Question 1

The acronym SRM refers to:
A)Supplier Requisition Monitoring
B)Supplier Relationship Management
C)Shipment Response Monitoring
D)Supply chain Relationship Management

Accepted Answer

SRM stands for Supplier Relationship Management. It refers to the process of managing and improving the relationships with suppliers to ensure better communication, collaboration, and overall performance in the supply chain.

Question 2

The Buyer Company buys their supplies from Company X that presently has a supplier score of 85.0.They are now considering buying from Company Y.Based on supplier score should they buy from Company X or Company Y?
Use the data below to calculate this supplier's score:
$$\begin{array}{l}
\text { Use the data below to calculate this supplier's score: }\
\begin{array} { l c c } 
\text { Performance measure } & \text { Rating } & \text { Weight } \
\text { Quality } & 80 & 0.50 \
\text { Delivery } & 90 & 0.20 \
\text { Cost } & 90 & 0.20 \
\text { Responsiveness } & 95 & 0.10
\end{array}
\end{array}$$

Accepted Answer

The answer of The Buyer Company buys their supplies from...

Question 3

Suppose your organization is attempting to set up a new strategic alliance with a supplier.You are considered the key manager from your organization to manage this alliance.What would be your goals for the planning stages of this proposed alliance? What would be your goals for the first few months of the alliance? What would be your long-term goals for the alliance?

Accepted Answer

The answer of Suppose your organization is attempting to set...

Question 4

Summers, Inc.needs to generate a list of good/services purchased per supplier.Which type software program can the manager consult to obtain the information?
A)ISO 9000
B)ISO 14000
C)SRM
D)SCSS

Accepted Answer

SRM (Supplier Relationship Management) software programs are specifically designed to manage supplier information, including purchases made from each supplier. The manager can use SRM software to generate a report that provides a list of goods/services purchased from each supplier. ISO 9000 and ISO 14000 are standards for quality management and environmental management, respectively. SCSS (Supply Chain Support System) software programs are designed to manage and optimize supply chain operations, but may not necessarily include detailed supplier purchase information.

Question 5

SRM software should be capable of:
A)Automating transactional processes
B)Making information flow between partners more visible
C)Integration of the supply chain making it possible to monitor multiple departments and processes both internally and externally
D)All of these

Accepted Answer

SRM software should be capable of automating transactional processes, making information flow between partners more visible, and integrating the supply chain making it possible to monitor multiple departments and processes both internally and externally. Therefore, the best choice is D, all of these.

Question 6

The Hormel company awards their Hormel Food Corporation's No.1 Award to their top supplier.How often to the give this award?
A)Every year
B)Every 6 months
C)Every 5 years
D)Every 10 years

Accepted Answer

The answer of The Hormel company awards their Hormel Food...

Question 7

Streamlining the processes and communications between the buyer and supplier using software applications that enable these processes to be managed more efficiently and effectively can be referred to as:
A)CRM
B)SRM
C)ISO 9000
D)SCSS

Accepted Answer

SRM (Supplier Relationship Management) is a software application that focuses on managing the relationship between the buyer and supplier, including streamlining processes and communications. CRM (Customer Relationship Management) focuses on managing relationships with customers and ISO 9000 is a quality management standard. SCSS is not a recognized term in the context of procurement processes.

Question 8

For each of the following programs, processes, certifications, etc.explain how they can be useful in improving supplier relationships and motivating business partners to provide the best possible products and services.
a.ISO 9000
b.TCO
c.Internal supplier certification
d.Supplier development programs
e.Supplier recognition programs

Accepted Answer

The answer of For each of the following programs, processes,...

Question 9

According to the textbook, SRM software varies based on capabilities offered.AMR research has identified 5 areas of distinction for an SRM system.Provide three of these key tenets of SRM.

Accepted Answer

The answer of According to the textbook, SRM software varies...

Quiz 3: Creating and Managing Supplier Relationships

The acronym SRM refers to:

Summers, Inc.needs to generate a list of good/services purchased per supplier.Which type software program can the manager consult to obtain the information?

SRM software should be capable of:

The Hormel company awards their Hormel Food Corporation's No.1 Award to their top supplier.How often to the give this award?

Streamlining the processes and communications between the buyer and supplier using software applications that enable these processes to be managed more efficiently and effectively can be referred to as:

According to the textbook, SRM software varies based on capabilities offered.AMR research has identified 5 areas of distinction for an SRM system.Provide three of these key tenets of SRM.