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Best ISM CORe exam questions and answers
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ISM Supply Management Core Exam Sample Questions (Q48-Q53):
NEW QUESTION # 48
A supply manager seeks bids on a new piece of capital equipment. The equipment is budgeted at $115,000.
Three suppliers send in bids of $110,000, $114,000 and 5135,000. After receiving the bids, additional negotiations with the low bidder result in a final cost of $105,000. In this situation, what should the baseline value be for calculating cost avoidance?
- A. $110,000
- B. $115,000
- C. $114,000
- D. $135,000
Answer: A
Explanation:
* Initial Bids Review: Evaluate the bids submitted by the suppliers ($110,000, $114,000, and $135,000).
* Lowest Bid Consideration: The lowest initial bid of $110,000 should be the baseline because it represents the market's competitive price before any negotiation.
* Calculate Cost Avoidance: After negotiations, the final cost is $105,000. The cost avoidance is calculated against the $110,000 baseline, showing the savings achieved through negotiation.
References
* Monczka, R. M., Handfield, R. B., Giunipero, L. C., & Patterson, J. L. (2016). Purchasing and Supply Chain Management. Cengage Learning.
* Burt, D. N., Petcavage, S. D., & Pinkerton, R. L. (2010). Supply Management. McGraw-Hill Education.
NEW QUESTION # 49
Which of the following is the PRIMARY reason an organization's executive team and internal stakeholders should be aligned on the definitions of cost savings reporting?
- A. To ensure appropriate risk management strategies are being adopted
- B. To ensure financial professionals can audit the cost savings reporting process
- C. To ensure price baselines can be adjusted for comparison purposes overtime
- D. To ensure supply management is adding value
Answer: D
Explanation:
* Cost Savings Reporting: Accurate cost savings reporting is essential for demonstrating the value that supply management brings to the organization.
* Alignment on Definitions: When the executive team and internal stakeholders are aligned on the definitions of cost savings, it ensures that the reported savings are understood and accepted across the organization.
* Value Demonstration: This alignment shows that supply management is effectively contributing to the
* company's financial performance and strategic goals.
* Other Considerations: While auditability, baseline adjustments, and risk management are important, the primary reason for alignment is to clearly demonstrate the value added by supply management.
References
* ISM Professional Series: Cost Management
* CIPS Knowledge on Financial Management in Procurement
NEW QUESTION # 50
Separating processes such as ordering, receiving, and payment into different duties to be performed by different employees represents what aspect of internal controls?
- A. Risk assessment
- B. Control activities
- C. Quality control
- D. Work control
Answer: B
NEW QUESTION # 51
A supply manager wants to develop a strategy to facilitate supplier Innovation. Which of the following is MOST likely to achieve this goal?
- A. Recognizing current suppliers for innovative performance
- B. Locating new suppliers that lead their industry
- C. Awarding contracts only to the most innovative companies
- D. Leveraging innovations from one supplier to improve all other suppliers
Answer: A
NEW QUESTION # 52
NXY, Inc. is a manufacturer of metal castings. The firm contracts with Supplier Y to help meet WXY's supplier diversity initiative. Initially, Supplier Y has no issues meeting just-in-time scheduling and quality goals. However, after several months, the engineering lab finds inconsistent metallurgy and dimensional tolerance issues with Supplier Y's components. The firm's production manager is willing to assist Supplier Y.
Given this situation, which of the following courses of action should WXY's supply manager take?
- A. Assign specialists in lean manufacturing from WXY to develop Supplier Y into a lean manufacturing organization
- B. Assign a Six Sigma black belt from WXY to help Supplier Y find the root cause of the problems and institute procedures to improve quality
- C. Replace Supplier Y, as trying to improve its performance will likely be a waste of time and resources
- D. Request that WXY's senior management hold a conference call with Supplier Y and inform it that the quality issues need to be resolved immediately
Answer: B
Explanation:
* Initial Performance: Supplier Y initially met quality and scheduling goals, indicating potential for capability.
* Quality Issues: The emergence of quality issues necessitates a structured problem-solving approach.
* Six Sigma Black Belt: A Six Sigma Black Belt is trained in identifying root causes and implementing process improvements.
* Long-term Improvement: Assigning a Six Sigma expert will help Supplier Y develop sustainable quality improvement processes, aligning with WXY's supplier diversity initiative and long-term goals.
* Supportive Approach: This approach is supportive rather than punitive, fostering supplier development and collaboration. References
* ASQ (American Society for Quality) guidelines on Six Sigma methodologies.
NEW QUESTION # 53
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