CORE Exam Dumps : Supply Management Core Exam

To ensure Supplier Y improves its KPI scores, the supply manager should require the supplier to submit a detailed written plan outlining specific steps and strategies for improvement. This plan should include measurable targets and timelines for each KPI. By closely monitoring the supplier's progress against this plan, the supply manager can ensure accountability and provide support where needed, fostering a continuous improvement culture.

References

Supplier Evaluation and Performance Excellence: A Guide to Meaningful Metrics and Successful Results by Sherry Gordon

"Key Performance Indicators (KPIs) in Supply Chain Management" - Supply Chain Council

The first step in preparing a department's budget is to understand and align with the organization's overall goals. This ensures that the budget supports the strategic objectives and priorities of the organization.

Controlling expenditures during the budgetary year: This is part of budget execution and management, not the initial step.

Reviewing the organization's goals: The first step is to ensure that the budget aligns with and supports the organization’s strategic goals and objectives. This alignment ensures that resources are allocated appropriately to achieve these goals.

Defining the needed resources: This comes after understanding the organization's goals, as it helps to determine what resources are necessary to meet those goals.

Presenting the budget for review: This is one of the final steps in the budget preparation process.

Therefore, the first step in the budget preparation process is reviewing the organization's goals.

References:

Financial management best practices.

Budget preparation guidelines from the Institute of Management Accountants (IMA).

When a buyer exceeds their spending authority, the company's liability depends on the nature of the authority and the perception of the suppliers.

DEF is only liable for an amount equal to the buyer's actual authority level: This is not entirely accurate as it does not consider apparent authority.

DEF is fully liable for the agreements, as the buyer is an employee of the company: This disregards the limits of authority set by the company.

DEF is responsible for the agreements if the buyer exceeded actual authority, but the suppliers perceived the spend to be within apparent authority: This is accurate as apparent authority refers to the authority a third party perceives the agent to have, even if it exceeds their actual authority.

DEF is responsible for the agreement if the buyer exceeded actual and apparent authority levels, but only for a value equal to the apparent authority amount: This statement mixes concepts and is not correct.

Therefore, DEF is responsible for the agreements if the buyer exceeded actual authority, but the suppliers perceived the spend to be within apparent authority.

References:

Contract law principles regarding actual and apparent authority.

Case studies on organizational liability for employees' actions.