CIPS L2M1 Introducing Procurement and Supply Assignment Sample UAE
This module will provide an overview of the tasks associated with procurement and supply chain management. It is designed for those who are interested in developing their knowledge about this field or new employees looking to start learning more about it, serving as a starting point from where you may choose what courses should take next at CIPS’s Level 2 Certificate Program on Procurement & Supply Operations
Requirements are set out by companies which describe, in detail, the item needed where it is needed with all specifications ie. size, color etc., type of supplier required can be specified or not specified, delivery date is also included as well as any potential issues with the supplier themselves. A report is then shared between client and suppliers containing all this information as well as a list of how many suppliers from the pool were contacted and those who replied, the price offered by each supplier etc. Suppliers then reply with a quote which is basically their offer to supply the product/service outlined in the requirements document depending on certain conditions previously stated during negotiations especially price thus reducing any unnecessary costs involved in creating the product/service.
Get Assessment Answers For L2M1 Introducing Procurement and Supply Assignment CIPS
CIPS is challenging but not impossible. The following questions may help you with your assignment of L2M1 Introducing Procurement and Supply CIPS.
The CIPS L2M1 Introducing Procurement and Supply Assignment is to help you understand how procurement works in the organization. The assessment includes questions about what it means for an employee or contractor, why they should care with regards their job description/needs at work, as well other aspects of supply chain management that may come up during daily activities.
Assignment Activity 1: Identify the common terms that describe aspects of procurement and supply
Common terms related to procurement and supply are:-
- Procurement is the process of buying materials or services for an organization. The receiver or owner can be public, private, government, non-governmental, international agencies etc. Some procurements are very specific in what they are seeking to purchase while others have fairly broad specifications aimed at bringing in a large range of products to fulfil their needs.
- Purchasing describes activities involved in obtaining goods and services by means of purchasing power in order to satisfy organizational requirements through commercial transactions with various providers who offer these goods and/or services for sale.
- Supply chain creates a network that tracks and protects goods as they move from the original manufacturer to the consumer, thereby reducing risk for both merchants and consumers. Information should be included about supply chains’ other benefits such as reducing costs, improving quality control, providing increased marketing opportunities, etc.
- Buying is a term used to describe the procuring and supplying of goods. Procurement usually refers to finding sources for particular goods, carrying out negotiations on price and terms, verifying quality specifications, arranging for transportation, insuring against loss or damage during transport, paying for goods received in good order, and storing the acquired merchandise.
- Revenue purchase- A downstream production process which includes taking raw materials and transforming them into finished goods. Most organizations rely upon revenue purchases to produce goods or services for either its internal operations or external customers. Also known as converting inventory, procurement, pre-production procurement, intermediate construction contracts, integration contracts and outsourcing contracts.
- Capital purchase, or investment, is a purchase that’s expected to last for many years. For example, school bus drivers invest in fuel monthly – this is not a capital investment because it refreshes each month. An airline purchases aircraft due to their long lifespan – these are capital assets. An exception to the answer above would be an asset such as hard-to-predict future events where the timing of depreciation might matter for tax purposes.
- Product is all of those items or articles used generally as the result of a production process, combining some form of raw material and/or some form of human ingenuity to create an item for use by individuals.
- Service is a person’s work as performed for an employer in consideration for remuneration. Services are intangible commodities that are hard to contain within the context of supply chains, making them challenging to analyze.
- Outsourcing is the procurement of goods or services from an external source, while insourcing is the procurement of goods or services from an internal source. The main difference between the two lies in who bears the costs associated with the procurement activity.
- Insourcing is a whole cycle of getting merchandise or services internal to the firm. It’s when firms spend their budgets in making items and carrying out procedures, such as buying materials and hiring staff, among other things.
Assignment Activity 2: Explain the roles and benefits of procurement and supply in organisations
The role of procurement and supply within an organisation is to ensure that the right goods and services are sourced at the right price to meet the company’s needs. Procurement and supply teams work together to identify potential suppliers, negotiate prices, and place orders.
The benefits of a good procurement and supply function include:
- Reduced costs – by negotiating better deals with suppliers, organisations can save money on the goods and services they purchase.
- Improved efficiency – by working closely with suppliers to ensure that orders are placed promptly, companies can reduce the amount of time wasted waiting for supplies.
- Greater flexibility – by having a good understanding of the company’s needs, procurement and supply teams can quickly source alternative suppliers or products if required.
- Improved quality – by working with suppliers who meet the company’s quality standards, organisations can minimise the risk of defective goods or services.
In order to achieve these benefits, it is important that procurement and supply teams have a good understanding of the company’s business objectives and needs. They must also be able to build positive relationships with suppliers and negotiate good deals.
Assignment Activity 3: Define components of a supply chain
The components of a supply chain can vary depending on the specific industry, but typically include:
- Planning and forecasting: This includes predicting future demand for products and services and developing plans to meet that demand.
- Procurement: Acquiring the necessary materials and supplies to produce or provide products and services.
- Production or service provision: Turning materials and supplies into finished products or services.
- Distribution: Getting products to customers, whether through retailers, direct sales, or other channels.
- Customer service: Providing support to customers after they’ve bought products or services., distributors, or other intermediaries
A well-functioning supply chain is essential for any company that wants to be successful. It can help a company to reduce costs, increase efficiency, and improve customer service. In order to optimize a company’s supply chain, it is important to understand the complexities of the supply chain process and the challenges that come with it.
Assignment Activity 4: Identify how effective procurement impacts on organisational efficiency
There are a number of ways that procurement can impact on organisational efficiency. One is by helping to ensure that the organisation has the right products and services in stock, so that it can meet customer demand. This includes ensuring that the right inventory is maintained, and also that the products and services being offered are of good quality and meet customer needs.
