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ISM Supply Management Core Exam Sample Questions (Q284-Q289):

NEW QUESTION # 284
A supply manager for JKL, Inc., a high-tech services firm, is asked to expedite an order for training on new fire suppression equipment. The equipment Is due to arrive within the month and must be put into immediate use to comply with governmental regulations. A training company has already been found by JKL's human resources department and has committed to providing classes on a rush schedule. JKL has not done business with this training firm before, although they have received excellent evaluations from other clients.
In this situation, which of the following is the FIRST action the supply manager should take?

A. Request an invoice from the training company
B. Notify the training company that no contract exists because human resources did not have proper authority
C. Review the training company's pricing
D. Negotiate a master service agreement and SOW with the training company

Answer: D

Explanation:
The first action the supply manager should take is to negotiate a master service agreement (MSA) and a statement of work (SOW) with the training company. This establishes the terms and conditions for the services to be provided, including scope, deliverables, timelines, and pricing. An MSA and SOW provide a clear framework for the working relationship, ensuring that both parties understand their responsibilities and expectations. It mitigates risks associated with service delivery, especially given the urgent need for training and the fact that JKL has not previously worked with this training company. References:
* Legal Aspects of Purchasing and Supply Chain Management by Ian Longdin.
* Professional Services Procurement: How to Assess and Prioritize the Value of Consulting Services by Magnus Carlsson.

NEW QUESTION # 285
Which of the following measures can reduce multicollinearity in multiple regression? (Select all that apply.)

A. Remove one of the collinear variables
B. Remove the intercept
C. Change the units of one of the independent variables
D. Decrease the sample size
E. Increase the sample size

Answer: A,E

NEW QUESTION # 286
A supply manager works with engineering on an aerospace project. A request for quotation (RFQ) Is distributed to five potential suppliers, three of whom respond that they are not interested In the project. The two remaining suppliers say they are interested, but a high level of risk involving tight tolerances will force them to raise prices significantly, and neither will accept a firm fixed price contract. The supply manager arranges a conference with engineering and both suppliers. During this conference, it is determined that only three of the tolerances are truly critical. Based on this conference, a revised RFQ is issued.
This scenario is an example of which of the following aspects of supply management?

A. Resolving conflicts between stakeholders
B. Facilitating value engineering
C. Negotiating a contract award
D. Acting as a liaison between stakeholders

Answer: B

NEW QUESTION # 287
A supply manager Is planning for negotiations with a sole-source supplier of an essential part. The buying firm is already one of the supplier's top customers, and will need even larger quantities of the part to expand its product line in the near future. The supply manager learns that the supplier may experience some financial risks over the coming year, and that the supplier is anxious to solidify its relationships with major customers to mitigate that risk. Which of the following Is the BEST way for the supply manager to gain a deeper understanding of the supplier's position?

A. Determine the buying firm's bottom line position
B. Perform a Porter's Five Forces analysis
C. Determine the supplier's bottom line position
D. Perform a SWOT analysis

Answer: D

Explanation:
The best way for the supply manager to gain a deeper understanding of the supplier's position is to perform a SWOT analysis. This analysis helps identify the supplier's strengths, weaknesses, opportunities, and threats.
Understanding these factors provides valuable insights into the supplier's business environment, financial risks, and potential areas for collaboration. It allows the supply manager to develop a more informed negotiation strategy that addresses both parties' needs.
References:
* "SWOT Analysis: A Comprehensive Guide" by Lawrence G. Fine.
* ISM guidelines on supplier analysis and evaluation.
* CIPS resources on strategic sourcing and supplier evaluation.

NEW QUESTION # 288
A supply manager for DEF Inc. meets with the firm's operations team to discuss the requirements for a new piece of equipment. The team establishes the specifications, and the supply manager begins contacting suppliers. The supply manager finds that almost everything specified is outside the normal features of the equipment and will require custom modifications. These modifications will raise the cost to 2.5 times the amount budgeted. In this situation, which of the following should the supply manager do?

A. Negotiate with the suppliers to get a price closer to the budgeted cost
B. Purchase the equipment as specified by the operations team and quoted by the suppliers
C. Review the specifications to ensure alignment between what is available and what is requested
D. Source new suppliers for the equipment with better prices

Answer: C

Explanation:
* Initial Situation: The operations team at DEF Inc. established specifications for a new piece of equipment.
* Finding Suppliers: The supply manager discovers that the specified features are outside normal equipment standards and require costly custom modifications.
* Cost Concern: These modifications will significantly increase the cost, exceeding the budget by 2.5 times.
* Review Specifications: The supply manager should first review the specifications with the operations team to determine if all requested features are essential or if adjustments can be made to align with standard offerings.
* Align with Market Availability: Ensuring that specifications are realistic and align with what is commonly available can help manage costs and meet budget constraints.
References
* ISM. (n.d.). Cost Management and Control in Procurement.
* CIPS. (n.d.). Effective Specification Management.

NEW QUESTION # 289
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ISM Supply Management Core Exam Sample Questions (Q284-Q289):

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