Describe one qualitative and one quantitative measures of social impact for an organization with which you are familiar.
Answer(s): A
Information gathered in relation to social impact for an organization is both qualitative and quantitative.Fullpower consult is a project/procurement training company that has gotten a measure of its social impact.The qualitative measure of the organization is its stakeholders perception. Stakeholders knows that fullpower will do all it can to always give the best value for money. Fullpower has the policies to give 10% of its profit share back to the community, by sponsoring free trainings for both professionals and vocational.Addition Qualitative and quantitative measures of social impactQualitativeStakeholder perceptionReputationGood Ethical practiceBenefit to the economyQuantitative20% Reduction in emissionAmount of funding donatedAmount of train courses deliveredPercentage of Resources ReplacedRefer to the question column for response
What are the four methods that can be used to try to resolve dispute?
Conflict or dispute is the final area a procurement professional considers when creating terms for a contract with a supplier. If conflict or dispute arises, there must be a process put in place in the contract to try to resolve it and these includes;a) Negotiation, b) mediation, c) arbitration and d) litigation. Negotiation is usually carried out between senior people within organization that are in conflict, if they cannot reach an agreement through negotiation, mediation is the next stage, mediation is when a third party tries to help find a resolution among the parties in dispute. If mediation fails arbitration can start, arbitration involve independent professionals (arbitrators) working with all the party to try to reach an agreement. Parties do not have a formal or legal obligation to follow the arbitrator's recommendation. Arbitration is expensive. If arbitration fails to resolve the conflict, the final stage is litigation, litigation takes time and money, and most people avoid it. It is a legal process where a court decides on the outcome of the dispute. The judge's ruling is final.
Describe five types of contract terms that a procurement professional should create with a supplier when forming an agreement.
Terms are the right and duties agreed which are then documented in a contract. Five types of con- tract terms that a procurement professional should create with a supplier when forming an agree-ment includes:Price term is when the buying organization wants to protect its budged and spending, it include price terms in the contract, for the buyer to buy goods or services in response to a need they some-time enshrine a bespoke specification in the contract.Payment Term is to specify when and how the buyer will pay the supplier. The buyer may include a payment term in the contract.Warrantee is when the buyer requires a promise from the supplier that the product or service will meet the specified need in the contract.Time is of the essence term is included in the contract to detail when a product or service should be delivered and explains the potential losses of business if time is not observed.Refer to the question column for response
Terms are the right and duties agreed which are then documented in a contract. Five types of con- tract terms that a procurement professional should create with a supplier when forming an agree- ment includes;Price term is when the buying organization wants to protect its budged and spending, it include price terms in the contract, for the buyer to buy goods or services in response to a need they some-time enshrine a bespoke specification in the contract.Payment Term is to specify when and how the buyer will pay the supplier. The buyer may include a payment term in the contract.Warrantee is when the buyer requires a promise from the supplier that the product or service will meet the specified need in the contract.Time is of the essence term is included in the contract to detail when a product or service should be delivered and explains the potential losses of business if time is not observed.
Post your Comments and Discuss CIPS L4M8 exam with other Community members:
Napo Posholi commented on October 02, 2023 They are very helpful Anonymous upvote
Our website is free, but we have to fight against bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the L4M8 content, but please register or login to continue.