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CIPS Exams: Key Concepts and Definitions for Procurement Professionals, Exams of Industrial Technology

Connecticut College (Conn College)Industrial Technology

A comprehensive list of key concepts and definitions relevant to cips exams, covering topics such as power dynamics, cycle time, environmental factors, contract formation, lean thinking, risk management, procurement principles, and value for money. It offers a valuable resource for students preparing for cips exams, providing a concise overview of essential terms and concepts.

Typology: Exams

2024/2025

Uploaded on 02/09/2025

lectwiseman
lectwiseman 🇺🇸

34 documents

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CIPS EXAMS WITH VERIFICATION
QUESTIONS AND CORRECT ANSWERS
5 types of power
- ANSWERS-Referent
Legitimate
Expert
Coercive
Reward
Cycle time
- ANSWERS-The time it takes to convert raw material into a finished product
Downstream environmental factors
- ANSWERS-Caused as a result of the use of the goods you are producing
Effectiveness
- ANSWERS-Doing the right task
Efficiency
- ANSWERS-Doing the task right
For a contract to exist, what 5 things are necessary?
- ANSWERS-Offer
acceptance
consideration
intention to legally bound
capacity
GATT
- ANSWERS-General Agreement on Tariffs and Trade
Kanban System
- ANSWERS-Containers, cards, or visual limits that signal when work needs to be done or
replenishment needs to be initiated. The aim is to make sure components never run out that are
required to make products.
Monopsony
- ANSWERS-Market with only one buyer
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CIPS EXAMS WITH VERIFICATION

QUESTIONS AND CORRECT ANSWERS

5 types of power

  • ANSWERS-Referent Legitimate Expert Coercive Reward Cycle time
  • ANSWERS-The time it takes to convert raw material into a finished product Downstream environmental factors
  • ANSWERS-Caused as a result of the use of the goods you are producing Effectiveness
  • ANSWERS-Doing the right task Efficiency
  • ANSWERS-Doing the task right For a contract to exist, what 5 things are necessary?
  • ANSWERS-Offer acceptance consideration intention to legally bound capacity GATT
  • ANSWERS-General Agreement on Tariffs and Trade Kanban System
  • ANSWERS-Containers, cards, or visual limits that signal when work needs to be done or replenishment needs to be initiated. The aim is to make sure components never run out that are required to make products. Monopsony
  • ANSWERS-Market with only one buyer

Quality assuarance

  • ANSWERS-Preventing defects Quality control
  • ANSWERS-Correcting defects Service Level Agreement (SLA)
  • ANSWERS-An agreement between a supplier and a buyer based on quality, delivery, availability and other measuresvle criteria Upstream environmental factors
  • ANSWERS-Caused by the extraction of raw materials or the manufacture of goods being purchased What are express terms?
  • ANSWERS-Contractual terms that are agreed between two parties and written into a contract What are implied terms?
  • ANSWERS-Contractual terms that exist even if they are not stated in the contract What are INCOTERMS?
  • ANSWERS-International rules that establish where various shipping risks sit What are the 7 types of waste associated with lean thinking?
  • ANSWERS-Motion Inventory Over production Waiting Defects Over processing Transportation What are the four stages of developing a business case?
  • ANSWERS-Understand your own organisation Understand the market Options appraisal Make recommendation What are the four T's of dealing with risk?
  • ANSWERS-Treat Transfer Tolerate Terminate

What is a panel agreement?

  • ANSWERS-It is a framework agreement with more than one supplier What is a penalty clause?
  • ANSWERS-A clause that seeks to punish a party in breach of a contract, rather thank seeking to ensure the innocent party is recompensed What is a qualified bid?
  • ANSWERS-An offer made by a supplier unilaterally opting out of part of the requirements What is a variant bid?
  • ANSWERS-An offer made in addition to a compliant bid as an alternative What is capex?
  • ANSWERS-Capital expenditure - these could be property, land or machinery. What is collaborative negotiation?
  • ANSWERS-When both parties achieve their goals in full (win-win) What is collusion?
  • ANSWERS-Where two or more potential suppliers (or the purchaser) secretly cooperate to undermine the competitiveness of the tender process What is cost control?
  • ANSWERS-Reducing costs to the minimum level possible without reducing quality What is distributive negotiation?
  • ANSWERS-Any gain to one party is offset by an equivalent loss to the other party What is Kaizen approach?
  • ANSWERS-Continuous improvement - small but frequent improvements in every aspect of the production process What is lean manufacturing?
  • ANSWERS-Processes that improve efficiency by reducing wasted time, materials and money What is linear pricing?
  • ANSWERS-The unit price doesn't change according to the purchased quantity What is liquidated damages?
  • ANSWERS-An amount agreed upon to serve as compensation if one party (defaults) breaches contract What is margin?
  • ANSWERS-Profit as a percentage of sales

What is mark-up?

  • ANSWERS-Profit as a percentage of costs (profit divided by cost) What is mitigation?
  • ANSWERS-the action of reducing the severity, seriousness, or painfulness of an outcome What is opex?
  • ANSWERS-Operational expenditure - these could be stationary, raw materials or IT equipment What is the 5 S framework of efficiency?
  • ANSWERS-Sort Set in order Shine Standardise Sustain What is the three basic aspects of a budget?
  • ANSWERS-Business plan income Business plan expenditure Predicted profit What is value engineering?
  • ANSWERS-A systematic approach to providing the lowest cost without losing functionality