SWITCH YOUR NERVOUSNESS IN CORE EXAM BY USING ISM CORE EXAM

Switch Your Nervousness in CORe Exam by Using ISM CORe Exam

Switch Your Nervousness in CORe Exam by Using ISM CORe Exam

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The HBX CORe (Credential of Readiness) program is a comprehensive online program designed by Harvard Business School to provide students with a fundamental understanding of business concepts. The program is ideal for students who are looking to develop foundational skills in business and economics, and it covers three CORe areas: Business Analytics, Economics for Managers, and Financial Accounting.

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ISM Supply Management Core Exam Sample Questions (Q64-Q69):

NEW QUESTION # 64
A chief procurement officer (CPO) is asked by the company corporate travel department to present strategies and tactics related to the acquisition of travel services. Which of the following approaches will BEST demonstrate an understanding of the travel department's needs?

  • A. Presenting benchmarks on the average costs of domestic and international airline tickets, to employ during negotiations over airline contracts
  • B. Emphasizing the company-wide implementation of a corporate card as a tool to monitor every aspect of the travel spend
  • C. Highlighting the negotiating of airline contracts, given that air travel represents the largest element of the budget and other travel spend categories are less important and harder to control
  • D. Focusing on supply (e.g. airlines, hotels) and demand (e.g. company travel policy, classes of travel), and how supply management can optimize both

Answer: D

Explanation:
To demonstrate an understanding of the travel department's needs, the CPO should take a holistic approach, focusing on both supply and demand aspects of travel services. This involves understanding the various suppliers (airlines, hotels) and the internal demand factors (company travel policies, different classes of travel). By optimizing both supply contracts and internal demand management, the CPO can develop strategies that control costs while meeting the company's travel needs effectively. This approach shows a comprehensive understanding of the complexities involved in managing travel services.References:
* Procurement and Supply Chain Management by Kenneth Lysons and Brian Farrington.
* Travel and Expense Management Best Practices by Aberdeen Group.


NEW QUESTION # 65
PQR's supply manager signs a contract with Supplier X for delivery of parts totaling $1,250,000 per year for four years. Accompanying the contract is a copy of the organization's signing policy, which states that supply managers have authority to execute contracts up to $1,000,000 per year. Supplier X questions the discrepancy, but is told verbally by the supply manager that the policy has changed, and supply managers now have a
$1,500,000 per year signing limit for up to five years.
Senior management at PQR discovers the supply manager's misstatement and tries to disavow the contract.
This attempt will likely be

  • A. successful, as the supplier should have respected the written signing policy
  • B. unsuccessful, as the supply manager's status and statement constitute apparent authority
  • C. successful, provided the disavowal occurs within three business days of contract signing
  • D. unsuccessful, because the supply manager's verbal statement represents a binding agreement

Answer: B

Explanation:
In this scenario, the supply manager signed a contract exceeding their documented authority limit, but verbally assured the supplier of an increased signing limit. The key issue is the concept of apparent authority.
* Successful, as the supplier should have respected the written signing policy: This disregards the principle of apparent authority.
* Unsuccessful, because the supply manager's verbal statement represents a binding agreement:
Verbal statements alone may not constitute a binding agreement without supporting apparent authority.
* Unsuccessful, as the supply manager's status and statement constitute apparent authority:
Apparent authority exists when a third party reasonably believes that an individual has the authority to act on behalf of the organization. The supply manager's role and assurances create a reasonable perception of authority.
* Successful, provided the disavowal occurs within three business days of contract signing: No standard provision supports this within the given context.
Therefore, the attempt to disavow the contract will likely be unsuccessful, as the supply manager's status and statement constitute apparent authority.
References:
* Contract law principles on actual and apparent authority.
* Case studies on organizational liability for employees' actions.


NEW QUESTION # 66
A cross-functional team meets on a monthly basis to review the status of various projects. During the most recent meeting, it is determined that several of the projects lack innovation and are at risk of being behind schedule and over-budget. Which of the following is the BEST approach for preventing these issues from happening in future projects?

  • A. Employing an alternative to the cross-functional team approach
  • B. Utilizing e-supply management tools
  • C. Leveraging the expertise, knowledge and experience of the suppliers
  • D. Crowd-sourcing on the internet to gather ideas from outside the company

Answer: C


NEW QUESTION # 67
An organization selects a supplier for a complex system implementation that will be conducted in several stages. Prompt initiation of the project is necessary in order to maintain the schedule, but the stakeholders have not yet defined the later milestones and deliverables. Which of the following would be the MOST appropriate course of action for the buying organization to take regarding the statement of work (SOW) for this project?

  • A. Provide a SOW with all requirements available thus far, and include procedures for internal customers to make changes via contract amendments
  • B. Create an initial SOW to allow the supplier to begin the first phase, with provisions for negotiating subsequent SOWs for full project implementation
  • C. Postpone any type of agreement with the supplier until all requirements are fully defined
  • D. Issue a general letter of intent so that the supplier can start mobilizing and avoid delays

Answer: B

Explanation:
When dealing with a complex system implementation in stages, it is critical to begin the project promptly to maintain the schedule. However, if later milestones and deliverables are not yet defined, a flexible approach is necessary. Creating an initial Statement of Work (SOW) allows the project to start with the first phase, and provisions for negotiating subsequent SOWs as the project progresses ensure that the remaining stages can be defined in detail later. This approach balances the need for a timely start with the flexibility to adapt as more information becomes available.References:
* Project Management Institute (PMI). A Guide to the Project Management Body of Knowledge
* (PMBOK Guide).
* CIPS (Chartered Institute of Procurement & Supply) guidelines on SOW management.


NEW QUESTION # 68
An apparel company is negotiating a new contract with one of its fabric suppliers. Under which of the following conditions will the apparel company have power to bargain for a lower price in the negotiations?

  • A. If the supplier has several competitors and only a few customers
  • B. If the apparel company's employees would need training to use a new supplier's materials
  • C. If quality of its fabric is important to the apparel company
  • D. If the apparel industry is growing quickly

Answer: A


NEW QUESTION # 69
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