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Question 19/151
An oil & gas exploration company has employed its current offshore vessels for over ten years. The firm is seeking to bring its fleet up-to-date. The firm knows what results it requires, but with the changes that have occurred over the last decade, it is not sure what combination of vessel types and quantities will deliver the most efficient operations for its needs. Given this situation, which of the following will be MOST appropriate for this firm to issue?
Correct Answer: A
* Company's Situation: The oil & gas exploration company needs to update its fleet of offshore vessels but is unsure about the best combination of vessel types and quantities.
* RFP Purpose: An RFP is used when the buyer knows the results it requires but needs detailed proposals from suppliers to determine the best solution.
* Comprehensive Proposals: RFPs allow suppliers to propose various solutions, including different combinations of vessel types and quantities, and explain how their proposals will meet the company's needs.
* Evaluating Solutions: The RFP process provides the company with the information needed to evaluate the most efficient and effective options for updating its fleet.
* Conclusion: Issuing an RFP is most appropriate to obtain detailed and varied proposals that will help the company make an informed decision.
References
* CIPS. (n.d.). The Use of Requests for Proposals (RFPs) in Procurement.
* ISM. (n.d.). Best Practices for RFP Development and Evaluation.
* RFP Purpose: An RFP is used when the buyer knows the results it requires but needs detailed proposals from suppliers to determine the best solution.
* Comprehensive Proposals: RFPs allow suppliers to propose various solutions, including different combinations of vessel types and quantities, and explain how their proposals will meet the company's needs.
* Evaluating Solutions: The RFP process provides the company with the information needed to evaluate the most efficient and effective options for updating its fleet.
* Conclusion: Issuing an RFP is most appropriate to obtain detailed and varied proposals that will help the company make an informed decision.
References
* CIPS. (n.d.). The Use of Requests for Proposals (RFPs) in Procurement.
* ISM. (n.d.). Best Practices for RFP Development and Evaluation.
- Question List (151q)
- Question 1: Which of the following BEST describes a single source supply...
- Question 2: To weigh the benefits and risks of outsourcing a function, a...
- Question 3: A company's sales have increased from $100 million to $105 m...
- Question 4: A supply manager works with engineering on an aerospace proj...
- Question 5: A manufacturing company purchases a certain component in qua...
- Question 6: A manufacturing company has numerous sites around the countr...
- Question 7: A supply manager issues a Request for Quotation (RFQ) for so...
- Question 8: A buying organization requires suppliers to maintain an on-t...
- Question 9: When developing a sourcing strategy, which of the following ...
- Question 10: A firm's primary goal for its upcoming raw material negotiat...
- Question 11: A research company develops a tomato that grows in cold weat...
- Question 12: When developing a category management plan, which of the fol...
- Question 13: A supply management department obtains executive support to ...
- Question 14: Rebates are considered part of which of the following types ...
- Question 15: During its first annual business review, a supplier requests...
- Question 16: A company employs a special testing device within its labora...
- Question 17: According to the Committee of Sponsoring Organizations of th...
- Question 18: A company buys 200 metric tons of ethylene per month. The fi...
- Question 19: An oil & gas exploration company has employed its curren...
- Question 20: A product is approaching end-of-life, and the firm is consid...
- Question 21: A firm wants to leverage supply contracts by making maintena...
- Question 22: Which component of the COSO framework, as required by the Sa...
- Question 23: A supply manager Is conducting negotiations with a supplier....
- Question 24: Supplier X is awarded an exclusive contract by a resort chai...
- Question 25: Which of the following is the PRIMARY reason an organization...
- Question 26: A commodity manager at company headquarters is given respons...
- Question 27: A plumbing supplies company asks its supply manager to devel...
- Question 28: When evaluating bids, the MOST critical aspect Is ensuring t...
- Question 29: Which of the following are considered internal stakeholders?...
- Question 30: A buyer finds an opportunity to reduce costs for a particula...
- Question 31: A firm has repeatedly experienced communication problems wit...
- Question 32: A supply manager for JKL, Inc. finds a potential new supplie...
