contract management, analytics, and more. The document serves as a valuable resource for individuals seeking to enhance their knowledge and understanding of procurement practices, strategies, and concepts. The detailed explanations and correct answers can be particularly useful for students preparing for exams, professionals looking to expand their expertise, or anyone interested in the field of procurement and supply chain management.

Typology: Exams

2024/2025

Available from 10/06/2024

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ASCM Procurement Certificate
Questions and answers
How would you define negotiation? - Correct answer the process by which a buyer and
a supplier agree upon conditions surrounding the purchase of an item or service
What are different types of artificial intelligence? - Correct answer Voice/facial
recognition, self-driving vehicles
What are some internal procurement metrics? - Correct answer 1. TCO
2. Price Performance
3. Purchase Price Variance
4. Asset management
5. Inventory turnover
6. Days of supply
What are some things the Triple Bottom Line provides? - Correct answer Supplier
diversity, safe working conditions, reduction in supplier chain costs, supplier
development, adherence to standards/legislation, responsible resource usage,
responsible waste management
What are the 10 principles of the UN Global Compact? - Correct answer 1. Support
and respect the protection of internationally proclaimed human rights
2. Do not be complicit in human rights abuses
3. Uphold freedom of associated and recognize the right to collective bargaining
4. Eliminate forced and compulsory labor
5. Abolish child labor
6. Eliminate discrimination
7. Support precautionary approach to environment
8. Promote greater environmental responsibility
9. Develop and diffuse environment friendly technologies
10. Work against corrupting, extortion and bribery
What are the 5 categories of suppliers? - Correct answer 1. Preferred suppliers
2. Approved suppliers
3. Certified suppliers
4. Qualified suppliers
5. Disqualified suppliers
What are the 5 types of discounts? - Correct answer 1. Trade promotion
2. Quantity discount
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ASCM Procurement Certificate

Questions and answers

How would you define negotiation? - Correct answer the process by which a buyer and a supplier agree upon conditions surrounding the purchase of an item or service What are different types of artificial intelligence? - Correct answer Voice/facial recognition, self-driving vehicles What are some internal procurement metrics? - Correct answer 1. TCO

  1. Price Performance
  2. Purchase Price Variance
  3. Asset management
  4. Inventory turnover
  5. Days of supply What are some things the Triple Bottom Line provides? - Correct answer Supplier diversity, safe working conditions, reduction in supplier chain costs, supplier development, adherence to standards/legislation, responsible resource usage, responsible waste management What are the 10 principles of the UN Global Compact? - Correct answer 1. Support and respect the protection of internationally proclaimed human rights
  6. Do not be complicit in human rights abuses
  7. Uphold freedom of associated and recognize the right to collective bargaining
  8. Eliminate forced and compulsory labor
  9. Abolish child labor
  10. Eliminate discrimination
  11. Support precautionary approach to environment
  12. Promote greater environmental responsibility
  13. Develop and diffuse environment friendly technologies
  14. Work against corrupting, extortion and bribery What are the 5 categories of suppliers? - Correct answer 1. Preferred suppliers
  15. Approved suppliers
  16. Certified suppliers
  17. Qualified suppliers
  18. Disqualified suppliers What are the 5 types of discounts? - Correct answer 1. Trade promotion
  19. Quantity discount
  1. Volume discount
  2. Seasonal discount
  3. Cash discounts What are the benefits an organization will receive from initiating a sustainable procurement program? - Correct answer Improved performance in reuse, recycling and waste management; reductions in supply chain risk through security of supply and increased mitigation using sustainability principles; specification of sustainable materials and processes including reuse and recycling supports continuity of supply and can reduce carbon footprint; fostering of increased loyalty and improved relationships with suppliers, contractors, and customers due to focus on these relationships; increased worker productivity, and encouragement of innovation due to a focus on workplace and employee issues; practical demonstration to the global community of the organization's commitment to sustainability What are the benefits of benchmarking? - Correct answer 1. Identifies standards that lead to excellence
  4. Eliminates barriers to chance
  5. Minimizes cost of trial and error by trying new techniques
  6. Develops relationships with other firms What are the five components of a SRM system? - Correct answer 1. Internal interfaces (ERP)
  7. External interfaces (EDI)
  8. SRM analytics
  9. SRM services
  10. SRM procurement What are the five steps of the negotiation process? - Correct answer 1. Grasp the situation
  11. Plan
  12. Do
  13. Check
  14. Action What are the five steps of the purchase order flow? - Correct answer 1. Generate requisition
  15. Issue purchase order
  16. Follow-up
  17. Receive goods
  18. Approve payment What are the four basic MRP action orders? - Correct answer Release order, reschedule in, reschedule out, and cancel What are the goals of SRM? - Correct answer 1. Collaboration

