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NEW QUESTION 26 A procurement team is categorising their purchased items into four quadrants of Kraljic's supply chain portfolio matrix. They realise that there are some low-value items which come from very few suppliers in the market. The organisation is critically dependent on these suppliers. The team plans to reduce the dependence by finding alternative sources. Is this a right course of action?

• A. Yes, the organisation needs to reduce the supply risks
• B. No, there is no way to escape this dependency
• C. Yes, this action will dramatically increase the supplier's bargaining power
• D. No, the organisation should run competitive biddings to exploit the competition

Answer: A Explanation: According to Kraljic portfolio matrix, the low-value items with high supply risk are bottleneck items. The purchasing strategy that is commonly recommended for these products is primarily based on acceptance of the dependence and reduction of the negative effects of the unfavourable position. An alternative strategy suggested by purchasing practitioners is to find other suppliers and move towards the non-critical quadrant. - Accept dependence, reduce negative consequences: The main focus of this strategy is to assure supply, if necessary even at additional cost. Examples of this strategy are keeping extra stocks of the materials concerned or developing consigned stock agreements with suppliers. By performing a risk analysis firms can identify the most important bottleneck products and consider the implications. A possible action for dealing with unexpected bad dependence positions for certain products is to employ contingency planning. - Reduce dependence and risk, find other solutions: This strategy is geared towards reducing the dependence on the supplier. The most common way to achieve this is to broaden the specifications of the product or to search for new suppliers. The procurement team in the scenario has selected reducing dependency by finding alternatives. This is a right strategy for bottleneck item. Reference: - CIPS study guide page 82-84 - Purchasing strategies in the Kraljic matrix-A power and dependence perspective, Marjolein C.J. Caniels, Cees J. Gelderman LO 2, AC 2.1   NEW QUESTION 27 Sealines Inc is developing its fleet of cargo ships. The company is planning to build a new ship powered by natural gas. Brian, the procurement manager at Sealines, suggests the project team to develop a through-life specification before engaging with the supplier. Is this a correct approach?

• A. Yes, this approach will lower the total cost of ownership
• B. No, the company just needs to select the lowest bidder
• C. No, a ship is used only once, through-life management is unnecessary
• D. Yes, decommissioning and disposal costs will not be accounted in this approach

Answer: A Explanation: Through-life management is a approach applied to capital asset. According to Ward and Graves, Through-life Management involves the life-cycle management of the products, services and activities required to deliver a fully integrated capability to the customer, while reducing the cost of ownership for the customer. According to CIPS study guide, through-life management comprises of 6 parts: 1. Design 2. Manufacture 3. Installation 4. In-service support 5. Decommission and disposal 6. Customer support In this scenario, the company is planning to procure a ship, which is a capital asset. Through life management is a good approach. Sealines can start with developing through-life specification. This approach may have several benefits: - It lowers the costs over the whole life of the asset - It lowers the risks as there is a single company accountable for costs and service over the life of the asset - A closer match between the asset delivered and the users' needs - Development of capability over the life of the asset as the supplier continues to get experience of the users' needs and can adapt services to meet them. Reference: - CIPS study guide page 130-131; - Through-life management: The provision of total customer solutions in the aerospace industry, by Yvonne Ward and Andrew Graves LO 3, AC 3.2   NEW QUESTION 28 When a procurement manager considers a substitution, the number and nature of additional func-tions that substitute provides should be taken into account carefully. Which of the following ratio could help the procurement manager to make the right decision?

• A. Price to book value ratio
• B. Reserve requirement ratio
• C. Price to Earnings ratio
• D. Value to price ratio

Answer: D Explanation: One product substitutes for another if it offers buyers an inducement to switch that exceeds the cost or overcomes the resistance to doing so. A substitute offers an inducement to switch if the substitute provides the buyer with more value relative to its price than the product currently being used. There is always some cost of switching to a substitute because of the disruption and potential reconfiguration of buyer activities that must result, however. The threat of a substitute will vary depending on the size of the inducement relative to the required switching costs. In addition to relative value to price and switching cost, the pattern of substitution is influenced by what I term the buyer's propensity to switch. Faced with equivalent economic inducements for substitution, different buyers will often evaluate substitution differently. The threat of substitution, then, is a function of three factors: * The relative value/ price of a substitute compared to an industry's product * The cost of switching to the substitute * The buyer's propensity to switch Porter, Michael E.. Competitive Advantage: Creating and Sustaining Superior Performance (p. 278). Free Press. Kindle Edition. The price-to-book ratio compares a company's market value to its book value. The market value of a company is its share price multiplied by the number of outstanding shares. The book value is the net assets of a company. The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. The reserve ratio is the portion of reservable liabilities that commercial banks must hold onto, rather than lend out or invest. This is a requirement determined by the country's central bank, which in the United States is the Federal Reserve. It is also known as the cash reserve ratio. LO 2, AC 2.2   NEW QUESTION 29 ...... P.S. Free & New L4M2 dumps are available on Google Drive shared by Dumpexams: https://drive.google.com/open?id=12fOFf5hj91FFZVPkaIcq6D8fBsDuQMWn