CORe Exam Dumps | A supply management department obtains executive support to adopt category management. Which of the following

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Question 13/151

A supply management department obtains executive support to adopt category management. Which of the following is a key step in establishing the categories to be managed?

A. Developing a category management governance structure

B. Conducting a Pareto analysis

C. Developing category-specific action plans

D. Conducting a spend and forecast analysis

Correct Answer: D

* Adopting Category Management: Executive support has been obtained to implement category management.
* Key Step: Conducting a spend and forecast analysis is crucial to understanding current expenditures and future needs.
* Spend Analysis: Helps in identifying how much is spent in different categories and areas of potential savings.
* Forecast Analysis: Projects future needs based on historical data, market trends, and organizational goals, ensuring that the categories are managed effectively.
References
* CIPS. (n.d.). Category Management: Best Practices.
* ISM. (n.d.). Conducting Spend Analysis for Effective Procurement.

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