Question

Which of the following best explains ‘contract buying’?

	a.	Buying at current market prices.
	b.	Bought at last year’s price.
	c.	Bought at previously agreed price.
	d.	Bought at possible future price.

Which of the following is not an activity required when conducting a feasibility study?

	a.	Carry out an overview of current and future purchasing spend.
	b.	Most important stakeholders and actors involved.
	c.	Definition of categories and sub-categories.
	d.	Sourcing strategy for a certain category.

Which of the following best explains ‘concept study stage’?

	a.	The product design is translated into a number of prototypes or laboratory models.
	b.	The conceptual design is translated into a technical design.
	c.	The new product idea is translated into a first conceptual design.
	d.	Production requirements are taken into account.

Which of the following best explains ‘quality management’?

	a.	Making sure that the requirements are being met and being able to demonstrate this objectively.
	b.	Maintaining the methods and procedures of quality management.
	c.	The degree to which customer requirements are met.
	d.	The collection of methods and procedures used for quality management.

Answer 1

Answer 1 : d. Bought at possible future price

Note : As contract buying is related to agreeing to the set price in the future..

Answer 2 : b. Most important stakeholders and actors involved

Note : Feasibility study takes care of business, technical and market aspects.

Answer 3 : d. Production requirements are taken into account

Note : Its the in-house study conducted to understand where project will likely go

Answer 4 : a. Making sure that the requirements are being met and being able to demonstrate this objectively.

Note : Quality management is concerned with the overall quality and measures used to achieve them.