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CIPS L3M2 Ethical Procurement and Supply Assignment

CIPS L3M2 Ethical Procurement and Supply Assignment Sample UAE

In order to be a successful company, it is important that you have the right mindset. One way this can happen would involve ensuring your procurement and supply team members are operating with integrity by following ethical standards at all times so as not only do they create less conflict but also curry favor among customers who may view them more highly due their consistent good work!

It is true that the ethical standards that a company has set for itself as well as its employees can have a lot of influence on whether or not the public views them favorably. While there may be some consumers who aren’t going to think much about how your supply chain team operates, others may care a great deal and will share their experiences with you and others. This means it is important to make sure your procurement staff follows ethical standards in order to get the best results from your supply chain activities.

 

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The ultimate goal of any company’s sourcing process is to create a reliable and effective supply chain that can deliver products at an affordable cost with high quality. To do this, they must first identify tasks associated with each stage in their operations as well as techniques available for achieving added value while also taking operational performance measurements into consideration so improvement may occur more efficiently than before!

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Assignment Brief 1: Explain how to use techniques to obtain supplies to the purchaser’s requirements

The purchaser’s requirements can be quite specific, so it is important to know what they need in order to supply them correctly. For example, some may need a certain type of paper, others may need a certain color or weight of paper. It is important to ask the right questions in order to obtain the correct information.

In some cases, the purchaser may not have a specific preference and will leave the decision up to the supplier. In this case, it is important to be aware of the different types of paper available and what each one offers so that you can make an informed decision. Some papers are better for printing while others are better for writing on, so it is important to know what your customer needs before making any purchases.

If the purchaser does not have any specific requirements then it is usually best to buy paper that is of a high quality. Although high quality papers may be slightly more expensive, it will be worth it in the long run as they are likely to last longer and this can save you money in the long run after buying less paper.

Assignment Brief 2: Identify the contribution that value for money has to make to organisational success

As any organisation becomes more successful, they will inevitably become less and less economic. This is the result of an increase in demand for higher quality, and a decrease in supply due to the stresses and pressures of operation. With the feedback loop created by increases in cost and customer expectations, it’s crucial that organisations find ways to maintain their margin to ensure long-term stability. Value for money strategies such as simplified but better products can help firms maintain margins while remaining competitive; providing economies of scale; ensuring future rounds of investment (thus limiting financial risk); enabling slightly shrinking payback periods to cover early stages of high returns on investments; allowing for cumulative production lines or capacity expansions when demands outstrip resources or resources have been committed elsewhere ; by allowing increased market share, higher profitability and better pricing power; or by enabling more effective resource allocation.

The most common of these drivers are likely to be through additional revenue streams through product-line extensions, economies of scale (reducing average costs), differentiation strategies (creating new niche markets for differentiated products) and brand stretching.

Assignment Brief 3: Explain how to use techniques that are available to achieve quality supplies

Most of the techniques are relatively easy to implement. For example, search for business suppliers that use inventory management software or integrate with the major ecommerce platforms to get your products on customers’ shopping lists. This will provide you more sales opportunities and cut down on customer service responses. With a little research, you can find automated ordering systems available for multiple industries. If this sounds too complicated, look into outsourced distributors who have pre-negotiated prices for top brands so getting your costs right is one less obstacle in your way of success. 

Best Practices Include:

  • Diversify Your Product Offerings – Create new product SKUs by adopting innovative approaches based on existing styles or altering their colors or materials just enough to make them new and distinct.
  • Streamline your Business Operations – By streamlining your business operations, you will lower the total cost of goods sold (CoGS) and increase profitability.
  • Minimize Risk Exposure – “Gambling on retail trends is a huge risk,” says Retail Consultant, Denise Lee Yohn. “We’re seeing so much more buying online than in stores. That trend is not going to change.”
  • Consider Off-Price Retailers – “Off-price retailers are always looking for new merchandise,” states Scott Rifkin, president of FYR Branding, LLC. “As long as your products are unique and well designed, then you should be able to sell your products to off-price outlets.”
  • Leverage Your Personal and Professional Network – “Stay connected and never stop networking,” advises Puja Marcus-Brooks, CEO of The Curvy Fashionista. “You can never be too old or too young to start building your network. These connections could be the key to expanding sales for your brand.”
  • Collaborate with Designers – “Leverage the reach of designers by teaming up with them on collections,” says Elizabeth Baker, ecommerce shopping cart consultant. “Designers are experts at drawing traffic, which will lead to more sales opportunities for your products.

