supply chain true false
false
a supplier's financial stability is not an important factor in supplier selection
false
companies that lack expertise necessary to produce an item should consider in-sourcing
false (this is LEAN)
the goal of six sigma is the elimination of waste and the minimization of the amount of resources (including time) used in the operation of a company
true
drivers of strategic sourcing include, but are not limited to, reducing costs and delivery cycle times, and delivering more innovative products, in less time, and less expensively than competitors
true
ethical sourcing policies should include such things as reporting of supplier compliances to stakeholders, and detailing ethical sourcing expectations to suppliers
true
the practice of supplier co-location involves a supplier's employee being embedded in a buyer's purchasing department to forecast demand, monitor inventory, and place orders
true
the process to evaluate a supplier's capabilities, and their capacity to supply a product or service to the buyer is known as Supplier Identification
true
Supplier Relationship Management is a term that encompasses many of the activities beyond supplier and purchase order execution
true? **almost 100% sure answer is false bc ISO9000 is external
most companies utilize internal supplier certification such as ISO 9000 rather than using external certification programs or conducting expensive supplier audits
true
a high return on assets (ROA) is an indication that a company has a high level of assets compared to a low profit-margin
false
a purchase order is legally binding once it is officially issued by the buyer to the supplier
true
among other advantages, preferred suppliers may provide capacity for meeting unexpected demand, and also provide cost efficiency due to economies of scale
true
co-sourcing is the sharing of a process or function between internal staff and an external provider
true
in a Spend Analysis, purchases that involve items representing a low percentage of the firm's total spend and having very little supply risk, are categorized as non-critical items
true
in the context of total cost manufacturing (TCM); production per unit costs go down as volume goes up
true
in-sourcing is defined as reverting to in-house production when external quality, delivery, and services do not meet expectations
true
strategic sourcing is a comprehensive approach for locating and sourcing key suppliers which often includes the business process of anlauxing the total-spend by material category
true
one of the issues associated with outsourcing is the burden of managing a manufacturing site
true
one of the sustainable sourcing strategies is to build intangible assets such as social and environmental responsibility
true
outsourcing creates an opportunity for the company that is outsourcing the product to reduce their own staffing levels
true
processing costs for small value purchases can be minimized through the use of corporate purchasing cards, blanket purchase orders, and blank checks
true
products with short product life cycles, volatile demand, high-profit margins, and relatively little competition, are known as Innovative Products
true
sourcing sustainability is described as the ability to meet current needs of the supply chain without costing the company any additional time or money
false
sourcing terms purchase raw materials for conversion. They do not purchase services or capital equipment
false
when using a weighted-criteria evaluation system with five or more categories , suppliers should be ranked based on their score in only the two highest-weighted categories
