Which four procurement cycle stages happen after the award of the contract?
Answer(s): A
The procurement cycle is the heart of purchasing, sourcing and supplying and should be followed in day-to-day practice in the industry. The procurement cycle has thirteen stages. Contract award is stage 9, and the stages after the contract award are;Stage 10: ware house, logistic and receiptStage 11: Contract performance review and continuous improvement Stage 12: SRM/SCM and contract managementStage 13: Asset management, lessons learned, end of life.
What does the acronym SMART stand for?
When the procurement professional is setting key performance indicator (KPI) where which the supplier performance will be monitored and managed. The KPI is expected to be SMART. SMART is an acronym that is used to set KPI and specification.S - specific ,M - measurable,A - achievable,R - relevant, andT - timebound.
Create two KPIs and two SLAs for a contract with which you are familiar.
Key performance Indicators (KPIs) and service level Agreement (SLA) are measures that demon- strate the effectiveness of a supplier. By using KPIs and SLAs as part of suppliers management, procurement professionals can monitor and evaluate performance and identify areas that need attention or improvement. KPIs and SLAs are used for product and service contract respectively.Two KPI1) Number of defects: Not more than two defects is allowed on the generator and its accessories2) Supplier Lead Time: Delivery after placing order should not be anytime longer than 14 days.Two SLAs1) The toilet should be washed with soap, and deodorant should be sprayed twice a day2) Bathroom and toilet should not be allowed to smell out to the passage. Bathroom smelling out to the passage twice a month is a violation of the contract.Refer to the question column for response
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Napo Posholi commented on October 02, 2023 They are very helpful Anonymous upvote
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