Describe three ways that hidden cost could present themselves within the logistics operation
Correct Answer:
Hidden costs are costs that do not always present themselves at the onset of the project. Logistics can provide a hidden cost within global sourcing. The movement of goods can generate risk within a localized supply chain, but the risk is greater within global sourcing. Within global sourcing there are usually many more aspects to the logistics operation, hidden cost associated with the logistics process includes,;1) delays that can be experienced after placing orders, 2) unclear and poor/incorrect communication that might affect the successes of the transaction, also 3) goods could be confiscated by customs for unseen reasons.
Question 7
What information should be included on a purchase requisition?
Correct Answer:
RESPONSE A purchase requisition should contain the following information 1) Date of the requisition 2) Description of what is required 3) Supplier if known 4) The quantity 5) when the need is required 6) why the need is required 7) who identified the need 8) who approved the need 9) if it's a re-buy
Question 8
KPI should be written to match which area of an organization?
Correct Answer:
Key performance indicator (KPI) is another method of monitoring how a supplier is delivering on a contract. When creating KPIs to manage suppliers and their contracts the areas monitored should be related to the organization's overall strategy that is where organization's success will be measured.
Question 9
Create a list of assets of a company with which you're familiar and divide them into standard and bespoke categorizing.
Correct Answer:
See the answer in explanation. Explanation: Name of company: Full power projects Business: Project management training and consultancy If an organization is sourcing an asset that is readily available or mass produced then the cost associated with the design and manufacturing will be lower percentage of the total cost than if an organization commissions a bespoke piece of equipment to be designed and manufactured. The following are a list of assets owned by fullpower projects. Standard/off the shelf (Mass produced) Projector from a shop-displayed files and document jackets from market Desks and furniture Bespoke/specialist - white board and marker With extra, e.g. made with company color Gift/ sovereign (bags and T. shirt) with coup any label, color and design Refer to the question column for response
Question 10
What matrix helps to define how to manage stakeholders?
Correct Answer:
Stakeholders are individuals or organizations who are directly affected by a decision for example, community, shareholders, employees, suppliers, distributors, customers etc. stakeholders can be internal (employers, staffs), connected (such as suppliers, shareholders, financers and customers) external (Government, pressure groups, and community). The matrix that helps define how to manage stakeholders is mendelow's stakeholders manage-ment matrix. This matrix is based on the theory that the level of management stakeholders require depends on the level of their power and interest within the project or organization The matrix groups stakeholders in to four quadrants according to their power and interest and ad-vice how to manage them. 1) Low power - Low interest (minimum effort) 2) Low power - High interest (keep inform) 3) High power - Low interest (keep satisfied) 4) High power - high interest (manage closely)
