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Question 37/53
When would a procurement professional use the Pareto principle?
Correct Answer: A
The Pareto Principle can be used when considering changing a supplier. It helps to categories suppliers by how strategically important the item is that they provide to the business.
- Question List (53q)
- Question 1: During which stage of the procurement cycle would you remove...
- Question 2: Damian is a procurement professional in the Public Sector. H...
- Question 3: A buyer in the public sector has put an advert out asking fo...
- Question 4: Which of the following are reasons to outsource part of a bu...
- Question 5: Which of the incoterms listed are suitable for transporting ...
- Question 6: A Bill of Exchange is an important document used when import...
- Question 7: When looking at credit scores, a supplier may be classified ...
- Question 8: The gross profit of a company can be calculated by using a s...
- Question 9: According to the CIPS code of conduct, which laws should a p...
- Question 10: What type of relationship should a buyer seek when making st...
- Question 11: Which of the following can be interpreted as a normal busine...
- Question 12: Incoterms describe several aspects and responsibilities of t...
- Question 13: Ivan is an investor who is looking to invest in new business...
- Question 14: Which of the following financial ratios would indicate a sup...
- Question 15: Which of the following Incoterms has the lowest risk for the...
- Question 16: Pierre is constructing a tender for a security contract. As ...
- Question 17: Which of the following are examples of secondary data? Selec...
- Question 18: Which of the following financial documents would show whethe...
- Question 19: Which of the following payment mechanisms is most beneficial...
- Question 20: Which of the following would you expect to find in an Invita...
- Question 21: In order to assess whether a company is able to meet its cur...
- Question 22: What is a risk of pre-warning a supplier that you will condu...
- Question 23: Daniel is evaluating bids from new suppliers who are looking...
- Question 24: If a company is described as 'liquid' what does this mean?...
- Question 25: Which of the following is a UK legislation concerning produc...
- Question 26: Achieving the 'five rights of procurement' is one of the key...
- Question 27: An organisation is keep to include Social Outcomes in it's a...
- Question 28: Commodities are items which can be traded on the stock excha...
- Question 29: Tulip Rose Industries is using a restricted approach to tend...
- Question 30: Which of the following would you use to work out a company's...
- Question 31: Which of the following are primary sources of data? Select T...
- Question 32: A buyer is only interested in working with suppliers who hav...
- Question 33: Philip is a procurement manager at XYZ Company which imports...
- Question 34: Amnesty International, Oxfam and CIPS are examples of what t...
- Question 35: For what type of purchase would you use a Futures Exchange?...
- Question 36: Ramesh is a procurement manager who is looking at his suppli...
- Question 37: When would a procurement professional use the Pareto princip...
- Question 38: Ali is the Category Manager at an airplane manufacturing fac...
- Question 39: What is a risk of pre-warning a supplier that you will condu...
- Question 40: What is the best way to prevent potential issues of conflict...
- Question 41: Which of the following are signs that modern-day slavery mig...
- Question 42: A procurement manager who works in the public sector has rec...
- Question 43: Dylan is looking to appoint a new supplier of paint to his m...
- Question 44: Polygon Incorporated is a new company in the mining industry...
- Question 45: Which of the following incoterms has the lowest risk to the ...
- Question 46: Bob works in the procurement department of a construction fi...
- Question 47: Raja is a procurement manager who is keen to gain further in...
- Question 48: Brooklyn Ltd is a manufacturer of windows and has a single s...
- Question 49: Robert is appraising suppliers and is keen to evaluate suppl...
- Question 50: Which of the following is not a indices that measures econom...
- Question 51: A company's balance sheet will show you which of the followi...
- Question 52: Why would you use a credit score to appraise a supplier?...
- Question 53: Which of the following items would you expect to find on a b...