- Question 33: A large manufacturing firm has offices across the country. T...
- Question 34: BCD, Inc. manufactures a product for a highly regulated indu...
- Question 35: A supply manager Is assigned to a new product similar to pro...
- Question 36: A supply manager Is leading a team in developing a strategic...
- Question 37: Which of the following is MOST important to review before em...
- Question 38: Which of the following is the FIRST step in developing a neg...
- Question 39: Which of the following BEST describes the strategic sourcing...
- Question 40: A supply manager for an electronics manufacturer is asked to...
- Question 41: A supply manager concludes that the best source for a critic...
- Question 42: A software design firm has traditionally done most of its wo...
- Question 43: A U.S. firm receives several blds for a piece of specialized...
- Question 44: A supply manager needs to develop additional raw material su...
- Question 45: The procurement team for a construction firm is tasked with ...
- Question 46: During a request for proposal (RFP) debriefing, a supplier p...
- Question 47: A supply manager Is evaluating bids for a new delivery van. ...
- Question 48: Which of the following is considered the HIGHEST level in a ...
- Question 49: A small company identifies a market need for a new device. H...
- Question 50: XYZ, Inc. is negotiating with Supplier DEF for materials nee...
- Question 51: A supply manager Is conducting financial analyses of bidders...
- Question 52: A supply manager negotiates an agreement with a salesperson ...
- Question 53: A sourcing manager is negotiating a contract with a human re...
- Question 54: Which of the following is the GREATEST benefit of a supplier...
- Question 55: PQR's supply manager signs a contract with Supplier X for de...
- Question 56: An automobile manufacturer learns that its supplier for brak...
- Question 57: A foundation maintains ongoing relationships with agents in ...
- Question 58: The chief executive officer (CEO) of a candy company directs...
- Question 59: Which of the following refers to the process of generating i...
- Question 60: A manufacturing company experiences an increase in returns d...
- Question 61: A supply manager for FGH, Inc. places a purchase order for 1...
- Question 62: TUV Inc., a small manufacturing firm, hopes to rebuild its c...
- Question 63: PQR Inc. sponsors numerous large events involving all of its...
- Question 64: A business unit conducts discussions with key management mem...
- Question 65: MNO Inc. is a U.S.-based manufacturing company that imports ...
- Question 66: A supply manager for TUV, Inc. receives a call from an inter...
- Question 67: Questions pertaining to standardizing products, reducing the...
- Question 68: A firm buys a particular product that has low business impac...
- Question 69: BCD Inc. is in the early stages of selecting a new procure t...
- Question 70: A company that makes specialized equipment for a very compet...
- Question 71: The supply manager for TUV Inc. is planning for negotiations...
- Question 72: A chief procurement officer (CPO) is asked by the company co...
- Question 73: Supplier X provides software critical to production at EFG C...
- Question 74: A chemical company develops a new product that relies heavil...
- Question 75: Which of the following is the MOST important reason for supp...
- Question 76: A firm becomes a publicly-traded company. To ensure complian...
- Question 77: Which of the following Is a strategic deliverable whereby pr...
- Question 78: A state university is looking to purchase equipment to scan ...
- Question 79: PQR, Inc. is a small manufacturing firm that is rebuilding i...
- Question 80: A supply manager is drafting a request for proposal (RFP) fo...
- Question 81: In portfolio analysis, purchases for which the buying organi...
- Question 82: DEF, Inc. is a multinational oil company expanding into a ne...
- Question 83: A company's internal ordering system for indirect spend gene...
- Question 84: A supply manager is planning to conduct negotiations with th...
- Question 85: At what point in a business relationship with a supplier sho...
- Question 86: A supply manager is conducting financial analysis of bidders...
- Question 87: Telling a seller during negotiations that "This is our best ...
- Question 88: Which of the following should be supply management's PRIMARY...
- Question 89: DEF, Inc. conducts a Request for Information (RFI) to identi...
- Question 90: A supply management department is looking to standardize pur...
- Question 91: A product's labor content is $10 and its overhead is $12.50....
