Trying to measure how sustainable an organization was use to be challenging undertaking. However, during the 1990s, a concept brought up by American John Elkington change the way sustainability was measured. This framework is known as the triple bottom line (TBL) and measures sustainability in relation to organizational performance and investment against the 3Ps (1) Profits (2) People (3) Planet. For example; Profit: A packaging manufacturer reinvesting its profits in State- of-the-art recycling machinery for it wasted cardboard. People: A large privately owned call centre donate its end of life computers to a local youth clubs and social groups to help gain internet cases. Planet: A driving instructors using only hybrid vehicles to teach her learners, thus to reducing Co2 emission.
Question 27
What are the eight elements of whole life asset management?
Correct Answer:
See the answer in explanation. Explanation: Whole life asset management is the process of evaluating the total price and all associated costs of a product to make an informed decision as to which option will provide the organization with the best value for money option: To achieve this the organization works at the following eight elements. 1. Identify need/objectives/risk: The first stage of the whole life asset management is the same as the first stage in the CIPS procurement and supply cycle: identify the need prior to any asset being procured; the need could be competition in the marketplace, raised/reduced demands or financial concern. Once this need has been identified, the objectives of the new assets need to be set, and this may include being more energy efficient, reducing cost or saving money. Risk also needs to be explored. When investing in a new asset there are factors to be considered that may or may not be advantageous to the investment. These include; downtime, lost sale/revenue or associated cost. 2. Procurement: Procurement professional would have to source and arrange supply of the asset. 3. Construction: ones the supply has being arranged, then the designing and the manufacturing of the asset begins. 4. Commissioning 5. Deterioration/maintenance 6. Condition performance monitoring 7. Decommissioning 8. Renewal/replacement * Refer to the question column for response
Question 28
Using the case study about Toyata, which type of benchmarking Tada has used when comparing the Toyata with Porsche?
Correct Answer:
Benchmarking is the process of comparing a function, process or performance with another which is best-in- class. Benchmarking is either internal or external. External benchmarking has three types; 1) Competition benchmarking, 2) Functional 3) Generic Company Toyota with the Porsche a competition in the same industry and by suggesting that drives will find the cars performances comparable with that of Porsche Cayman sports car, suggest think it is an external competitive benchmark. * Refer to the question column for response
Question 29
Explain the difference between bonded and forced labor.
Correct Answer:
Bonded labour and forced labour are among the five types of modern slavery which is against ethical and responsible sourcing. Bonded labour also known as debt bondage, this is an individual's promise to provide services through exploitation as repayment, or part of them, of a debt or other obligation whereas forced labour is work that people are forced to do with the heat of punishment if it is not carried out.
Question 30
What matrix helps to define how to manage stakeholders?
Correct Answer:
See the answer in explanation. Explanation: 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)
