CORE Exam Dumps : Supply Management Core Exam

The new accounting system implemented by the company's accounting department excludes some important indirect procurement data, leading to incomplete reports. The best course of action is to notify senior management about the potential understatement of the company's debts and assets. This ensures transparency and allows senior management to take necessary steps to address the issue, such as integrating the data from the other system or adjusting their decision-making processes accordingly.

References

Financial Accounting Standards Board (FASB). Reporting standards and guidelines.

COSO (Committee of Sponsoring Organizations of the Treadway Commission). Internal Control-Integrated Framework.

In the context of supply chain management, the highest level in a strategic plan is the objective of the organization. This is because the objective sets the overarching goals and vision for the entire supply chain. These objectives provide a clear direction and purpose, ensuring that all activities and strategies align with the broader goals of the organization. Commodity segmentation, supplier differentiation, and acquisition planning are more specific tactics and strategies that support the overall objectives but are not the highest level themselves.

References:

APICS Supply Chain Council. (2017). SCOR Model.

Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation.

Purpose of RFI: A Request for Information (RFI) is used to gather information about the capabilities of potential suppliers.

Market Intelligence: RFIs are useful for understanding the market landscape, including the general capabilities and capacity of suppliers.

Supplier Capabilities: It allows the buying firm to assess the technical, operational, and financial capabilities of suppliers before proceeding to more detailed procurement steps.

Broader Scope: Unlike RFQs and RFPs, which are more specific, RFIs are open-ended and exploratory, making them ideal for gathering a wide range of information. References

CIPS (Chartered Institute of Procurement & Supply) guidelines on supplier selection processes.