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What are the four primary aspects of hospitality procurement?

• Sourcing, contract negotiation, payment terms, and end of life management

• Quality control, supplier delivery schedule, payment terms, and inventory control

• Inventory management, contract negotiation, payment terms, and forecasting techniques

• Sourcing, quality control, inventory management, and supplier negotiation

What is the purpose of the PAR level strategy in inventory management?

• To calculate the average usage of inventory for a week

• To ensure items are reordered when approaching minimum levels to prevent shortages

• To forecast demand and keep excess inventory on hand

• To determine the trend direction of securities

What is the main difference between purchasing and procurement?

• Purchasing focuses on quality standards, while procurement focuses on financing purchases

• Procurement involves several core business functions, while purchasing is a subset of procurement

• Purchasing is an umbrella term that includes procurement as a subset

• Procurement includes inventory control, while purchasing involves supplier negotiation

What is the objective of multiple regression analysis?

• To predict the relationship between reckless cooking and kitchen accidents

• To determine the underlying trend and when prices are overextended

• To calculate the overall trend in a data set

• To analyze the relationship between a single dependent variable and several independent variables

What is the purpose of the three-way matching accounting process?

• To forecast demand and keep excess inventory on hand

• To determine the trend direction of securities

• To calculate the average inventory usage for a week

• To verify that an invoice is legitimate and ready to be paid

What is the focus of purchasing within the procurement cycle?

• Supervising distribution and change in stock

• Negotiating consolidation and arranging financial agreements

• Setting inventory ratios and establishing quality requirements

• Buying goods or services, receiving, and payment

What is the technique used to calculate the overall trend in a data set?

• Naïve Methods

• Moving Average

• Exponential Smoothing

• Linear Regressions

What is the main objective of purchasing in supply chain management?

• Maximizing investment

• Maintaining an adequate supply

• Reducing quality standards

• Increasing the company's competitive position

What is the purpose of the Just-in-time inventory system?

• To determine the underlying trend and when prices are overextended

• To analyze the relationship between a single dependent variable and several independent variables

• To calculate the overall trend in a data set

• To forecast demand and keep just enough inventory on hand to cover that demand

What are the activities involved in purchasing?

• Setting inventory ratios, establishing quality requirements, arranging financial agreements, and supervising distribution

• Forecasting techniques, linear regressions, multiple regression, and just-in-time inventory

• Market placement, company capabilities, management issues, and company identity

• Planning, organizing, staffing, training, budgeting, directing, and controlling