 

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Assignment Brief 4: Identify techniques to secure required quantities within required timescales

There are a few key techniques that can help you secure the quantities of ingredients you need within the timeframe you require. These techniques include, but are not limited to:

  • Planning ahead: This is perhaps the most important technique for securing the ingredients you need. Planning ahead will give you plenty of time to research and find suppliers for the ingredients you need. It will also give you time to order those ingredients and make sure they arrive in time for your recipe.
  • Buying in bulk: When possible, try to buy your ingredients in bulk. This will not only save you money, but it will also ensure that you have enough of the ingredient on hand when you need it.
  • Preparing in advance: When possible, try to prepare a recipe in advance. This will give you a head start on the process so that if an ingredient is going to take longer than expected, you can adjust your timeline accordingly.
  • Setting realistic timelines: It may be tempting to set unrealistic deadlines for yourself, but this can get frustrating quickly and decrease your chances of completing a recipe successfully. Plan ahead and set timelines that are achievable for you.
  • Using substitutions: When a certain ingredient is not available, a substitute can save a recipe from being scrapped altogether. Substitutions include using alternative ingredients or adjusting the amount of another ingredient in the recipe to compensate for the missing one. For example, if you do not have yogurt on hand but have sour cream, use the sour cream as a substitute for yogurt.
  • Storing extra ingredients: When possible, store extra ingredients to keep on hand in case an ingredient is not available later. Storing ingredients can be helpful if they are difficult to find or tend to go bad quickly. This will decrease your chances of a wasted recipe.
  • Networking: Talk to other people in your field and see if they may have some ingredients available to them through their connections. Using someone else’s connections can save you a lot of time and trouble, as well as increase the success rate of your recipes.

Assignment Brief 5: Identify value for money criteria

When looking for value for money, it’s important to consider all the costs associated with a purchase – not just the initial cost. Other factors to consider include the quality of the product or service delivered, how quickly it can be delivered, and any specific requirements or constraints in terms of quantities or location.

It’s also important to remember that not all products or services are created equal – some may deliver better value for money than others. So it’s always important to compare and contrast different options before making a decision.

For instance, a cheap cut of meat may provide excellent value if it’s tender and tasty. However, a cheap suit may not be such good value for money because even though it costs less than a more expensive suit, it probably won’t look as good or last as long.

When looking for value for money, you also need to consider how much something will cost to maintain. For example, if you buy a car that requires expensive servicing every six months, the initial price may be quite cheap but it won’t look like such good value when you consider the running costs.

Assignment Brief 6: Describe how procurement needs are established

Procurement needs can be established in a number of ways. The most common is through the analysis of existing business needs and the associated costs. Other factors that are considered when establishing procurement needs include delivered quality, timescales, quantities and location requirements. It’s important to ensure that all stakeholders are consulted when creating procurement needs as this will help to ensure that the correct products and services are sourced.

When establishing procurement needs, support from suppliers should also be considered. Suppliers often have a lot of insight into business requirements and can therefore provide insight into what products or services will best suit the organisation as well as how to go about sourcing them. In order to ensure that your supplier relations are strong it’s important to establish a close working relationship with them to ensure that they fully understand your requirements.

Assignment Brief 7: Identify criteria that should be applied in creating specifications

The specification maturity model is, in my opinion, an excellent way to categorize the different levels of specifications. These are not in any particular order but represent the most common characteristics.

  1. Documented with clarity – A documented set of requirements with descriptive documentation explaining what needs to be done and how it will be done clearly. 
  2. Verifiable – Criteria can provide measurable criteria that can lead to verification that a requirement has been met 
  3. Traceable – Traceability is applied when the requirement represents some aspect of work planned for completion in sequence 
  4. Consistent – Specifications are aligned internally (with each other) and externally (with other requirements) with similar or like objectives 
  5. Optimizing – This is the process of setting goals with the intent to provide more value than other comparable alternatives
  6. Reviewed – Plans are created or adjusted based on reviews of requirements and plans
  7. Testable – A requirement has tests defined to demonstrate that correct behavior has been implemented
  8. Verified – The implementation can be demonstrated to meet the requirements
  9. Accommodating – The specification is inclusive of common requirements and provides a mechanism for accommodating future independence between two or more sets of requirements 
  10. Authorized – Authorizations are in place that allow the activity that meets the requirement to take place

Assignment Brief 8: Describe approaches to the sourcing of supplies

There are three different approaches to sourcing supplies, but they all have the same goal in mind. These are proactive for new or expanding businesses, reactive for struggling companies, and pacifist for very large corporations.

Proactive is when you look ahead of time to anticipate what you need before it’s too late. Reactive is when your business fails to meet its goals and you start looking for another approach while trying to keep the company afloat. And pacifist is simply letting your employees do some work on their own while monitoring them closely with little official instruction- this style of management was used during World War II by Walt Disney.

Assignment Brief 9: Describe approaches to the formation of agreements with external organisations

When entering into an agreement with an external organisation, it is important to have a clear understanding of the parties’ respective roles and responsibilities.

It is also important to have a mutual understanding of the objectives of the agreement, and to ensure that both parties are able to honour their commitments. In order to avoid any misunderstandings, it is helpful to put everything in writing.

Finally, communication is key! It is essential that both parties remain open and communicative throughout the duration of the agreement.

