C7W1 Practice Quiz on the Final Readings

Quiz > C7W1 Practice Quiz on the Final Readings - A Strategic Perspective

Rutgers University SCM 799:305 C7W1 Practice Quiz on the Final Readings - A Strategic Perspective 1. It is critical for progressive Chief Procurement Officiers (CPOs) proactivity focus on driving value, harnessing technology and finding solutions for the 21st century. 2. The Chief Procurement Officiers (CPOs) and The Chief Executive Officiers (CEOs) ...[Show More]

Rutgers University
SCM 799:305
C7W1 Practice Quiz on the Final Readings - A Strategic Perspective

1. It is critical for progressive Chief Procurement Officiers (CPOs) proactivity focus on driving value,

harnessing technology and finding solutions for the 21st century.

2. The Chief Procurement Officiers (CPOs) and The Chief Executive Officiers (CEOs) say they are

aligned to the future potential of procurement and other important issues such as supply chain risks.

3. Best-in-class companies focus on gathering and analyzing data, rather than Strategic Planning

and Strategic Sourcing

4. In one study by Beroe, they demonstrated that Best-in-class (BIC) procurement companies create

more shareholder value than non-Best-in-class procurement companies.

5. In one example in the readings, 10% cost reduction of the company spends (non-payroll), can

translate to a 20 to 30% profit impact.

6. In the current Enterprise Resource Planning (ERP) systems today, spend visibility is very accurate

and easy to obtain good data.

7. It is important to put in strict processes to control your stakeholders/organization because

otherwise you will have non-compliance and loose opportunities.

8. Having Suppliers improve quality in way that it enables your company to improve its quality to its'

customers is important to create value for your firm.

9. One of the major challenges of Procurement is to manage talent. As the nature of work changes

(i.e. more technology advances), a different skill set will be required for procurement professionals.

10. Although there is is a "gap" between business executives and procurement proferssionals

(Practitioners), the top three areas are: 1) Recruiting New Talent 2) Training & Upskilling and 3)

Hiring Consultants.

True

False