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CIPS Defining Business Needs Sample Questions (Q32-Q37):

NEW QUESTION # 32
When should procurement professional tolerate a risk?

  • A. When the risk causes some trivial annoyance
  • B. When the risk breaks the relationship with the strategic supplier
  • C. When the risk may disrupt the production
  • D. When the risk imposes an existential threat

Answer: A

Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. Our preferred way to determine your risk control strategy is to use the four T’s Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business (such as some trivial annoyance). Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.
Reference:
LO 3, AC 3.3

NEW QUESTION # 33
Product development consists of various stages, including planning and analysis, design develop-ment, pre-production, production and maintenance. At which stages the opportunities for cost re-duction will be the greatest?
1. Planning stage
2. Pre-design stage
3. Detail design stage
4. Production stage
5. Logistics support stage

  • A. 2 and 3 only
  • B. 2 and 5 only
  • C. 1 and 2 only
  • D. 1 and 4 only

Answer: C

Explanation:
Writing a specification and then procuring and using the product or service has a number of stages. The further on in the process you are, the less potential there is for cost reductions. Therefore, opportunities for cost reduction will be greatest in the two first stages: planning stage and pre-design stage.
LO 3, AC 3.1

NEW QUESTION # 34
Which of the following areas is specified by ISO/IEC 27001 family?

  • A. The requirements for an information security management system
  • B. Evaluation and assessment of mutual agreed customer food safety requirements
  • C. The dimensions and associated tolerances for a series of housings for piston seals
  • D. The requirements for an environmental management system

Answer: A

Explanation:
ISO/IEC 27001 is widely known, providing requirements for an information security management system (ISMS), though there are more than a dozen standards in the ISO/IEC 27000 family. Using them enables organizations of any kind to manage the security of assets such as financial infor-mation, intellectual property, employee details or information entrusted by third parties.
LO 3, AC 3.1

NEW QUESTION # 35
A procurement manager includes provision on recovery from natural disaster into a through-life specification. Some suppliers suppose that provision is unnecessary. Is procurement manager’s action justified?

  • A. Yes, because natural disaster may cause risks in organisation’s supply chain
  • B. No, because this provision will incur unnecessary cost to supplier
  • C. Yes, because the regulations require contract to have recovery provision
  • D. No, because with current technology, natural disaster can’t disrupt supply chain.

Answer: A

Explanation:
Risks like natural disasters – fire, flood, or weather-related event, and cyber-attacks can disrupt the supply chain seriously. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can’t rely on insurance alone because it doesn’t cover all the costs and the customers who move to the competition. Risks must be identified early and supplier should have a plan that ensures continuous operations during disasters.
There are several steps many companies must follow to develop a solid business continuity plan. They include:
– Business Impact Analysis: Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
– Recovery: In this portion, the business must identify and implement steps to recover critical business functions.
– Organization: A continuity team must be created. This team will devise a plan to manage the disruption.
– Training: The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.
Reference:
LO 3, AC 3.2

NEW QUESTION # 36
Which of the following might be the consequences of under-specification? Select TWO that apply:

  • A. Additional cost to rework
  • B. Unfit products or services
  • C. Higher cost due to inessential features
  • D. Poor competition between suppliers
  • E. Few suppliers can supply the full range of features

Answer: A,B

Explanation:
Main risks involved in an under-specified requirement
* The product or service is not fit for use since it does not match the actual needs
* Higher cost due to corrections or reworks (proposal evaluations, scope or work monitoring, change in insulation materials or systems, reduced productivity, etc.).
* Higher operating cost on many fronts: process control, energy consumption, maintenance, etc.
* Other problems like corrosion under insulation, mold development, safety-related concerns, etc.
LO 3, AC 3.3

NEW QUESTION # 37
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