CIPS EXAMS WITH VERIFICATION QUESTIONS
AND CORRECT ANSWERS
3 E's of added value
- ANSWERS-· Efficiency
· Economies
· Effectiveness
5s Framework
- ANSWERS-· Sort
· Set in order
· Shine
· Standardise
· Sustain
Brand can add value by providing
- ANSWERS-· Awareness
· Engagement
· Communication
Customers - ANSWERS-these are individuals or businesses external to the organisation that have
a need and are willing to pay for the goods or services
Economies of scale is achieved when - ANSWERS-quantity of a product increases and the prices
per unit reduces
Economies of scale supplier advantages - ANSWERS-- Lower raw material prices
- Machinery running times
- Less down time
- Less administrative work
Five rights of procurement
- ANSWERS-· Quantity
· Quality
· Time
· Place
· Price
Fixed cost - ANSWERS-a cost that remains constant in the short term irrespective of production
volumes
