Procurement Challenges
If a procurement process is not transparent, it may lead to this unethical practice.
(a) What is politics?
(b) What is corruption?
(c) What is ethics?
(b) What is corruption?
This type of procurement is used for buying office chairs and pens.
(a)What is indirect procurement?
(b)
(c)
What is indirect procurement?
This is the first step in any procurement process.
(a)
(b)
(c) What is identifying needs?
What is identifying needs?
In this type of contract, the seller is paid for costs plus an additional percentage for profit, which can be risky for buyers.
(a) What is a Cost Plus Percentage of Cost (CPPC) contract?
(b)
(c)
What is a Cost Plus Percentage of Cost (CPPC) contract?
In this type of auction, suppliers compete to offer the lowest price instead of the highest.
(a) What is a forward auction?
(b) What is a balanced auction?
(c) What is a reverse auction?
What is a reverse auction?
If a company does not follow procurement regulations, it may face this consequence.
(a) What is a new government contract?
(b) What is
(c) What are legal penalties or loss of credibility?
(c) What are legal penalties or loss of credibility?
The supplier’s favorite color is NOT a factor in the procurement selection process, but these three things are.
(a) What are price, quality, and experience?
(b)
(c)
What are price, quality, and experience?
A supplier delivers damaged goods. To resolve this, procurement professionals use this verification method.
(a)
(b) What is three-way matching?
(c)
What is three-way matching?
This type of contract locks in a set amount, no matter how much the project actually costs.
(a)
(b)
(c) What is a Fixed-Price contract?
What is a Fixed-Price contract?
This traditional procurement method is commonly used in construction projects
(a) What is Design-Bid-Build?
(b) Whats is Construction Manager Agency?
(c) Whats is Integrated Procurement?
What is Design-Bid-Build?
Poor contract management can lead to these three major issues.
(a)What are delays, cost overruns, and disputes?
(b)
(c)
What are delays, cost overruns, and disputes?
This is the biggest risk of a Cost-Plus contract for the buyer.
(a)
(b)
(c) What is uncertain final costs?
What is uncertain final costs?
Before finalizing a contract, organizations often request this from multiple suppliers to compare prices.
(a)
(b) What is an RFQ (Request for Quotation)?
(c)
What is an RFQ (Request for Quotation)?
A buyer is responsible for both labor costs and materials in this type of contract.
(a) What is a Time & Materials contract?
(b)
(c)
(a) What is a Time & Materials contract?
This procurement method balances price and quality to get the best overall deal.
(a) What is Great Value Procurement?
(b) What is Good Value Procurement?
(c) What is Best Value Procurement?
(c) What is Best Value Procurement?