Procurement can also help to improve organisational efficiency by reducing costs. This can be done through securing better pricing from suppliers, or through implementing more efficient processes (such as purchasing via online auctions). And finally, procurement can help to improve communication within the organisation, by ensuring that everyone who needs to know about a purchase order or contract is aware of it.
Assignment Activity 5: Define the five rights of procurement and supply
The five rights of procurement and supply are the right product, the right time, the right place, the right price, and the right quantity.
The right product means that you procure or purchase products that meet your specific needs. The right time means procuring or purchasing products at the optimal time in order to achieve your desired outcomes. The right place means obtaining products from suppliers who can deliver them to you in a timely and cost-effective manner. The right price means getting products at a fair price that meets your budgetary constraints. And finally, the right quantity means ensuring that you order only the amount of products you need to meet your requirements.
Assignment Activity 6: Identify the delivery of products and services made by external suppliers
There are 3 delivery arrangements.
- In the first situation, the company outsources a product or service from an external supplier – they contract that service either to produce or provide that necessary good for them reliably and at a competitive price.
- The second type of arrangement is when a company owns its own manufacturing plant and contracts out parts of production to other companies, which typically operate their own plants. Contracting typically occurs in high volume industries, where it’s too expensive or inefficient to keep factories going around-the-clock. It can also be used when demand varies unpredictably from one part of the year to another (seasonal variations). In this second scenario, intermediaries have been utilized by companies that manufacture products because then they can just switch their orders to the intermediary depending on their production needs.
- The third type of outsourcing is when a company contracts out service work, such as cleaning, catering or security. There are many benefits to companies who outsource. The most obvious benefit is that it can save the company money. This is because the company does not have to pay the salaries of the workers they outsource. The company is able to pay a fee of money to the intermediary, instead of having to pay wages/salary. A second benefit is that companies can save time and energy because they do not have to train or manage these workers.
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Assignment Activity 7: Identify the delivery of products and services that organisations make to customers
The main products and services that organisations make to their customers can be classified into the following categories:
- Tangible products – These are physical items that the customer can see and touch. e.g. a car, a shirt, a laptop.
- Intangible products – These are services or experiences that the customer cannot see or touch, but rather they are intangible concepts such as insurance coverage or a hotel stay.
- Hybrid products – These are products that have both tangible and intangible elements. e.g. an iPhone, which has both a physical phone body and intangible features such as apps and music downloads.
- Supporting products or services – These are not actual products or services that the organisation sells to the customer, but rather they are products or services that assist the organisation in selling its other products and services to the customer.
Assignment Activity 8: Indicate stages of a sourcing process
Stages of sourcing process are:-
- Stage 1: Identification of needs
- Stage 2: Producing specifications
- Stage 3: Requesting quotations
- Stage 4: Receiving quotations
- Stage 5: Assessing supplier quotations
- Stage 6: Making contract award recommendations
- Stage 7: Contract authorisation
- Stage 8: Order placement, blanket orders/frameworks and call off orders
- Stage 9: Performance and delivery
- Stage 10: Payment of suppliers
- Stage 11: Expediting deliveries
- Stage 12: Reviewing outcomes and processes
- Stage 13: Pre and post award stages of a sourcing process
Assignment Activity 9: Describe and explain effective and efficient administration
Effective administration is the set of skills that allow individuals and organizations not only to complete their tasks, but also to make use of their time and resources in the most beneficial and efficient manner.
Efficient administration is a matter of eliminating or delegating anything unnecessary for completion or measurable goal – both within oneself and in one’s environment. This includes actions such as double checking numbers before sending them on, ensuring that deadlines are met, continually looking for ways to do things better than they were currently being done. Efficient administrators can be relied upon year-round because they anticipate problems rather than reacting when issues arise.
Generally speaking, efficient administration is about making sure everyone “wins” by doing the best they can do without concern for a specific outcome or result.
Efficient administrators do not spend time measuring their worth by looking at the things they have achieved, but instead spend that time focusing on how they can achieve more and better things for themselves and others. In this way, efficient administration is a mindset of constantly working to improve one’s effectiveness as an administrator; it is about seeking to find better ways to do things, rather than just doing things the way they’ve always been done.
Assignment Activity 9: Describe the administration of the award and post award stages of a sourcing process
The award stage of a sourcing process is when the organization making the purchase selects a supplier to provide the good or service. The post-award stage includes contract management and supplier management activities. Contract management activities include ensuring that the terms of the contract are met, while supplier management includes assessing supplier performance and taking corrective action when necessary.
Assignment Activity 10: Explain the need for approvals in the administration of procurement and supply
The need for approvals in the administration of procurement and supply is to ensure that all spending is accounted for and done in a responsible manner. In order for an organization to be effective, it needs to be able to track its spending and make sure that each dollar is being used efficiently. This requires a system of checks and balances, with approvals needed from various individuals before any spending can take place. This process also helps to ensure that only authorized items are purchased, preventing any potential fraud or misuse of company funds.
Assignment Activity :11 Identify good ethical practices and procedures within the context of the procurement and supply function
Proper ethical practices place values of people, society, and the environment over other considerations. Purchasing goods in a manner that is consistent with these values can be challenging under some business conditions. For example, if employees are asked to focus on cost savings within procurement – where they have to find the lowest offer or highest quality at an acceptable price – then they need to balance this consideration with moral obligations towards workers who might be exploited by low-cost suppliers. On the other hand, when purchasing goods manufactured under sustainable policies (things like made-in-America or harvested in environmentally sensible ways) it becomes more difficult for producers who make fair products because prices tend to be higher than their unsafe competitors’.
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