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CIPS L3M2 Exam
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Free CIPS L3M2 Exam Actual Questions
The questions for L3M2 were last updated On Apr. 16, 2024
The letters 'EOQ' refer to:
The Economic Order Quantity is a formula which attempts to calculate the most efficient quantity to order at any given time, by attempting to reconcile the cost of stockholding and the cost of plac-ing an order. This could then have implications for the timing of an order being placed.
The cost of holding stock can be reasonably accurately calculated and agreed with one's peers. However, determining the cost of placing an order can keep colleagues up late into the night, and can be a great topic to liven up a sleepy procurement / finance function.
In developed economies such as the European Union and North America, there is no forced labour (modern slavery) in supply chains. True or false?
The statement is false.
CIPS actively campaigns against modern slavery anywhere in the world.
'I'm not really well up on ethics within organisations, especially within procurement. Where can I find some really good quality up-to-date information about ethics?' Choose one.
CIPS is keenly interested in procurement ethics, and you can find a wealth of information on the CIPS website as well as other CIPS publications, such as Supply Management magazine.
CIPS members are also encouraged to undertake the ethical training and test, also available online via the CIPS website.
Cause and effect diagrams, also known as Ishikawa diagrams, are sometimes also known, because of their shape, as:
Fishbone diagram.
Use of competition is most obviously going to influence which of the following 'rights'?
All aspects of an acquisition may be impacted by the use of competition - normally favourably - but the one we are most likely to see immediate impact on is 'price'.
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