What are some key steps that are required to mitigate risk

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Reference no: EM132104247

1. Supply Management (SM) is best described as:

a) The idenfication, acquisition, access, positioning, and management of resources and related capabilities an organization needs or potentially needs in the attainment of its strategic objectives.

b) The integration and management of supply chain organizations perfected by Chain Link Fences, Inc. to establish effective installation processes and levels of information sharing.

c) The integration and management of internal functions to meet the demands of the suppliers.

d) The integration and management of external suppliers to do deliver parts on-time.

e) The integration and taxation required for suppliers to meet the demands of the customer.

2. Procurement and Supply Management's placement in an organization is best described by the following statement.

A) Their placement in the corporate structure is determined by historical factors versus their relative worth to the oganization.

B) Their placement in the corporate structure is driven by information flow, the founders philosophy, and the need for the organization to remain focused on tactical procurement operations.

C) The lower these functions are placed in the organization reflects their true value and inability to support company objectives.

D) The higher these functions are placed in the corporate structure, the greater role they play in supporting company objectives.

E) All the above.

3. What are some key steps that are required to mitigate risk?

A) Identify the strategy, analyze the results, document alternative plans

B)Identify the risk, analyze the probability of occurrence and severity of risk, implement a formal risk strategy

C) Identify shortcomings of the contract technical documents and develop changes to the contract to invoke risk mitigation clauses

D) Identify the risk, analyze what risks are acceptable and advise the supplier to migrate his flock south

E) Identify the risk, assess who is at fault and take aggressive corrective action

4. The ________ River enables the land-locked country of Laos to access potential ocean transport facilities.

A) Yalu

B) Yanztze

C) Moselle

D) Mekong

E) Amazon

5. A Portfolio Analysis structures and segments the supply base. Which statements best describes the use of a strategic Portfolio Analysis?

A) Research is conducted on the suppliers' strengths, weaknessess, opportunities and threats.

B) Describes competitive forces in the market economy, such as market internal competition, threats of new entrants, pressure from subsittutes, and buyer and supplier bargaining power.

C) Converts spend items into four quadrants which leads to strategy, sets priorities, develops tactics and identifies specific actions.

D) Items a and b above

E) All the above items

6. The owner of a medium size manufacturer states "We are not in the business to train our suppliers to do their job."

A) The following action might best describe how a supply manager might overcome this owner's barrier by:

B) Issue warnings and penalities to the supplier to improve immediately.

C) Take a longer term focus via total cost impact to see how key suppliers affect quality and technical improvements.

D) Tactfully inform the owner that he/she should concentrate on other financial matters versus supplier development.

E) Use Kaizen (or continuos imrovement) efforts to gain a small series of wins with select suppliers.

Both b and d above.

Reference no: EM132104247

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