- Question 92: A service provider has experienced diminished value and stag...
- Question 93: A company that wants to add value to its operations should w...
- Question 94: Which of the following is the PRIMARY reason for holding a b...
- Question 95: A company recognizes a need for new and improved product off...
- Question 96: DEF Company receives several proposals for the manufacture o...
- Question 97: As interest rates rise, what will MOST likely be the effect ...
- Question 98: A luxury scarf manufacturer located in Europe selects a fine...
- Question 99: XI Corporation awards a contract for the building of a proto...
- Question 100: Which of the following is the PRIMARY benefit of supply base...
- Question 101: A machining company outsources its recycling program to a th...
- Question 102: A university is evaluating its student registration software...
- Question 103: PQR, Inc. is a globally certified manufacturer and repair sh...
- Question 104: Parts characterized by high cost/value and low technical com...
- Question 105: Which of the following refers to a stakeholder want as oppos...
- Question 106: A supply management department for a manufacturing organizat...
- Question 107: Which of the following is the FIRST step in the category man...
- Question 108: A company buys electronic connectors in lot sizes of 5000 un...
- Question 109: A manufacturing firm creates a steering committee to review ...
- Question 110: A buyer for DEF, Inc. has been exceeding spending authority ...
- Question 111: A company creates a corporate sourcing team with category ma...
- Question 112: XYZ Inc. is a chemical manufacturing company. XYZ requires h...
- Question 113: It takes an employee 30 minutes to produce the first unit of...
- Question 114: MNO, Inc. is a manufacturing operation that has recently exp...
- Question 115: Which of the following is MOST important to address in an ex...
- Question 116: A supply manager is leading a negotiation team. This team wi...
- Question 117: Which of the following is the BEST method for comparing a su...
- Question 118: After working for several years at ABC, Inc.-a large manufac...
- Question 119: A manufacturing firm needs to maintain production and preven...
- Question 120: XYZ Company asks a specialized fastener supplier for its hel...
- Question 121: A firm enters into a contract with a minority business. The ...
- Question 122: The use of procurement cards to simplify purchases of low co...
- Question 123: A company's accounting department implements a new system to...
- Question 124: EFG uses specialized components from Supplier A in the manuf...
- Question 125: A rapidly-growing food service company Is creating a service...
- Question 126: An exploration firm's supply manager meets with the fleet op...
- Question 127: A supply manager submits requests for additional personnel a...
- Question 128: What is the landed cost per unit for the following item? Ite...
- Question 129: EFG, Inc. is conducting a sourcing activity to identify a pr...
- Question 130: Of the following, the BEST way for supply management to effe...
- Question 131: According to the Sarbanes-Oxley Act, to whom must an audit c...
- Question 132: ABC, Inc. has a supply management department responsible for...
- Question 133: Which of the following refers to a matrix that reflects the ...
- Question 134: A supplier of software critical to PQR Inc.'s scheduling sys...
- Question 135: The chief procurement officer (CPO) for a large hospital sys...
- Question 136: A supply manager solicits bids for janitorial services. The ...
- Question 137: FGH, Inc. has purchased components from Supplier A for many ...
- Question 138: A company purchases a high-value product In an industry know...
- Question 139: A small electronics manufacturer patents a new device for se...
- Question 140: A supply manager is trying to leverage spend on travel and m...
- Question 141: ABC, Inc. Is a large accounting partnership with member firm...
- Question 142: DEF, Inc. is a multinational oil company expanding into a ne...
- Question 143: A firm issues an RFQ for specialty electronics to be used wi...
- Question 144: Which of the following is a factor to be considered in a Tot...
- Question 145: A supply manager for XYZ, Inc. visits a manufacturer's plant...
- Question 146: A firm currently pays $14 per unit for a part used in manufa...
- Question 147: At what point in the development of a category strategy shou...
- Question 148: A US-based manufacturing firm receives a quoted price for an...
- Question 149: Planning and negotiating a contract while considering its im...
- Question 150: Development of which of the following would be MOST benefici...
- Question 151: A supply manager seeks bids on a new piece of capital equipm...