Assignment Brief 10: Explain the importance of the CIPS Code of Conduct in procurement and supply

The CIPS Code of Conduct is a set of principles and values which guides procurement professionals to make fair, responsible and ethical decisions when supplying goods or services. The importance of this code is that it sets out these principles for the industry as a whole, rather than just the individuals involved. In other words – this code tells companies how they should behave when people from their company are making purchasing decisions that don’t involve them.

If followed properly, the CIPS Code will have massive positive implications within an organization by ensuring compliance with law, protecting business assets and professional standards mandating good ethics in procurement decision-making. On a personal level, following CIPS’ guiding principles will allow one’s moral compass to be more aligned with what is right and ethical.

 

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Assignment Brief 11: Describe the use of codes of ethics in procurement and supply

Codes of ethics in procurement and supply are important because they provide a set of guidelines that suppliers must adhere to in order to do business with the organization.

This helps ensure that both parties are acting ethically and in accordance with the law. They can also help to prevent corruption, collusion, and other unethical behavior. Most codes of ethics also include a section on anti-bribery and anti-corruption measures, so that both buyers and sellers are aware of the risks associated with bribery and corruption.

Assignment Brief 12: Explain the conflicts of interest that can exist in the work of procurement and supply and how to deal with them

Conflicts of interest can arise in the work of procurement and supply when individuals or organizations have a financial interest in the products or services that are being procured.

For example, a company might be interested in supplying a product to a government agency because it will earn them a profit, even if the product is not the best option for the agency. Alternatively, an individual within the agency might be interested in awarding a contract to their friends or family members, even if they are not the best supplier for the job.

There are several ways to deal with conflicts of interest: 

  • Individuals involved in procurement and supply should disclose any financial interests they have in procurements to their supervisor or ethics committee. 
  • Agencies should develop and implement policies to deal with conflicts of interest. These could include requiring an independent review of procurement decisions, or preventing individual employees from awarding contracts to their friends and family members.
  • Government agencies should also disclose any financial interests that they have in the procurements that they award – for example, if a government agency decides to award a contract to a particular supplier, they should disclose this interest in the procurement documents.
  • Agencies should also develop and implement policies to deal with conflicts of interest that arise after awarding procurements. For example, government agencies might need to publish decisions on what suppliers they will use every year or every three years, so that other companies are not discouraged from bidding on government contracts.
  • In some cases, agencies might need to ask for assistance from an independent body – such as the Auditor General, Integrity Commissioner or ombudsman – in order to make sure that their procurement process is free of conflicts of interest.

Assignment Brief 13: Recognise the importance of delivering customer service and how to improve

It is imperative to put the customer’s needs before anything else. Put yourself in the customers’ shoes and provide clear steps that they should take to be satisfied with their purchase.

The foremost priority for business should always be customer service, because happy customers will come back and tell other people about good experiences at your company. In addition, complaints can turn into praise if dealt with quickly and effectively. At a minimum, customer service representatives need to have the ability to answer questions or provide information on whichever product or company they are representing quickly and accurately before a customer becomes frustrated enough to leave a voicemail. Verbal communication issues arise when details of a conversation cannot be spelled out in writing without ambiguity, leading an irate caller later saying “you never told me that!”

A business needs to satisfy its customers in order for them to continue coming back and remain loyal, so customer service is crucial when it comes to running a successful company.

Assignment Brief 14: Explain ways to measure cycle times for the sourcing process

There are two ways that one may use to measure cycle time for the sourcing process. The initial way would be by measuring the time it takes to acquire new products. To do so, take one product selection decision, say selecting a case of six wine glasses for example. Once the product has been selected, check if this is actually physically available on site or needs to be purchased from another facility’s inventory or order at least five other similar products first before purchasing/ordering desired product if needed. Finally, calculate how much time it took for all criteria to have been met and then divide by number of items selected in that time frame (i.e., number of items multiplied by number of days elapsed)

The second way would be by measuring the time it takes to fulfill an order. To measure cycle time for the order fulfillment process, one would first need to identify all of the steps that are required in order to fill an individual customer’s order (i.e., how many different departments will be needed). One should then create a list for each step so as to keep track of the amount of time elapsed at each step (i.e., what is the lead time for this step?). Finally, once all of the steps are completed, add up all of the elapsed times in order to get an average cycle time.

Assignment Brief 15: Explain methods to assess the performance of and control budgets

The most important thing to know about budgeting is that it’s not just an annual event. Once you have written your strategy document, it will guide your day-to-day actions for the year.

If you want to assess the performance of your budgets, create a schedule for how often you’ll check in with all aspects of the plan and assess progress against targets. For example, if you have three projects included in this current fiscal year’s strategic plan, then set up six scheduled checkpoints throughout the year where at least one person both on your team and on each project will meet to assess budget spend against output expectations for that date.

It might take two or even four meetings to get clear on what are happening on each project but that will be time very well spent. You’ll get better value for your effort by staying on top of what’s happening with each project rather than acting after the fact when you find money is getting away from you.

 

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