What factors should be considered when deciding to have purchasing centralized or decentralized? - Correct answer 1. Business strategy

  1. Nature of products offered to market
  2. Total purchasing expenditures
  3. Overall management philosophy What happens in the compliance phase of contract management? - Correct answer Relationships are manage, performance is maximized, and risk is minimized What happens in the execution phase of contract management? - Correct answer Supplier is selected and agreement we deployed/executed What happens in the pre-contract phase of contract management? - Correct answer Identify needs through a requisition and negotiate What is a balanced scorecard? - Correct answer a list of financial and operational measurements used to evaluate organization or supply chain performance, formally connects overall objectives, strategies, and measurements What is a block chain? - Correct answer a continuously growing list of records, called blocks, which are linked and secured using cryptography What is a buyer? - Correct answer an individual whose functions might include supplier selection, negotiation, order placement, etc. (strategic) What is a control tower? - Correct answer provides an integrated and comprehensive view of data across the end-to-end supply chain What is a material planner? - Correct answer the person normally responsible for managing inventory levels, schedules, and availability of selected items either manufactured or purchased (tactical) What is a purchasing Kanban? - Correct answer Inventory replenishment is triggered by a card removed from inventory as it is used What is an intelligent agent? - Correct answer a program that regularly gathers information without the owner being present What is artificial intelligence? - Correct answer Computer programs that can learn and reason in a manner similar to humans What is benchmarking? - Correct answer Comparing products, processes, and services to those of another organization thought to have superior performance What is strategic sourcing? - Correct answer A comprehensive approach for locating and sourcing key material suppliers which often includes the business process of

analyzing total spend for material categories, includes a focus on the development of long-term relationships with trading partners who can help the purchaser meet profitability and customer satisfaction goals What is supplier relationship management (SRM)? - Correct answer a comprehensive approach to managing an enterprise's interactions with the organizations that supply the goods and services the enterprise uses What is supply chain event management? - Correct answer Supply chain management software applications where users have the ability to flag the occurrence of certain supply chain events to trigger some form of alert or action within another supply chain application What is tactical buying? - Correct answer the purchasing process focused on transactions and non-strategic material buying (purchasing) What is the difference between a static and a dynamic database file? - Correct answer Static files but be intentionally created or changes whereas dynamic files will automatically change whenever a PO is entered, changed, or transacted What is the difference between purchasing and procurement? - Correct answer Purchasing involves tactical buying (meeting demand, lowest cost, and order placement) whereas procurement focuses more on strategic sourcing (lowest TCO, forming collaborative partnerships, value analysis, negotiation) What is the formula for days of supply? - Correct answer inventory/annual COGS What is the formula for inventory turnover? - Correct answer COGS/average inventory in dollars What is the Global Reporting Initiative? - Correct answer a network-based organization that pioneered the worlds most widely used sustainability reporting framework What is the Internet of things? - Correct answer the idea that objects are becoming connected to the Internet so they can interact with other devices, applications, or services. What is the Triple Bottom Line? - Correct answer an approach that measures the economic, social, and environmental impact of an organization's activities with the intents of creating value for both its shareholders and society What metrics should be used for evaluating supplier performance? - Correct answer Metrics used for evaluating supplier performance should include financial metrics, supply chain metrics (order fulfillment, quality, logistics, etc.), relationship metrics, and sustainability metrics.