CORE Exam Dumps : Supply Management Core Exam

Project Timeline: The construction must begin within four months and be completed within a year.

Performance Monitoring: To ensure timely completion, setting clear milestones and requiring progress reports keeps the project on track and allows for early identification of potential delays.

Liquidated Damages: Including liquidated damages clauses for noncompliance provides a financial incentive for the contractor to meet deadlines and minimizes the risk of delays.

Accountability: This comprehensive approach ensures accountability and provides mechanisms to enforce timely project completion.

References

ISM. (n.d.). Effective Contract Management and Performance Monitoring.

CIPS. (n.d.). Best Practices in Project Management for Procurement.

Regular performance reviews are crucial for suppliers that have a significant impact on the organization:

Standard: These suppliers typically provide routine products or services, and while performance reviews are important, they may not be the most critical.

Key: Key suppliers are important, but they are usually not as critical as strategic suppliers.

Strategic: Strategic suppliers provide goods or services that are vital to the organization’s long-term success, requiring regular performance reviews to ensure alignment and continuous improvement.

Commodity: Commodity suppliers provide widely available products, making performance reviews less critical compared to strategic suppliers.

Therefore, it is most important to conduct regular performance reviews with strategic suppliers.

References:

Strategic supply chain management literature.

Best practices in supplier performance management.

The issue of a supplier not maintaining a steady workforce indicates a failure to assess labor stability during supplier performance evaluations:

Labor stability: Evaluating the supplier’s ability to maintain a steady workforce would have highlighted potential issues affecting continuity and reliability.

Quality metrics: Important, but this issue pertains to workforce stability.

Financial stability: While crucial, it does not directly address the problem of workforce fluctuations.

Business continuity: Broadly relevant, but labor stability is a more specific indicator of the workforce issue.

Therefore, the manufacturer likely failed to examine labor stability.

References:

Supplier performance evaluation best practices.

Risk management in supply chain literature.