Understanding Procurement Methods

Understanding Procurement Methods

University

15 Qs

quiz-placeholder

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Understanding Procurement Methods

Understanding Procurement Methods

Assessment

Quiz

Specialty

University

Practice Problem

Hard

Created by

ranert Lindt

Used 1+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Procurement methods have considerable impact on _________.

inventory level

financial stability

employee satisfaction

market share

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inventories are maintained for meeting production requirements, supporting the operations, extending customer service and hedge against future __________.

production delays

supply shortages

demand fluctuations

inventory costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Effective implementation of VMI depends on smoothly addressing the concerns of __________.

suppliers

employees

stakeholders

customers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The modern approach to control inventories is not focused on __________.

excessive stockpiling

reducing lead times

just-in-time delivery

minimizing holding costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inventory carrying cost includes which of the following?

Transportation fees

Storage costs, insurance, depreciation, opportunity costs

Marketing expenses

Employee salaries

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which procurement method is characterized by a long-term relationship with suppliers?

Strategic sourcing

Just-in-time procurement

Competitive bidding

Single sourcing

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary goal of Just-In-Time (JIT) inventory management?

To enhance production speed without regard to costs.

To increase inventory levels for better availability.

To focus on long-term storage solutions.

To minimize inventory costs and reduce waste.

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